The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1914-04-25
ARTICLE w.

| ARTICLE ".
ten shall be TWO HUNDRED
| THOUSAND DOLLARS $500, 000.00),
made up of six hundred 5000 shares
of preferred stock, and fourteen
hundred (l400) shares of common
stock, of the par value of one hun
dred dollars ($100) per share. The
preferred stock shall be entitled by
preference and priority over COM
mon stock to dividends in each
and every year, at the rate of six
(6j per cent per annum, payable out
of the net profits, which dividends
shall be cumulative, and said pre-
ferred stock shall be entitled to no
other Or further share of the profits.
The said preferred stock may be
retired at the rate of six thousand
dollars ($6,O00.00} per year, at the
dividend date, each share in such
event to be retired proportioEately,
and no right to dividends on such
retired portion shall exist after no.
tice to stockholders of record. No
dividend shall be declared Or paid on
the common stock until the preferred
stock shall have been fully retired
at par with all accrued dividends.
In the event of any liquidation or
dissolution of the company, hold
ers of the preferred stock shall be
paid in full with accrued dividends
by preference over the holders of
the common stock. Both classes OF
stock shall vote on an equality.
Both preferred and common stock
shall be issued only at par for cash
or for property Of equivalent value.
The whole Of said preferred and
common stock may be issued and
delivered to any persons, firm or cor
poration for the requirement of the
rights, privileges, and property, OR
any part thereof, now owned or con-
trolled by the mercantile firm of B.
LEMANN & BROTHER. The incor-
porators, or the board of directors
hereinafter created, are hereby spe-
c1ally authorized to issue the stock
OF the corporation for any and all of
the purposes above stated as in the
Judgment Of either body may be fair
and proper, and to fix the terms of
disposition accordingly.
ARTICLE v.
All of the powers of this corpora
ton, except as herein limited, shall
be vested in, and exercised by, a
board of not less than three (3) nor
more than seven ~, who need not |
necessarily be stockholders, to be
elected annually by the stockholders.
on the fourth Monday in January OF t
each year. All such elections shall
be by ballot Notice of all meetings
OF stockholders, except as otherwise I
required by law, shall be given by
one weeks written notice to each |
mailed to his last known
postoffice address. Each stockhold-
er shall be entitled to one vote for |
each share of stock standing in his |
name on the books of the company, I
to be cast in person or by proxy,
and majority of the votes cast |
shall elect. The board of directors |
shall have the power to fill all va
cancies that may occur in the board. |
Failure to elect directors shall not I
dissolve the corporation, but the di-
rectors then in office shall remain
in office until their successors are
elected. The directors, at their
first meeting after each election,
shall elect a president, vice presi-
dent and secretary. They may
also elect a treasurer, or may COM
Olne the functions of treasurer with
that Of vice president or secretary.
The secretary and treasurer need
be members of the board The
directors may appoint such other Of
Ulcers, clerks, agents, or employees as
they deem necessary. The direct
DTS may also make, alter, or amend
my and all bylaws, rules and regu-
atlons necessary and proper for the
business OF the corporation The
BOARD shall not, however, have au-
,hority to place any mortgage upon
my property of the corporation with
out the unanimous consent of all
Except as thus limit
I'd, the directors may do all things
necessary or convenient
Or the proper carrying on of the
business of the corporation.
ARTICLE VI.
Whenever this corporation may be
dissolved either by limitation or from
NY other cause whatsoever, it's af-
airs shall be liquidated by three {
tockholders, to be appointed at the !
enerai meeting of stockholders con
ened for the purpose of liquidation .
$ hereinafter provided, each share
eng entitled to one vote, in person t
Dy proxy. Said commissioners
hah remain in office until the af- {
airs of said corporation shall have /
cen fully settled and liquidated, Il
nd shall have full authority and S
over to transfer and give title to s
Ii the assets and property of the a
orporation. In case of death. t
stability Or resignation of one or I
lore of said commissioners, the a
acancy shall be filled by election C
y the surviving commissioner or a
a
ARTICLE VII. j
ThIs act of Incorporation may be il
lodified, changed or altered. or il
I'D corporation may be dissolved, a
18th the assent of three-fourths i;
~ of the capital stock present or
presented at any meeting of stock
olders after ten (1O) days prior b
otlce in writing, mailed to each {
ockhoIder at his last Known post
lice address. Any change with h
ference to the capital stock of ii
e corporation shall be made in ac- a
'rdance with the laws of the state s.
i 11rY.1