New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1914-06-20

er operations incidental thereto; to buy,
sell OF lease lands or options on lands;
to borrow money, or to purchase and
lease property on its own credit. and as
evidence Of Indebtedness of this corpora
ton for such loans, or the purchase or
lease of said property, to issue its cor
porate bonds or promissory notes bear
ing interest and made payable either in
United States currency OF gold coin, and
ut such time and place as may be APP
proved by the directors and for securing
the payment of said bonds or notes. 10
mortgage and pledge its property or as
sets or any portion of its property or
assets.
ARTICLE ~.
The capital stock of this corporation
is hereby declared to be the sum of Two
Hundred Fifty Thousand Dollars.
($25OO0OOO), divided into one thousand
10000 shares of preferred stock of the
par value of One Hundred Dollars
100000 each and Fifteen Hundred
(15OO) shares of common stock of the
par value of One Hundred Dollars
($1O0OO) each.
The preferred stock shall be interest
bearing, the interest being six per centum
per annum and the same being also Gu
.nulative All earnings of the corpora
ton available for dividends shall primar
lily be dedicated to the payment of this
interest; thereafter the preferred and
common stock shall be on parity and
participate equally in all dividends.
Said stock, both preferred and COM
non. shall be paid for in cash, or on
such installments and after such no
tees as the board of directors may fix,
or may be issued in payment of labor or
services rendered or property, contracts,
leases or options actually received by
sail corporation.
In case of the failure of any subscriber
to ray the installments demanded on his
sock as REQUIRED. the board of directors
shall have the option, after thirty days
written nosce to Che delinquent. of
FORGETTING the stock with all the amounts
previously paid thereon, and no stock
hol err shall have the right to vote while
in default for unpaid installments due
, on his stock.
This corporation may begin its bust
Thousand Dollars ($1O,OOO.O0) of the
capital stock shall have been subscribed
and paid for.
All shares of stock shall be fully paid
, and non assessible, and transfers of stock
shall not be binding upon said corpora
ton unless recorded upon its books Of
transfer.
No stakeholder shall be held liable or
! responsible for the contracts or faults
of said corporation in any further sum
than the unpaid balance due on shares
Of stock owned by him; nor shall any
mere informality in organization have
the effect of rendering this charter null
or of exposing stockhoder to any
| liability beyond the amount of stock sub
scribed by him.
The subscription and stock book shall
be kept at the domicile and in the office
Of the corporation, where certificates OF
stock shall be issued to the subscribers,
and no transfer of stock shall be rec
ognized as valid and binding until the
same is made upon the stock books of the
corporation. Stock books shall be CLOSED
for the transfer of stock ten days be-
fore election.
| All subscribers to stock and all who
should acquire stock by purchase OF
otherwise shall be deemed members q
this corporation.
| ARTICLE v.
The corporate powers of said corpora
ton shall be vested in and exercised anc
the business and affairs of this corpora
ton shall be managed and conducted BY
board of directors composed of INV
membera -
Said directors shall be elected annual
ly IN the first Monday Of June.
| Of each election ten days prior notic
shall be given in q newspaper published
in the City of New Iberia, and the di
rectors thus elected shall serve until thei
successors shall have been elected. !
: majority of the votes cast shall elect an
each share of stock, common or pre-
ferred, shall be entitled to one VOTE
either in person or by proxy, for eac
director.
A failure to elect directors on the da
required shall not dissolve the co1pora
ton but the board Of directors shall con
: tinue to their office, and another electio
!, shall be held within thirty days there
!. after and ten days prior notice shall /
given in a newspaper published in Ne
!. Iberia.
: Any vacancy occurring in the boa,
!. of directors from any cause whatsoev'
shall be filled by election by the remair
:. ing directors. Three directors shall CO,
s.itute a quorum for the transaction
business.
The board of directors at the fir
!, meeting in each year shall elect fro
! their own number president and vic
president, and also shall elect Seer
tary and Treasurer, but the same pc
= son may hold the office of secretary ar
!. treasurer; and said board of directo
i shall appoint from time to time SUI
= officers, clerks, agents and other en-
;. ployees, and confer such power to a.
: point same, as may be deemed necessal
or proper for the business and purpos
y of said corporation, and dismiss san
~ at pleasure, and shall have full pow
;. to make and establish as we'll as chang
;. amend or alter, conformably to the q
;. of incorporation, all bylaws, rules Al
;. regulations deemed requisite for the col