St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1916-07-29


be common stock.
That this corporation shall be .
going concern when TwenI1 .F..1e
Hundred :zsO0.O0j Dollar; 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 q
sum mot to exceed. Twenty-Five
Thousand ($25,000.0O) Dollars, In
which event, during the period be-
tween the call for the meeting for
such increase and the meeting, the
person holding the stock at the time
shall have the right to take shares
of the additional rsr 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 benefit Of
the corporation at not less than their
par value. No transfer of stock shall
be binding upon the corporation un-
less recorded upon the books.
ARTICLE w.
All the corporate powers of thi:
corporation and the management an6
control of its affairs shall be vested
in and exercised by q Board Of d.
rectors composed of three 81 stock
holders, a majority Of whom shall,
constitute q 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 q vote
for every share owned by him, anf
all elections shall be held under such
rules and regulations as may be de-
termined by the Board Of Directors:
the Directors thus elected shall con.
tinue in Office for one year, or until
their successors have been duly elect
ed and qualified. No failure to cleo.
shall be regarded 40 . forfeiture Of
this charter. Any vacancy occurring
ON said Board shall be flied by the
remaining Directors for the unex-
pdred term.
The Board Of Directors shall. at
Ito first meeting after it's election
nominate out Of Its number 4 Presi
dent, Vice-Pre5ident and Secre-
tary-Treasurer: said Board shall
have the right to divide the ONCE o.
Secretary and Treasurer and may
elect q Secretary who need not be
stakeholder, but whose tenure Of Of
nee shall be during the pleasure Of
the Board. And said Board shall
have the right to appoint and dismisf
the clerks, managers, secretary and
other employees Of the corporation
as the interests and business Of thu
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 vi.
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
flee Hammond, La: Edward ]. Fred
erick, postofice Covington, La; and
Maurice P. Planche, postolflce Gov
er as president, Maurice p. Plancht
as ice-president. and Edward
Frederick as secretary-treasurer.
ARTICLE VII.
No stakeholder shall be liable o,
responsible for the contracts, faults
and debts of said corporation, nor
shall any mere informally in its or
ganization have the effect Of render
ing this charter null or Of exposing
a stakeholder to any liability beyond
the unpaid balance due ON the share.
owned by him.
ARTICLE VIII.
This act of Incorporation may bf
changed, modified or altered or THE
corporation may be dissolved with
the assent of the stockholders own
ing twe-thirds of the stock OF tho
corporation, at general meeting
convened for that purpose and after
at least fifteen (15) days written mo-
tice to each shareholder at his last
known place Of residence.