St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1916-07-22

ment: to construct, own, lease, hire !.
purchase and operate schoonefs
steamboats,, towboats, barges. dredee
boats, pull boats and other water
craft, for dredging canals. pulling
logs, for transportation of freight
and MESSENGERS: to manufacture lum-
Der. and other building materials.
buy and sell on commission, lumDe:
and all kinds of building materials
logs and all sorts of merchandise
and generally to do and perform any
and every act and thing pertaining
to the business above enumerated,
connected Herewith or arising there
from, in this State and elsewhere.
/ ARTICLE ".
The capital stock Of this corpora
ton Is hereby fixed at the sum OF
Five Thousand ($5,0OO.OO) Dollars
divided into and represented by fft!
(5O) shares Of stock of the par 7alus
Of One Hundred ($100.OO) Dollars
each, which shall be paid for in casl
when subscribed for, or in such man
ner as the Board of Directors may
designate or shall be issued for labo,
performed, services rendered, Or TO-
the purchase of propert'. as said
Board may elect, all Of which shall
be common stock.
That tE,s corporation shall be q
going concern when Twcnry F1e
Eundre1 :zaOO.OO; 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 a
sum not to exceed Twenty-Five
Thousand ($25,OOO.OO) 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 ..r 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 O.
| the corporation at not less than their
par value No transfer Of stock shall
be binding upon the corporation un-
less recorded up0n the books.
ARTICLE v.
All the corporate powers OF thi
corporation and the management an
control of its affairs shall be vested
in and exercised by a Board of Di
! rectors composed OF three 30 stock
holders, majority OF whom sha'
constitute q quorum for the trans
action Of all Of the business. The
| Directors shall be elected annually
by ballot by the stockholders, or
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, ans
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 ONCE for one year, or unit
their successors have been duly elect
ed and qualified. No failure to cleo
shall be regarded as Z forfeiture o.
this charter. Any vacancy occurring
on said Board shall be filled by thu
remaining Directors for the unex
pired term.
The Board Of Directors shall. a
its first meeting after its election
nominate out Of ita number = Presi
dent. ! Vice-PreMdenk and Score
tary-Treasurer: said Board shall
have the right to divide the once Q
Hecretarys ana Treasurer and maj
elect 8 Secretary who need not be
stockholder. but whose tenure Of Of
fee shall be during the pleasure o
the Board. And said Board shal