The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1913-08-16


tablishing continuous or connecting
lines, as hereinbefore provided, and as
evidence of the Indebtedness of said cor
pOration for such lines, or for the pur
chase, lease or construction of such
property to issue its corporate bonds or
promissory notes, bearing interest at
such rates per a.num "a the said cor
poration may elect, payable at such
times and places as may be agreed upon,
and for securing the payment of such
bonds or notes. and the interest thereon,
to mortgage and pledge its railroads, its
capital stock. its corporate franchises
and any or all of Its real or personal
property, or both.
ARTICLE
All citations and other legal processes
issuing from the courts against this cor
portion shall be served upon its President
or in his absence from the Parish of St.
Mary, upon the Vice president. or in the
absence of 10th the President and the
Vice president from the Parish of St.
Mary, then upon the Secretary or Treas
urer of this corporation, at the office and
dOmiCile of the Company.
ARTICLE V.
The amount of the capital stock OF
ILLS vi Nv dbiOu clloil w llliCC hulI'iSt
thousand dollars, divided into three
thousand shares having par value of
one hundred dollars per share. This
charter shall become operative, and the
said corporation shall commence bust
ness as soon as one hundred thousand
dollars of this capital stock shall have
been subscribed for.
Section 2. The time and manner of
paying subscription of stock of said
corporation shall be determined by the
Board of Directors except that no stock
shall be issued by the Board of Direc-
tors, or by the corporation unless 1t be
fer money or property actually received.
or for labor done, or services performed.
Section 3. In case of failure on the
part of any subscriber to pay the whole
or any part of his subscription to the
capital stock of this company, at the
time or in the manner fixed by the
Board of Directors, the shares Of stock
subscribed for by him. and the pay
ments heretofore made by HIM thereon,
may at their option be forfeited 10 the
corporation by the Board of Directors,
after services of written notices on the
delinquent subscriber, and failure on
his part to pay the balance within a
time fixed By the Board.
Section 4. No stakeholder Of this
corporation shall ever be held liable or
personally responsible for contracts or
faults of this corporation in any further
sum than the unpaid balance due by
him or her on the shares of stock sub
scribed for. Nor shall mere informllity
in organization have the effect of rem
dering this charter null, or exposing
any stakeholder to any liability beyond
the amount of his stock subscription.
ARTICLE vi.
"The corporate powers Of this corpora
ton shall be and are vested in a Board of
Directors, composed Of Five (5) stockhold
ers. The Board Of Directors as now con-
stituted is composed of the following
stock holders: L. Cheney Lawless, Will
liam +. Stewart, Pete Cherry, Mrs. Minnie
IL. Connolly and I. Clarence Law ess, OF
whom Il. cheney I.awless is President;
W. f.. Stewart is Vice President; Pete
Cherry is Secretary and Treasurer. The
above named officers and directors shall
hold office until the first Tuesday in Nov
ember, 1918. On which date, and annual
ly thereafter, 4 meeting Of the stockhold-
ers of this corporation shall be held and
there shall then be elected Five To- Stock
holders of this company, to serve as dlrec-
tors during the ensuing year. Notice or
this meeting shall be gwen in any neWs>
paper published in the Parish Of st. Mary,