St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1916-03-25
be germane to the objects and pur-
poses above expressed.
ARTICLE ".


be germane to the objects and pur
poses above expressed.
ARTICLE ".
The capital stock OF this corpora
ton is hereby fixed at the sum o
Fifteen Thousand ($15.000) Dollars
divided into one hundred and lift,
(15O) shares Of the par value Of On
Hundred $4,000 Dollars each. all o
which shall be common stock, ant
the amount to which the capita
stock may be increased is hereby fix
: ed at the sum Of Fifty Thousand
($5O,O00) Dollars; the said stocl
shall be issued only for cash or In
payment Of property or services &C
tually received by or rendered te
said corporation; said stock shall bt
; fully paid for at the time Of its is
suance and thereafter be non-assess.
able.
Fifty per cent. or Seventy-Fiye
Hundred ($7.500) Dollars Of the cap.
ital stock. shall be subscribed be.
fore the fling of this act OF incor-
poration. and fifty per cent OF the
Iamount so subscribed shall be actu-
ALLY paid in before the corporation
engages in business, and the re-
mainder OF the amount so subscrib-
ed shall be paid within one year from
and after the date hereof; the resi-
due of the stock shall be issued and
paid for subject to the action and
call Of the Board of Directors in
conformity with the existing pro-
visions OF law relating thereto.
l ho ~
scribe for the number Of shares of
capital stock OF the said corporation
set opposite their respective sigma
lures hereto, 50 that this act of In
corporation sh;u also serve as an
original subscription.
| No present or future stOckhOlder
shall ever validly sell. assign. or
transfer. other than by inheritance,
any Of the capital stock Of this cor
poration until the same shall have
been first offered to the remaining
stockholders for the benefit Of those
stockholders who may desire to pur,
chase the same. through the Board
/ OF Directors, for a period of ten days
at the book v; 'ue Of such stock as
shown by the books Of the corpora
ton on the 31st day OF December,
preceding the date Of such offer. 1t
shall be the duty OF the Board O
Directors. promptly. upon receiving
an offer OF sale of any of the capital
stock of this corporation, to COM
municate the same to the stockhold-
ers, in writing, through the secretary
Of the compcny, and each of the said
stockholders shall be entitled to pur
chase such proportion Of the stock
so offered for sale as the number of
shares owned by him bears to the
numb Der Of shares owned by all other
stockholders desiring to participate
In the purchase No sale under fore
closure, attachmer or other process,
or by virtue OF any power OF attor-
ney. pledge or hypOthecatiOn, shall
be validity made until the foregoing
requirements have been complied
with by the person or persons, firm
or corporation provoking such fore
closure or sale. The Board Of d.
rectors shall have authority, how
ever. to waive the above require
ments as to any particular hypothe-
cation Or pledge OF stock. by resolu
ton adopted at regular called
meeting of the Board, or At q meet
ing attended by all the members of
the Board Of Directors. such resolu-
ton being adopted in advance of
the pledge or hypothecat ON.
RTICLE V.
All the powers Of this corporation
shall be vested and be exercised b,
Board Of not less than three (3)
nor more than five (5) Directors, as
determined /. advance each year by
the stockholders at the annual meet
Ing. The said Directors shall be
bona fide stockholders and shall each
own at all times one IL full paid.
pledged share Of stock. The
first Board Of Directors shall con-
sist Of:
James N. Crandal. address Chi
cago, Illinois: Frederick L. Brown,
Chicago. Illinois: T. 3. N, rrhee. ad
dress Pearl River. Louisiana: J. D.
Stockstlll. address Picayune. Mtssis
sippi: Georg, H. Stocksttll, address
ficayune. Mississippi.
The officers Of the corporation.
with their addresses. are as follows:
James N. Crandall. Chicago. ILL.,.
who shall be president; J. D. Stock |
still, Ptcayune. Miss. who shall be
vice president; Frederick :. Brown,
Chicago. ILL.,, who shall be treasurer;
T. E. Murrhee. Pearl River. La.
who shall be seer tary.
The above named Board OF Direct |
ors and each succeeding Board shall
continue to hold office for one year,
or until thar auccaaanra arn aloctad |
and qualified. The persons to be |
hereafter elected Directors for subse.
quent years shall select from their /
own number q president. vice
a treasurer and q secre
tary. The Board Of Directors may
from time to time. and as the bust
ness OF the corporation may dictate,
combine any two Of the above officers
in one and the same person.
On the second Tuesday Of Febru-
airy of each year. unless the same
should fall on legal holiday, then
upon the next following lay day, the
shall elect q Board of
Directors for tie ensuing year the
Board OF Directors 40 well 40 the off,
ers already installed shall continue
IN Office until their SUCCESSORS are
elected and qualified. The election of
Directors shall be by ballot and the
persons receiving the majority Of
votes cast shall be declared elected.
For electing Directors. or for any
I