St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1916-05-20

ana regulations AVA tAO PAOPSA W0A
agement and regulation of its affairs
as may be deemed necessary and
proper, and the same to change ano
alter at pleasure; and to do all
acts and things permitted by law c.
as may be necessary and proper to
carry out the objects and purposes
OF said corporation.
Said corporation, unless sooner
dissolved, in accordance with its
charter, shall exist and continue for
the period OF ninety-nine years froL
and after the date hereof.
The president or in his absence
the yice-president shall be the prop
er person upon whom citation o.
other legal process shall be served
ARTICLE IL.
The objects and purposes TO
which this corporation is organized
and the nature of the business to u
carried on by it are declared to be
the following, to-wit:
A wholesale grocery and grain
business; to hold or to purchase oils
wire, etc; and any other product in
cidental to a general wholesale gro
Gerry and grain business.
ARTICLE Ill.
The capital stock of the said cor
poratlon shall be Ten Thousand Dol
lars l$1O,OOO.00) divided into ana
represented by one hundred (lVv>
shares OF the sum Of One Hundred
Dollars { 5000 each which said
stock shall be paid for in cash at the
time OF the subscription or the same
may be issued, at not less than par,
IN payment or exchange for property
or rights actually received OF pur-
chased by said corporation or the
same may be issued, full paid. fol
money advanced. and for such otheA
valuable considerations or services
as the board Of directors Of said COM
poration may determine; provided
that no stock shall be issued Until
the consideration therefor has been
received by the said corporation.
Any stakeholder may sell. assigl
or transfer his stock in this corpora
ton, provided thirty 500 days prior
notice OF such intention to sell. trans
fer or assign the same be given thu
company and the other stockholder.
thereof shall have the first privilege
of purchasing same. after which
thirty days notice the said stock
may be sold in open market.
The stock OF said corporation may
be transferred under the above con
ditions, provided such transfers
thereof be made on the books OF sale
company at its Office in Slidell. Lou
isiana, and on the surrender of thu
certificates thereof. No transfer OF
any fractional part OF share shat
be made.
Fifty per cent or Five Thousand
Dollars of the capital stock shall be
subscribed before the filing of this
act of incorporation, and fifty per
cent of the amount so subscribed
shall be actually paid in before thu
engages in business. and
the remainder Of the amount SO sub
scribed shall be paid within one year
from and after the date hereof; the
residue Of the stock snail be issued
and paid for subject to the action
Of the board of directors in CONFORM
ity with the existing provisions OF
law relating to corporations.
ARTICLE Nv.
The corporate powers OF this COM
pany shall be vested in and exercls-
ed by a board Of directors Of not
less than three 90 directors consist
ing of the president and vice-presl-
dent and one stakeholder. or the
board shall consist of not more than
i've go directors. A majority OF
said board shall constitute quorum
for the transaction OF business and
their decisions shall be valid corpor-
ate acts.
The following persons shall con-
stitue the first board OF directors:
G. l.. Morgan, NJ. p. Schneider. >.
R. Redden.
No person shall be eligible as d.
rector or officer who Is not q stock
holder of this company.
During the absence Of the presi-
dent the vice-president shall act and
preside.
Said board shall continue in office
until the 5th day of January, 1917
On which date and thereafter annu-
ally. a board Of directors shall be
elected on the 5th day Of January
Of each year, unless the same should
be a holiday, when the eection shall
be held on the next legal day there
after.
Notice of such election shall be
given by at least ten (1O) days con-
tinuous publication Immediately pre-
ceding such election in daily paper
of the parish OF st. Tammany !!
there be one, otherwise by one pub
lication at least ten days prior II
the day OF said election. And the
board of directors shall appoint one
or more stockholders to preside at
such election as commissioners. In
the event of the failure OF any com
missioner or commissioners to at
tend, the president shall, by appoint
ment fill the vacancy. Any failure
from any cause whatever to elect d.
rectors the day named for that pur
pose shall not dissolve the corpora
ton but the directors then In office
as we'll as the officers of said com
pany shall hold over until their sue
cessors are chosen.
In such event the president shall
cause an election to be held within
thirty (30) days and shall give
notice thereof as hereinbefore pro-
vided.
At every election and meeting Of
stockholders each stakeholder shall
be entitled to one vote for each
share Of stock in his name and may
vote by proxy.
The election Of directors shall be