New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1915-07-31
CHARTER OF
THE CHAIN OIL COMPANY, ING.


persons whose Names are hereunto subscribed VIII
declare that they desire to avail themselves of Ac
zo7 OF the Aen of the General Assembly of tn
State OF Louisiana OF the year 1914, and the othe
laws OF the State relative to the organiza alton OF
corporations, that they do BY these presents. bind
covenant, and agree and form themselves into
corporation and body polite in law together witt
| all persons who may thereafter become associate,
with them, and to acquire the rights ana power
OF body corporate, they do thereby form them
selves lnso corporation under tho name and ,tyl,
and for the purpose hereinafter set forth
| ARTICLE I.
The name and tlte of this corporation shall b.
! "Ihe Chain Oil Company Company Inc" anc
IT. domioile is hereby established at New Iberia
Iberia Parish, State Of Louisiana, and under it.
/ corporate name. sad corporation shall have the
power and authority to contract, and to be sued
and to make and use corporated seal and the same
TO break and alter A. pleasure, and to hold receive
purchase, mortgage or convey under ito corporate
name, property both real and personal, for the
purpose OF carrying out the objects thereof, name
and appoint such officers, directors, and other en-
Ployees as may be permitted by law, to make and
establish bylaws, rues ana regulations for the
as may be deemed necessary and proper. and to do
all other acts and things as may be permitted by
law, or may be necessary and proper TO carry out
the objects and purposes of this corporation
Said corporation unless sooner dissolved shall
exist for period of thirty years
Service OF citation, or other legal process shall
ibe made in conformity with the existing law, gov
erning the corporations in th, State
ARTICLE =
The objects and purposes for which this corpora
ton organized and the nature of the business TO
be carried on by it are hereby declared to be, to
engage in the business of drilling upon or other
wise exploring such lands it may acquire in full
or in part ownership, may lease or 10 which it
may acquire any rights whatever for the purpose
of discovering oil, gas or other minerals and the
same to explore for commercial purposes; to I'M
dertake all works and make all contracts to that
end as may be necessary, and to sell or otherwise
dispose OF such products as they may bring forth
and to do all things that may be necessary to
facilitate the drilling exploration, and sell and
deliver thereof and in fact do all things neces-
sary and conducive and to the benefit of said cor
poration.
ARTICLE
Dollars Isl 5000 oo) divided into Six Hundred
(6oo) shares of the par value of Twenty Five
Dollars 3,s .oo) each, which stock shall be paid
for in cash at the time of its subscription, or in
such installmenss as the Board may direct, stock
may be issued in exchange for property or rights
actually received or purchased by the corpora
ton, or good will, other valuable considerations
as may be permitted by law, and after due ap-
praisment by the Board Of Directors of said cor
poration.
No Stock Holder shall ever be held liable or
for the contract failure of said cor
,oratlon, in any further sum than that provided by
aw, nor shalany mere informally in the organza-
ion have the effect of rendering said chartes null
Or expose said stock holders to any liability, other
han that specified by law.
Fifty per cent of all stock subscribed for must
'e actually paid in before the corporation engages in
business, and the remainder within Twelve months
hereafter under the restrictions pointed OUT by
aid Act .67 of the year 1914. The amount to ,
which the capital stock may BE- increased is here
" fixed at the sum of Forty Thousand Dol,rs
$40, 900 co.
The Board of Dircc tors shall have the power ,
o fill vacancies in their number, caused by death,
esignaton or otherwise, from among the stock
holders Of the corporation and said Board shall
ave control of the property Of this company and
hall so conduct, manage and use the same a. in
heir discretion they deem necessary, and which
consistent with the organization and affairs Of
he company; 1t may adopt such rules and regula-
ions a, the affairs Of the corporation may re-
uire, employ such laborers, clerks or other
gents may appear desirable, to fix and deter
nine the salary Of each officer and other ployee,
Il in accordance with law.
ARTICLE 4.
The cooperate powers Of this company shall be
csted in and exercised by Board of Seven diree-
,rs, Four Of which shall constitute quorum, for
lie transacting of business. There shall be elected
ON the Board of Directors, President, Vice
resident, Secretary and Treasurer. The
oard of Directors shall be elected on the first
fonday in June of each year. Until such cleo
on, to be held in the year 1916, the following
shall constitute the first Board of Directors
. P. Sims, President, Adoline, La. DR.. Paul N.
yr, Vice President, Jeanerette, La; H. J.
NTH, Secretary, New iberia, La. !. G. Brous-
I'd, Treasurer, St. Martinville, La; Robert c
ayor, New iberia, La. |, s Wooster, Center
lie, La and F. E. Deahoussaye, ST. Martinville, !,
a. At every election and meeting of the Stock
olders, each stock holder sha be entitled to one
Ute for each share of stock owned by him; vot-
& by written proxy shall be allowed under the t
DIVISIONS of Section l / of said Act 167 Of the a
al 1874. I
ARTICLE S. T
Stockholders meetings for the election !.
Directors shall be held annually on the ,
rst Monday in June, at the domiciIe of :
e corporation; notice thereof shall be ?
,livered personally by depositing in the ,
ost Office, to the proper address to each
ockholder, announcement thereof at L
asst fifteen days (15) before the c
Getting. At least two days CD before n
i'd meeting a complete list of the stock q
'lders entitled to vote, shall be open fer l
spection by the stockholders, at the n
ace of said meeting, all other meetings y
stockholders may be conducted in ac- !
rdance with section 10 of said Acts 267 l
tho year 1914. =
ARTICLE s |
This charter may be changed, or amen i,
d, or the corporation dissolved, under
. terms and conditions, and in accord =
ce with said Act 267 Of the year 1914. :
ARTICLE
This corporation shall have all the rights and
xes granted by corporations under said act .67
the year 1914 not otherwise specified.