St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1916-02-12
said objects and purposes.
ARTICLE ".


The capital stock Of this corpora
ton is hereby fixed at the sum of
Eighty Thousand ($80,O00.00) Dol
lars, to be divided into. and repre-
scented by eight thousand $4,000.
shares of the par value OF Ten Dol
lars each. Said capital stock may
be increased to Two Hundred Thou
sand ($z00,000.00) Dollars or more
in the manner provided by the laws
of the State of. Louisiana, said stock
shall be paid for in cash. or its
equivalent in real property or per-
sonal property property received Tor
services rendered, or labor perform
ed in such manner and under the
terms such as the Board of Directors
may determine, but NO certificates OF
stock shall be issued until the same
has been paid for either In cash, or
property received, services rendered,
or labor performed. Ne. transfer OF
stock shall be binding upon this cor
poration unless recordef upon the
books and until the certificate OF
stock shall have been delivered 10
the corporation and duly cancelled.
ARTICLE ".
All the corporate powers OF this
corporation and the management and
control of its auairs snail be vested
in and exercised by q Board of Di-
rectors composed of five stockhoid-
ers Of whom three shall constitute q
quorum for the transaction OF busl-
ness; the number Of said Board OF
Directors may be increased at the OPP
ton of the Board of Directors. but
in that case q majority Of the num-
Der of the Board Of Directors shall
constitute q quorum thereof. SAID
Board of Directors shall be elected on
the third Monday in February OF
each year commencing with the year
1917, aud shall Immediately after
the election elect from among their
number a President, Vice Presi-
dent, and Treasurer, each OF whom
shall be q stockh0lder. They snail
also elect Secretary who may or
may not be . stakeholder, or the
Treasurer may hold both ohices OF
Secretary and Treasurer. Each
stakeholder shall be entitled. in per-
son or by proxy, to one vote for
every share of stock owned by him
or her. -.
All elections shall he by ballot,
and held at the Office of said corpora
ton, and under the superintendence
of two commissioners to be. appoint
ed for that purpose by the Board Oh
Directors.
The majority of votes cast shalt
elect said Board Of Directors, who,
with the officers thereof, shall cen
tinue in Office until their successors
have been elected and qualified.
Notice of the election Of the Board OF
Directors shall be given by publica-
ton in one newspaper published at
the domicile of the corporation and
a written notice to the last known
address of each stakeholder for
period Of at least fifteen days pre-
vious to said election. The first cleo
ton of the Board of Directors under
this charter shall take place on the
third Monday in February, 1917, UNI
til which time, or until their success
sors shall have been duly elected and
qualified, the following persons shall
constitute the first Board of Direct
ors. namely: L. r. Sassinoi. .412
Orleans street, New Orleans, Lou
isiana; NJ. Nielsen, C0vington, LOU
!siana; E ". Richard, Covington,
Louisiana; A. H. Grimmer, CosinE-
ton, Louisiana, and A. H. Smith,
Covington. Louisiana, of whom Z. +.
Sassinot is President, 81. Nielsen,
Vice President; A. H. Gr:mmar. See
rotary, and 2. v. Richard, Treas
urer. g
The failure from any cause to
elect Directors on the day stipulated
shall not dissolve this corporation,
but the officers and directors then
in ofiice shall hold over until their
successors have been elected and
qualified. In the event Of failure to
hold the election on the day stipuiat-
ed the President shall call a new
election Immediately with fifteen
days notice a hereinabove provided.
Any Director shall have the right to
vote ON ALI questions before the