The herald., 1911-05-25
ARTICLE V.

All the powers Of this corporation shall be
vested in and exercised by the board OF di-
rectors, composed of seven stockholders, any
four Of whom shall constitute a quorum for
the transaction of business. The said board
Of directors shall be elected annually on the
last Wednesday in January or each year
The first election to be held in the year
1912.
All elections shall be by ballot at the
Office of the corporation under the super
vision Of three commissioners to be appoint
ed by the board of directors, and In the alb
sence OF any commissioner, the president
shall have the power to fill the place by
appointment, and Of all such elections as
well as meetings of stockholders, except for
the purpose OF liquidation or dissolution, or
as otherwise required by law, ten days no
tice shall be given by mailing to each stock
holder who appears as such upon the books
of the company, at his last designated al
dress or TO the General Delivery at New
orleans, IL he has not designated an ad-
dress, an announcement stating the time
and the place OF the meeting. Each share
holder shall be entitled to one vote for each
share of stock standing in his name on the
books Of the company, cast In person or by
proxy, and the majority Of the votes cast
shall elect. The board of directors shall
have the power to fill all vacancies that may
occur on the board. Failure to elect direc-
tors in the day above specified shall not dis
solve the corporation, but the directors then
In Office shall remain in Office until their
successors are elected, and qualified.
Due notice Of another election shall forth
with be given, as above provided. Such no
tice of election shall be continued to be
given until an election Is held. The board
Of directors at the first meeting following
an annual election shall elect from their
number president, vice-president, a sec
rotary and a treasurer, all Of whom shall be
stockholders, and such other officers as the
board shall deem necessary. The board
shall have the power In its discretion to
unite two or more of the above or other
offices and the same to confer upon one
person, and shall have the power to fix the
salaries of all officers and of such other ON
GERS as they deem necessary. The baOrd of
directors shall have the power to make and
establish as well as alter and amend all by
laws, rules and regulations necessary and
proper for the support and management of
the business and affairs Of this corporation,
not Inconsistent with its charter
The said board shall also have full power
and authority TO borrow money through the
president or some other duly authorized
agent or agents; to execute mortgages and
issue notes, bonds or other obligations in
such a manner and on such terms as In
their judgment may be advantageous, and
generally to do all the things necessary for
the proper carrying on Of the business of the
said corporation; as also to issue and de-
liver full paid shares Of stocks and bonds or
other obligations Of the said corporation In
payment of the money borrowed or money,
labor, services, property or rights actually
received by the said corporation, as hereto
of directors, any director absent from the
meeting may be represented by any other
director, who may cast the vote Of said alb
sent director, according to the written in
structions of the said absent director. The
board of directors shall have the power, BY
vote Of not less than four directors, to
sell, lease, mortgage Thy bond mortgage or
otherwise). or to pledge any or all Of the
property, movable and immovable belonging
to the corporation, or to receive in ex-
change therefor, money or stocks or bonds
or other obligations Of another corporation
without referring to the shareholders for
the power to do so. And they may also
purchase for stock In this company or for
cash or on credit. property Of any kind re-
quired for any Of the purposes OF the cor
poration, without authority Of the share
holders.
Until the next meeting to be held under
this charter, or until their duly qualified
successors are elected and installed the
board of directors shall be composed Of
George II. Smith. II. B. Hearn, e. p. Tatum,
e. Miller, w. Brewer, A. J. Chapman and