The herald., 1914-01-08

the par value of one hundred $500 dollars
each. which shares shall be paid for in cash
at such time and in such manner as the
board Of directors may determine, and SAID
stock may be issued by the board Of direc-
tors in payment of property or other things re-
ceved or purchased by said corporation, or
for labor done or services rendered, as may
be determined by its said board OF direc-
tors.
This corporation may commence the trans
action of business under its corporate name
as soon as three thousand $4,000 dollars OF
its capital stock shall have been subscribed
for. Certificates of stock fully paid and non
assessable shall be issued to each subscriber
to the amount paid by him or it therefor.
The capital stock OF this corporation may
be increased or diminished upon complying
with the laws of the state of louisiana Tela.
tive to the altering OF the capital stock OF
corporations.
shall be executed by the president and the
secretary under the seal OF the corporation.
No certificate shall be issued until the capital
stock evidenced thereby shall be fully paid.
Certificates of stock shall be transferred on
the books of the company under such rules
as the board of directors shall determine. No
transfer of stock shall affect the company
until the same shall be registered on the
companys books. No transfer or sale OF stock
shall be made by any stockholder until the
corporation shall have been offered the same
in writing and shall have refused to pur-
chase the same. The corporation snail nave
as carried on the books of the company all
stock offered for sale, which option to pur-
chase in favor of the company shall exist Tor
a period of fifteen Q5) days after said stock
shall have been offered in writing to the cor
poration as being for sale.
Article VI.-All the corporate power Of this
corporation and the management and control
of its affairs shall be vested in and exercised
by board of directors composed OF not less
than FIVE 81 stockholders, a majority of whom
shall constitute a quorum Tor the transaction
of all business, but the stockholders may at
regular or called meetings increase this num-
Der of directors as they may see mt, or they
may decrease the number of directors at an
nual meetings to any number as may De
deemed ft by them, but they may not de-
/ crease that number to less than hve. The
directors shall be elected annually by the
stockholders at a meeting to be held on the
second Wednesday Of each year in the month
of January, said meeting to be preceded by
ten days written notice to the stockholders
Each stakeholder shall be entitled, in per.
stock owned by him, and all elections shall
be held under such rules and regulations as
may be determined by the board Of directors
At such meetings all questions other thar
routine shall be decided by a majority Of
the stock present or represented at such meet
| ing.
The directors when elected shall continu,
| in Office for one year and until their success
sors have been duly elected and have quail
| fed. No failure to elect shall operate tn,
! forfeiture of this charter. Any vacancy oc
curing on this board shall be filled by tn
/ board of directors for the unexpired term. Ih'
board of directors shall, at the first meeting
after its election, elect out of its number
president and one or more vice-presidents,
manager and also a secretary-treasurer.
| Immediately after the signing OF this char
ter, the stockholders shall without furthe