St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1916-08-05

be common stock.
That THIS corporation shall be Z.
going concern when Twent5 Eve
Hundred :za00.0OJ Dollars. Of its
capital stock is actually paid for in
cash. All shares Of stock shall be
full paid and worcestershire. which
capital stock may be increased to 2
sum not to exceed Twenty-Five
Thousand ($25,0O0.0O) Dollars. in
which event. during the period be-
tween the call for the meeting Tor
such increase and the meeting. the
person holding the stock at the time
shall have the right to take shares
of the additional .sr increased stock.
'proportionate to the number OF
shares owned by them, and any
shares not taken at the expiration Of
said period my be disposed Of By the
Board Of Directors, for the benedt OF
the corporation at not less than their
par value. No transfer Of stock shall
be binding upon the corporation un-s
less recorded upon the books.
ARTICLE v.
All the corporate powers Of this
corporation and the management ane
control of Its affairs shall be vested
in and exercised by Board Of D:
rectors composed Of three (3) stock
holders, a majority Of whom shall
constitute a quorum for the trans
action Of all Of the business. The
Directors shall be elected annually
by ballot by the stockholders. on
the second Monday in January OF
each year. Each person shall be en-
titled in person or by proxy to vote
for every share owned by him., and,
all elections shall be held under such
rules and regulations as may be de-.
termined by the Board Of Ddrectors;,
the Directors thus elected shall con.
tinue In ofl1ce for one year, or until
their successors have been duly elect
ed and qualified. No failure to elect
shall be regarded as q forfeiture Of
this charter. Any vacancy occurring.
on said Board shall be filled by the
remaining Directors for the unex-..
pired term. .
The Board Of Directors shall. at
its first meeting after its election
nominate out Of its number q Presi
dent, a ,Vice-President and Secre-.
tary-Treasurer; said Board shall
have the right to divide the ONCE o.
Secretary and Treasurer and may
elect Secretary who need not be
stakeholder. but whose tenure OF OF,
flee shall be during the pleasure Of
the Board. And said Board shall
have the right to appoint and dismiss
the clerks, managers, secretary and
other employees Of the corporation
as the interests and business Of tht..
same may require. Any OF the Di
rectors shall have the right. to ap-
point by written instrument anothe
Director as his proxy. to act in his
stead at any and all meetings Of the
Board of Directors.
ARTICLE W.,
Until the election to be held or
the second Tuesday In January, 1917
the following named persons shall
constitute the first Board Of Direct
ors, viz: Kenneth Pitcher. postof
fee Hammond, La; Edward J. Fred
erick, postoffice Covington, La; and
Maurice p. Planche, postofIice Gov
ington, La, with said Kenneth Pitch
CT 8S pIS8lUcuI, m0uIlC0 z l0uCus
as vice-president. and Edward
Frederick a. secretary-treasurer.
ARTICLE VII.
No sto"kbolder shall be liable o,
responsible for the contracts, fault:
and debts Of said corporation: no,
shall any mere informally in it, or
ganization have the effect Of render
ing this charter null or Of exposini
stakeholder to any liability beyonf
the unpaid balance due on the share
owned by him.
ARTICLE VIII.
This act Of Incorporation may b.
changed. modified or altered or this
corporation may be dissolved witt
the assent of the stockholders own
ing two-thirds Of the stock Of the
corporation. ct . general meeting
convened for that purpose and after
lat least fifteen (15) days written NO
tice to eaeh shareAolder ct hi9 laet
knoun place e resteeaees
y ~