The herald., 1914-10-15

terms and conditions for the issuance of such
shares of stock shall be conclusive evidence
of such valuation; and any and all persons,
partnerships, associations, corporations, stock
holders creditors dealing with this corpora
tiou concluded thereby, and any and all
persons partnerships, associations, corpora
tIons, stockholders or creditors dealing with
this corporation hereby waive any right or
cause of action against the original or subsc-
quent owner or owners OF such shares OF the
capital stock issued to it, him, her or them,
in payment exchange for labor done or ser.
vices rendered, or for such rights, franchises,
credits, contracts and property valued by the
board of directors aforesaid; and each, ey-
cry and any and all contract, contracts, or
undertaking made by or entered into with this
corporation shall be subject to this provision
of this charter.
Article V.-All of the powers Of the said
corporation shall be vested in and exercised
by the governing committee, composed of a
president, vice president, secretary and treas
urer, a captain and two stockholders, who,
with the aforesaid officers, shall be elected
annually on the 18th day of July in each year
All such elections shall be by ballot and con-
Quoted under the superintendence of a com
missioner of election to be appointed by the
governing committee and of such elections as
well OF all meetings OF stockholders, except
as otherwise named by law, ten QO) days
written notice shall be given by mailing TO
each Stockhoder, who appears as such on the
books of the company, at his last known ad-
dress or in default thereof at the General De.
livery at the New Orleans post office, an an
nOunCement stating the time and place OF the
meeting and the purposes thereof. Each stock
holder shall be entitled to one vote for each
share OF stock standing in his name on the
books Of the company TO be cast in person
or by proxy and a majority of the votes thus
cast shall elect; the governing committee shall
have the power 10 fill all vacancies that NAV
occur on said governing committee.
A failure to elect officers and governing
committee on the date above specified shall
not dissolve the corporation, but the officers
and governing committee, then in Office shall
remain in Office until their successors shall
be elected and qualified. Due notice of any
election shall forthwith be given as pro-
vided and such notice of election shall con-
tinue to be given until an election is held A
majority Of the governing committee shall con-
StItute a quorum for the transaction of auy
business. A majority of the shares of stock
present or represented, shall constitute a quo
stockholders meeting. No persons shall be
eligible to any of the Offices enumerated here
IN or to any membership on the governing
committee unless he owns and has registered
IN his name, the books of the company
at least one share of the capital stock The
governing committee may make and establish
as well as alter and amend any and all by
laws, rules or regulations necessary and
proper for the support and management of said
corporation and for the regulation Of the con-
duct of members and the cause of expulsion,
not inconsistent with this charter.
Said governing committee shall have the
power and authority to borrow money, and
through the president or some other duly
authorized agent or agents, to execute mort
yageS, issue notes or other obligations. and
to do all things reasonable and nee |
,ssary tor the proper carrying out of the OBJ |
ects and purposes of the corporation As also |
% issue and deliver full paid shares of stock |