The herald. [volume] (New Orleans, La.) 1905-1953, 1912-04-18

shall be GI.E\MORA NAVAL STORES
COMPANY, and its dOmicile shall be in
1t shall exist for the term of ninety nine
years. from date hereof. and by name shall
sue 11d he sued and contract and enjoy any
and all rights. privileges and powers under
the laws of the state of Louisiana.
ARTICLE H.
The objects and purposes for which this
corporation Is established and the nature of
the business to be carried on by it, are, TO
produce, manufacture buy and sell turpen-
tine. roSin, naval stores, and wood deriva-
tives and produce of all kinds; to operate
saw mills and to sell the produce and resi-
due or waste thereof or TO further use and
manufacture the same, and to pull stumps
and clear land whether in connection with
such business or apart from it: to buy, sell
and lease real estate, to operate tram roads
and barge lines or other vessels, in connec-
tion with the carrying on OF its business, TO
conduct general merchandise business in
connection with said business, and generally
to engage in any business incident to or con-
veniently necessary to or connected with the
operation OF the business above mentioned.
ARTICLE III.
The president. or in his absence or inabll-
ity to act, the vice-president, or in case OF
be the proper person upon whom all citations
or legal process shall be served.
ARTICLE ".
The capital stock Of this corporation Is
hereby fixed at the sum of two hundred and
fifty thousand dollars $3.50, 900 00), divided
into twenty-five hundred (2,5G0l shares of
the par value of one hundred (S10000) dol
lars each. Said shares of stock shall be
paid for by the subscribers thereto, as shall
be required by the board of directors. and
the stock may be issued in payment Of pro-
NJ Inv 40 in
pensatiOn for services rendered. This cor
poratiOn shall be authorized to begin bust
ness as soon as one hundred thousand dol
lars (S10O, 000.OO) or more OF the capital
stock shall have been subscribed for ANY
stockholder may sell, assign, or transfer his
stock in this corporation, provided thirty
800 days prior written notice of such in
tention to sell, assign or transfer the same
be given the company, and the stockholders
thereof shall have the first privilege of pur-
chasing the same; after which notice the
said stock may be sold in open market. A
prior lien on all shares of stock shall be re-
tained by the company on the stock of any
shareholder for any Indebtedness secured or
unsecured however evidenced or created, due
at any time to the company by the holder of
such stock. And all transfers OF stock shall
be transferred subject to this clause.
ARTICLE V.
All powers of this corporation shall be
vested In a board of directors composed of
not less than three 90 stockholders They
shall be elected on the first Monday of De
cember in each year, commencing 1912, at
general meeting convened for that purpose
after ten days previous notice In writing 10
each stakeholder owning stock standing in
his name on the books of the corporation,
and until such time the following named
stockholders are hereby named as the first
board OF directors, and who shall hold their
office and exercise their functions until their
successors are elected, viz( G. f. Mason, E.
Wood, and Il. NJ. Pringle, of whom G. f.
Mason shall be president, II. NJ Pringle
shall be vice-president, and Z. Wood shall
be secretary and treasurer. The same per-
son may hold the offices of secretary and
treasurer or each of such Offices may be held
by different person.
The election of the board of directors
shall be by ballot, and each stakeholder shall
be entitled 10 one vote, either in person or
by proxy. for each share of stock owned by
him, and a majority of the votes cast shall
elect The board of directors shall, imme-
tiately after their election, elect from their
number, president, a vice-president a sec
rotary and treasurer.
The said board of directors shall elect and
employ any and all employees, managers
and clerks OF the corporation they may deem
necessary for the nr0nor conduct of