St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1914-09-12
ARTICLE III.

the nature of the business to be
carried on by it, are declared to be:
To construct, operate and maintain
saw mills, single mills, planning
mills, logging railroads, roads and
bridges; to purchase, lease and sell
lands; to construct and operate tur-
pentine stills and retort plants; to
manufacture brick, tiles and other
carthenware; to. buy, sell and deal
for it's own account, logs, lumber
and all sorts of merchandise and
generally to do and perform any and
all costs and things pertaining to
the business above mentioned, con-
nected Herewith or arising there
from, in this State and elsewhere.
ARTICLE w..
The capital stock of this corpora
ton is hereby fixed at the sum of
fifteen thousand ($15,00O) dollars,
divided into and represented by one
hundred fifty (150) shares of stock
Of par value of one hundred (1OO)
dollars each, which shall be paid for
in cash when subscribed for, or in
such manner as the Board of Direct
ors may designate or shall be issued
for labor performed, services render
ed, or for the purchase of property
as said Board may elect, all of which
shall be common stock.
That this corporation shall be a
going concern when twelve thousand
($12,000) dollars of its capital stock
is actually paid for in cash. All shares
of stock shall be full paid and non-as-
sessable, which capital stock may be
increased to a sum not to exceed
fifty thousand ($50,000) dollars, in
which event during the period be-
tween the call for the meeting
for such increase and the meeting,
the person holding stock at the
time shall have the right to
take shares of the additional or
increased stock proportionate to the
number of shares owned by them,
and any shares not taken at the ex-
piration of said period may he dis
posed of by the said Board of Di-
rectors, for the benefit of the cor
poration at not less than thei- par
value. No transfer of stock shall be
binding upon the corporation unless
recorded upon the books.
ARTICLE v.
All the corporate powers of this
corporation and the management and
control of its affairs shall be vested
in and exercised by a Board of Dr.
rectors composed of three (3) stock
holders, a majority of whom shall
constitute quorum for the transac-
ton of all of the business. The Di-
rectors shall be elected annually h.
ballot by the stockholders, on the
second Tuesday in January of each
year. Each person shall be entitled
in person or by proxy to a vote for
every share owned by him, and all
elections shall be held under such
rules and regulations as may be de-
termined by the Board of Directors,
the Directors thus elected shall con-
tinue in Office for one year, or until
their successors have been duly elect
ed and qualified. No failure to elect
shall be regarded as a forfeiture of
this charter. Any vacancy occurring
on said Board shall be filled by the
remaining Directors for the unexpir-
ed term.
The Board of Directors shall, at
its first meeting after its election,
nominate out of its number a presi-
dent, vice president and secre-
tary and treasurer; said Board shall
have the right to divide the Office Of
secretary and treasurer and may elect
a secretary who need not be a stock
holder, but whose tenure Of office
shall be during the pleasure of the
Board. And said Board shall have
the right to appoint and dismiss the
clerks, managers, secretary and other
employees Ct the corporation as the
interest and business of the same
may require. Any of the Directors
shall have the right to appoint by
written instrument another Director
as his proxy, to act in his stead at
any and all meetings of the Board of
Directors
z ARTICLE vi.
Until the election to be held on
the second Tuesday in January, 1915,
the following named persons shall
constitute the first Board of Direct
ors, viz: John T. Coney, postofice
Hazelhurst, Miss; Charles T. Brad
ley, postofice, Covington, La, and
Henry E. Coney, postoffice, Coving-
ton, La, with said John r Coney as
president, Charles T. Bradley as vice
president, and Henry E. .Coney as
secretary-treasurer.
ARTICLE VII.
No stakeholder shall be liable or
responsible for the contract, faults
and debts of said corporation, nor
shall any mere informality in its or
ganization have the effect of render
ing this Charter null or of exposing
a stakeholder to any liability beyond
the unpaid balance due on the shares
owned by him.
ARTICLE VIII.
This act of Incorporation may be
changed, modified or altered, or this
may be dissolved with
the assent of the stockholders owning
two-thirds of the stock of the cor
poration, at general meeting con-
vened for that purpose and after at
least Is days written notice of this
having been given through
mail, addressed to each shareholder
at his last known place of residence.
In case of dissolution by the ex-
piration of this charter or otherwise,
the stockholders shall elect two (2)
liquidators from among their num-
Der, to liquidate and settle the bust
ness and affairs of the company.
In case of death or disability of
any of said commissioners or liqu.-
iators, the survivors or the remain
mo liruidotnrc cha11 annninf suc-