St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1916-11-04

nature OF the business to be carried
on by it, are hereby declared to be:
To carry on and operate one or more
shipyards, drydocks, and other SINH
lar plants for the purpose of build
ing, altering, repairing and docking
ships and vessels Of all kinds, wheth-
er of wood, iron. steel, or other ma
terial; to own, purchase, lease, chart
er, or otherwise acquire, and to sell
or otherwise dispose of, ships and
vessels of every kind; to build, pur-
chase, lease, or otherwise acquire,
and to sell, or otherwise dispose of,
and to operate, (hut not as a COM
mon carrier,) ships, vessels, docks,
wharfs. ferries and transfers, ware
houses, and all buildings structures
and appurtenances necessary or con-
venient to the conduct of all such
business; to procure, by lease, and
otherwise acquire and obtain, and to
sell, lease, grant licenses in respect
to, or otherwise dispose of, or use
patents, patent rights, trade marks
and trade names, and inventions, pro-
cesses and Improvements of all
kinds; to purchase or otherwise ac-
quire, hold. lease, improve, mort
gage and sell real estate; to pur-
chase, construct. lease and operate
tram roads, railroads, tank cars,
terminals or landings, but not as a
common carrier; to operate saw
mills; to carry on general mercan-
tile business, and generally to engage
in any business convenient, neces-
sary, or incident to or connected
with the operation OF the business
and Industries above mentioned.
ARTICLE NO 4.
The authorized capital stock Of
this corporation is hereby fixed at
the sum of One Hundred Thousand
Dollars ($100,O0O.00). represented
by One Thousand (10O0) shares Of
par value Of One Hundred Dollars
($10O.OO) each, to be paid at such
time and in such manner as are pro-
vided by law, and as the Board Of
Directors may require, and such
stock may be issued for cash or in
payment for property or services ac-
tually received by, or rendered to, the
said corporation. The parties here
to declare that they hereby sub
scribe for the number OF shares set
opposite their respective signatures
hereto, or an aggregate OF Sixty-fve
Thosuand Dollars ($65.00O.0O.)
The capital stock OF this corpora
ton may be increased to the sum Of
Five Hundred Thousand Dollars
($5OO,0OO.OO) in accordance with
the provisions Of law pertaining
thereto.
No holder of any of the said stock
shall, without the consent OF the
Board of Directors expressed by a
formal resolution to that effect, sell
or dispose OF the same to any person
not stakeholder in the company.
until he shall first have offered said
stock for sale, at the price bona tide
offered to him by any non-stockhold-
or, to the Board OF Directors OF the
company, who shall have the right to
buy said stock at such price for the
benefit of the stockholders OF the
company, and to distribute the same,
pro rata, among such stockholders as
are willing to buy the same at such
price. This clause shall lbe express
ed on the face of every certificate of
stock, and the officers OF the company
shall have no power to transfer on
the books of the company any stock
disposed Of in violation Of this pro-
vision Of the charter.
In case OF any increase in the cap
ital stock, the stockholders of record
at the time Of such increase shall
have the preferment right to sub
scribe at par Tor any such increase,
pro rata to their respective holdings.
ARTICLE NO. S. Vi
All the powers Of this corporation
shall be vested In and exercised by a
Board Of Directors, to be composed of
not less than eight (8) stockholders,
to be elected at the annual meeting
OF the stockholders. The persons SO
named as Directors, all Of whom shall
be stockholders in the corporation,
shall elect from their number Presi-
dent, one or more Vice-Presidents,
q Managing Director. a Secretary,
a Treasurer, or Secretary-Treasur-
er, and such other officers as the Di-
rectors may from time to time de-
termine, all OF whom shall be under
the authority and supervision of the
Board of Directors. The first Board
of Directors, with their respective ad-
dresses, are as follows:
Frederic w. Salmen, Slidell, La.
Leroy T. Miles, Slidell, La.
Herbert B. Saunders, Slidell, La.
Edward F. HALEY, Slidell, La.
Fritz Salmen, Slidell, La.
]. A. Salmen, Slidell, La.
w. E. Eddins, Slidell, La.
A. D. Canulette, Slidell, La.
Until the first meeting of stock
holders, Frederic w. Salmen shall be
the President; Leroy T. Miles shall
be Vice-President; Herbert B. Saun-
ders shall be Second Vice-President
and Managing Director, and Edward
F. HALEY shall be Secretary-Treasur
er of said corporation.
ARTICLE NO. 6.
On the third Thursday of January
1877, and ON the same day of each
succeeding year, except when such
day shall fall on legal holiday, in
which case the meeting shall be held
on the next following day, the stock
holders shall elect a Board OF Di-
rectors for the ensuing year; the
Board of Directors already installed
shall continue to hold over until
their auccessors are elected anC