The Era-leader. [volume] (Franklinton, La.) 1910-current, 1912-09-19

S""oSi lpVAc'i. Va 40 viz oOAAAS 10 AsoN
for no less than par, or in payment or
exchange for property actually re-
ceiycd or purchased by this corpora
ton or for services actually rendered.
This corporation may commence
doing business and shall become a
gong concern as soon as Five Thou:
sand IS, 100000 Dollars of its capital
stock has been subscribed for and
paid in. Te remaining stock not sub
scribed for shall be under the control
OF the board of Directors.
ARTICLEV.
The corporate powers OF this corr
poration Shall be vested in and exer.
cised by q Board of Directors COM
posed of three stockholders and their
acts shall bind this corporation. The
first election of the Board of Directors
under this charter shall be at a meet
ing of the stockholders to be held on
the first Monday of July, 1913, and
thereafter the stockholders shall hold
an election on the first Monday OF
July of each year, and elect q Board
of Directors. who shall serve until
tehir successors have been elected and
qualified all officers to be elected
from among the board Of directors,
and no person shall be eligible as .
director who is not a stakeholder OF
this corporation. During the absence
Of the President, the Vice President
shall act and preside in his stead.
Notice of the election shall be given in
writing by mail, addressed to each
stockholder at his usual place OF
business, ten days prior to said cleo.
ton and the Board OF Directors shall
appoint one of their number to pre-
side at said election, and on his fall
ure to attend the President shall ap.
point stakeholder to fill the vacancy.
in the event of failure to elect Direc-
tors on the day appointed for that
purpose, then and in that event the
Directors then in Office shall continue
to serve until their successors are
chosen, At all meetings of the stock
holders each stakeholder shall be en-.
titled to one vote for each share OF
stock registered in his name and the
stockholders may vote bv proxy given
in writing. The election of the Dr.
rectors may be by ballot and the ma
jority in the amount OF votes cast
shall elect such person or persons for
whom they are cast. The First Board
of Directors of this corporation shall
be composed of w. O. Grain, Presi'
dent, B. O. Blckham, Vice President,
II. G. Grain, Secretary and Treasurer,
who shall serve until their successors
shall have been elected and qualified.
ARTICLE vi.
The Board of Directors shall have
power to fill vacancies intheir number
from the stockholders of this corpora
ton. The said Board shall haYe
power and control of the property of
this corporation and shall exercise all
authority consistent with the objects
for which this corporation is organ
lied.
Said Board is authorized to adopt
such by laws, rules and regulations
as may be expedIent for the conduct
of the business of this corporation or
necessary for its management, pro.
vided same shall not conflict with this
Charter nor with the laws of the State
of Louisiana, nor tho laws Of the
United States,
ARTICLE VII.
This charter may be amended or the
capital stock of this corporation in
creased or decreased or the corpora
ton may be dissolved at q general
meeting of the stockholders convened
for that purpose, with the assent Of
three-fourths of the stock present or
represented at SAID meeting, thirty
days prior notice of such meeting BE-
ing given by publication in weekly
newspaper published at Franklinton,
La, and written notice thereof mail
ed to each stakeholder at his usual
olace Of business forty days prior to
said meeting. In case of the dissolu'
ton of this corporation either by linn
itation or otherwise, its affairs shall
be liquidated by two commissioners
elected from among the stockholders
at a meeting called for that purpose.
ARTICLE VIII.
No stakeholder of this corporation
shall ever be liable, or responsible for
the contracts or failure thereof in any
further sum than the unpaid balance
due said corporation on shares of
stock subscribed for and owned by
the stock holders; nor shall any in
formality in the organization of this
corporation have the effect Uf render
ing the charter null or exposing the
stockholders to any further liability
than the unpaid balance due on his !
stock.
Each stakeholder designates oppo-
site his name the stock subscribed for |
by him and this charter shall serve as
a written subscription list.
Thus doue and passed at my office |
in Hackley, Washington Parish, State !
of Louisiana, IN the day, month and !
year first above written, in the pres.
enee of j, Jordan and j. H. Mitch
ell, competent witnesses, residing in
the Parish of Washington, who signed
these presents, together with said ap,
bearers and me, said notary, after
due reading.
w. 0. GRAIN. 80. "a shares.
II. C. GRAIN ..... l share.
r. o. BlCCHAM.. rs shares.
Witnesses: