The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1912-07-06


and mixed property, and to sell, mortgage.
rent, lease, pledge. or otherwise dispose OF
same to cultivate, drain, reclaim, and develop
lands and to su5divide, tenant and colopize
same; to acquire, own and operate Sugar/fac
tories or retineries, saw and planning mills
mines of any kind or nature, rice mills and
warehouses;; to acquire, build, and operate
private public tramways, railroads, either
by electricity, steam, gas, gasoline, oil, cable or
gravity, canals and any nature of water Graf. ::
to operate or engage i'll agricultural pursuits;
to conduct general mercantile business; to
pasture and raise live stock; to acquire, operate,
lease, or sell any kind OF III manufacturing plant !;
and generally to do and perform any and all
things necessary in and incidental to the bust
ness.
The capital stock OF this corporation is here
by fixed at the sum of Six Hundred and Fifty
common and preferred stock. OF the common
stock there shall be three thousand $4,000 shares
of the par value of One Hundred Dollars
($lO0.OO) each, and OF the preferred stock
there shall be three thousand five hundred
(35OO) shares OF the par value of One Hundred
Dollars ($lOO OO) each. The said three thou
sand five hundred (350O) shares of preferred
ceive dividends at the rate of six per cent (6)
per annum, from date Of issuance. out of the
earnings OF said corporation before any divid
ends shall be paid upon the said common stock
and snch dividends shall be cumulative so
that any deficiency in the dividends to be
paid on such preferred stock in any year shall
be made good out OF the earnings of subsequent
years. before any dividend shall be paid upon
the said common stock. And in case the earn :
ings of the corporation shall permit divid-
ends in excess OF said six per cent. so to be
paid, the said excess earnings, wholly or in
part, as the Board of Directors may deem ad.
visable, shall be paid to the common stock
holders. And on the final liquidation and dis
tributiOn of its assets, arrears OF dividends
shall be paid to the holders OF such preferred
stock, and the shares of the preferred stock
shall be paid in full before any payment shall
be made to the holders OF the common stock
but when such arrears OF dividends and the
been paid, the holders thereof shall receive no
other or additional payments whatever.
This corporations may redeem the whole or
any part OF the issue OF its preferred stock at
any time after three years from date OF issu
ance, at 103, and all accumulated dividends by
giving ninety 30 days notice, such redemption
to be made as the Board OF Directors may deem
advisable.
Said preferred and common stock shall be
issued full paid and worcestershire; said pre-
ferred at ock for cash only, said common stock
however, may DO issued in payment for prop
erty, or rights, leases and options actually re-
ceived by, or for services actually rendered &c
this corporation.
All transfer of stock shall be inscribed on
the books Of this corporation, but no stock
holder shall sell or dispose of his stock before
having first offered it, in writing to the Com
pany at its book value.
This corporation shall commence business
as soon as Three Hundred Thousand Dollars
1890 900 O0) of its common stock shall have
been subscribed; said amount of stock having
been subscribed by the undersigned, for tht
respective shares set opposite their names
this Company shall Immediately go into opera
ton.
ARTICLE w
All corporate powers OF this corporal ioI
shall be vested in and exercised by Board o
Directors, composed Of not less than three g
nor more than five (5) stock holders. a majority
Of whom shall constitute quorum for trans
action OF all business.
Through said Board Of Directors, this cor
poration shall have power and authority t.
contract, sue ana be sued, in its corporate
name: to make and use a corporate seal and t.
change or alter same at pleasure to hold and
receive, have, purchase, improve, ALLEVIATE
convey sell, borrow, pledge, mortgage anG
| hypothecate, under its said corporate name
property, real personal and mixed; to issu,
bonds and notes, or other evidences OF in
debtednesS; to name and appoint such Off
| GERS, directors, agents and managers, EN-
! pIOyees, as the interest convenience o
| said corporation may require; to make ant
| establish bylaws, rules and regulations TO
| the proper management and regulation of il
| affairs as may be necessary and proper t.
| carry out the objects and purposes Of salt
| corporation.
| ARTICLEV.
| The first Board of Directors shall consis
| Of Messrs. William F. Williams, Horace
Morton, Louis Telsser. Warren d. William'