The herald., 1915-08-26

ness and be going concern until ten thou
sand (Sl0,0O00O) dollars of the capital stock
shall have been issued and paid for, either
IN cash, services or in property as aforesaid.
II any of the aforesaid stock of this corpora
tion is paid for in property, in that event the
terms pI and . PROVISIONS OF Section uwp) OF
strictly complied with.
Article V.-All the corporate powers Of this
corporation shall be vested in and exercised
by Board of Directors to be composed OF
fifteen O5) stockholders, each of whom shall
own, in his own right, during his term of Of
fice, at least one full-paid non-pledged share
of stock, which shall be shown by his writ
ten declaration, eight (S) 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
| year 1916.
The following named persons shall consti-
tute the Board Of Directors of this corpora
ton. to-wit: B. s. Hood, J. L. Bullard, A.
Ens E9.'f K F. se n LIN H. II wd %ft
q. Woods, F. II. Carruth, Jr., II. n. Pharr,
c. A. Reiser, A. W. Carlson, J. w. Parker,
J. a; Bishop. with II. n; PhaTT as pressideT%t
Carlson secretary, and A. W. Carlson as
| treasurer, and these directors and officers
| shall serve until the first Monday IN August
| 1916, 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 1910; all cleo
tions 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 or by
proxy, and it shall require majority OF the
stock present represented 10 eject.
| The failure to elect the Board OF Directors
on the first Monday in August, 1916, or an
nually thereafter shall not work forfeiture
of this charter. but the old Board OF DIrec-
tors shall remain in office until their success
ors are elected and qualIheo.
| Article VI.-The Board of Directors shall
hold regular meetings at such times as shall
be fixed in the bylaws of this corporation.
These meetings shall be held at the domicIle
! of the corporation, but the president may
call special meetings OF the Board OF DiIec-
tors at such times as he may deem advisable
and he shall be required to call such spe-
cial meetings whenever requested TO do 50
by three members of the Board OF Directors
Three DAYS notice of such special meetings
shall be given in writing 10 the directors
unless waiver of notice is signed by the dl'
| rectors ANY vacancy occurring on the board
or among the officers, either nom death, resig
| nation, or inability to serve, shall be hlled by
the Board Of Directors at ITS next regular
meeting after such vacancy shall have oc
CURED. The first Board or Directors OF TINS
corporation shall be required to draft suitable
bylaws for the government OF TINS corpora
ton, which may be altered, AMENDED o.
changed as the exigencies of the case MAJ
Article VII.-The stock of this corporation
NAV be transferred, provided such transfe
poration before it shall be required TO recog
nize the transfer the new holder OF san
stock.