The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1917-04-14
written proxies must be filed with the
Secretary of the Company.
DISBURSEMENTS OF PROFITS.

Disbursements OF PROFITS.
[ Each year the Board of Directors
shall fix date, convenient to the
nature of the business at that time
conducted by the corporation, for
the close of its annual fiscal period,
(Which date need not be the same
each year, and on Which date the
books of the corporation shall be
closed for the purpose OF ascertain
ing its profits and disbursing same.
At the close Of business of that
date or the day following. the
Board Of Directors shall ascertain
the profits of the corporation since
the last date of closing the books,
and shall deduct therefrom the eX-
penses and losses for that period. to
ascertain the net profits. which shall
be disbursed. as follows:
The Board of Directors shall lD
Pass such amount to the credit Of the
Surplus Account. as in its judg-
ment may be deemed advisable, I'M
til said Surplus Account has reached
the sum of Ten Thousand ($1O,O00,-
0O) Dollars. after which no further
profit shall be credited to said ac-
count without the approval of two
thirds of the entire membership of
the Board then GU From the funds
remaining, if the balance justifes,
there shall be declared and paid to
the owners of the Capital Stock of
the corporation an annual dividend,
which shall be such an amount, as
may be determined at that time by
the Board of Directors. with the
view of maintaining a fixed annual
dividend payment Of ten per cent
upon the Capital Stock, and with
this purpose in view not in any year
t, pay more than a dividend Of ten Pc"
cent, unless the profits Of any one
or more previous years did not justi-
fly such dividend payment, and
then only the payment of such an
extra dividend, as will bring the
dividend average from 1917 to that
date to ten per cent per annum,
then 90 From the profits remain
ing shall be paid to those stock
holders of the corporation (who
shall have produced and delivered
to the Sugar Mills, or Refineries of
the corporation, sugar cane for the
grinding season, previously con-
cluded) Tonnage Dividend or
Bonus as the Board of Directors
shall then determine, to be paid to
each such producer and deliverer
Of cane. in the proportion that his
tonnage of cane. produced and deli
vered, bears to the total tonnage of
cane, thus produced and delivered
oil c%o -Zo1
participate in this bonus dividend;
then (4) The remaining profits
shall be carried as Undivided Pro-
fits, with the right to the Board of
Directors each year to donate from
said Undivided Profits such sums or
sums to such public community pur-
poses or enterprises or public schools
or public roads or public drainage s,s-
tens, within the 4th Ward of St.
Mary Parish, La, as in the judg-
ment of a majority of the entire
membership of the Board, may be
most worthy to receive the same,
and whose development will be most
advantageous to the corporation.
Said Bonus Dividend to the Cane
Producing and Selling Stockholders
and said Donations for community
development, are declared by the
stockholders to be within the pow
ers of said Directorate, and within
the objects and purposes of this
corporation, and as the best method
Of making the business Of the corpora
ton capable of continuously earning
and paying fixed annual average
dividend Of ten per cent to the
holders Of it's capital stock. and
therefore to the best interest and
advantage of the corporation and
each and every stakeholder.
ARTICLE vi.
LIQUIDATION
Whenever this corporation may
be dissolved, either by limitation or
from any other cause, its affairs
shall be liquidated by three COM
missioners, to be appointed from
among the stockholders at a general
meeting of same convened for such
purp Sc. Of which meeting notice
shall be given in the manner and
time as provided for in Article
Seven of the Charter, and major
ity in amount of the capital stock
of said company represented at such
meeting shall elect. Such commits
sioners shall remain in Office until
the affairs of the said corporation
shall have been fully liquidatcd. In
case of death Of one or more of said
commissioners the vacancy shall be
filled by election by the surviving
commissioners.
ARTICLE VII.
AMENDMENT TO CHARTER
This act Of incerpora ton may be
modified, changed or altered, or the
corporation dissolved, or the CAPT |
tai stock increased or decreased at a |
general meeting of the stockholders
called for that purpose, after due
notice Of same shall have been given