The herald., 1915-08-19

ness and be a going concern until ten thou
sand (Sl0,OO00O) dollars of the capital stock
shall have been issued and paid for, either
in cash, services or in property as aforesaid.
If any of the aforesaid stock of this corpora
ton is paid for IN property, IN tnat event the
terms and provisions of Section (two) az
Paragraph &C. of Act 27 of 1914 shall be
strictly complied with.
Article V.-All the corporate powers Of this
corporation shall be vested in and exercised
by a Board of Directors to be composed of
fifteen O5) stockholders, each of whom shall
own, in his own right, during his term of Of
flee, at least one full-paid, non-pledged share
Of stock, which shall be shown by his writ
ten declaration, eight ts) of whom shall con-
stitute quorum for the transaction of bust
ness.
The officers of this corporation shall con-
sist of a president, first vice president, sec
| rotary and treasurer, all of whom shall be
members of the Board of Directors, and shall
be elected by the Board of Directors at their
| first regular meeting after the first Monday
/ in August, each year, beginning with the
The following named persons shall consti.
tute the Board of Directors of this corpora
ton, to-wit: B. S. Hood, J. 1. Bullard' 4 4
| Unger, X. P. Stewart, NJ. T. Woodward, j.
c. Woods, F. II. Carruth, Jr., H.. n. Pharr
c. A. Reiser, 4. W: Carlson, J. w. Parker
IL. H. Price as first vice-president, A. w
| Carlson as secretary, and A. ". Carlson as
treasurer, and these directors, and oihcers
shall serve until the first Monday in August
| 1915, or until their successors have been duly
| elected and qualified
| Thereafter the directors shall be elected an
nually on the FIRST Monday In August of each
year, beginning with the year i9i6; all elec'
| lions of directors shall be by ballot or viva
voce vote, and each stakeholder shall be en-
/ titled to one vote for each share OF stock
standing in his name on the books OF the cor
poration, this vote to be cast IN person OF 10y
proxy, and it shall require majority OF the
| stock present or represented TO elect
| The failure to elect the Board OF Directors
on the first Monday in August, 1916, or an
rually thereafter shall not WORK I2fl 6ian
of this charter but the old Board OF Direc'
tors shall remain in office until their success
ors are elected and qualihec.
| Article W.T. Board OF Directors sna,i
| hold regular meetings at such tunes as Snail
| be fixed in the bylaws of this corporation
| These meetings shall be held at the domlcile
! of the corporation, but the president may
call special meetings OF the Board OF Diiec
and he shall be required 10 call such spe
cial meetings whenever requested TO do SC
by three members OF the Board OF, directors
Three days notice Of such special meeting'
shall be given in writing 10 the directors
unless waiver of notice is signed by the a.
| rectors Any vacancy occurring on the board
or among the officers, either rom death; resig
nation, or inability TO serve, shall be hlled Dl
the Board of Directors at its next reguia
meeting after such vacancy shall have &C
cured The first Board or Directors OF I'M
corporation shall be required to draft sultaoI
bylaws for the government OF TINS corpora
ton. which may be altered, amended
changed as the exigencies OF the case ma
Art;cle VII-The stock of this corporatio
may be transferred, provided such , tLshS 81,
poration before it shall be required 10 recot
MIC the transfer or the new holder OF sal
stock. 49,, .,, =. mod