St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1917-01-20

InOuSduu ~ AV,VVo/B
canital stock of this corporation must
he subscribed before the filing OF the
article of incorporation. The sub
scribed capital stock of this corpora
ton shall be payable in cash. PROV
erty (real or personally, or TOT LABOR
and services rendered ana per-
formed.
No stakeholder shall ever be held
liable or responsible for the faults
contracts or debts of this corpora
ton in any further sum than the
unpaid balance due the corporatioh
on the shares of stock subscribed ~
him. nor shall any mere informal1ty
in organization have the effect OF
rendering this charter null, OF ol eA-
posing any shareholder TO any ia
bility whatsoever.
This corporation shall not engage
in business until One Hundred loo
shares. or Ten Thousand ($1O,OOOl
Dollars of the capital stock shan
have been issued and paid in, IN
cash. If, in addition, any stock OF
this corporation is exchanged, either
in whole or in part for property or
good will, in that event the pro-
visions of Section 3 of Act 267 OF
1914 shall be complied with strictly.
ARTICLE V.
All the corporate powers OF this
CORPORATION shall be vested In ana
exercised by. a Board of Directors to
The composed of three stockholders,
each of whom shall own In his own
right, during his term of office, at
least one full paid share OF stock
all of whom shall constitute a
quorum for the transaction OF bust
ness; provided, the Board OF Direct
ors are hereby authorized to in
crease. in their discretion, the num-
Der of Directors to four, in which
case three shall constitute quorum
The officers of this corporation
shall consist of president, vice
president, secretary and treasurer,
all of whom shall be members OF the
Board of Directors. The offices OF
secretary and treasurer may be COM
bined in one and the same person.
The following named persons shall
constitute the first Board OF Direct
ors, to-Wit: O..
Clement B. Penrose, No. 401 Au-
dubon street, New Orleans, Loulsl-
ana; John B. Lionnet, No. 935 Car
rolton avenue, New Orleans, Loulsl-
ana; Victor B. Macksey, Pearl River,
Louisiana, all residents of the State
of Louisiana, as above stated, VII
Clement B. Penrose, president; John
M. Lionnet. vice-president, and Vic
tor B. Macksey, secretary-treasnrer,
and these directors and officers shall
hold office until the first Wednes-
day of January, 1918, or until their
successors are duly elected and quail
fed.
Thereafter the directors shall be
elected annually on the first Wednes-
day of January, of each year; al!
elections of directors shall be by bal
lot, and each stakeholder shall oo'
entitled to one vote for each share
of stock standing in his name on
the books of this corporation; this
vote to be cast in person or by writ
ten proxy, and it shall require three
fourth of the stock present or repre-
sented to elect.
Failure to hold an election for
Directors on the first Wednesday OF
January, 1918, or annually there
after, shall not work forfeiture OF
this charter, but the old Board Of
Directors shall remain in office until
their successors are duly elected anc
qualified.
ARTICLE vi.
The Board of Directors shall hold
regular meeting at such time as shall
be fixed in the bylaws of this corpor-
alton. These meetings shall be held
at the domicile of the corporation.
but the president may call special
meetings of the Board of Directors
at such times as he may deem ad-
visable, and he shall be required to
call such special meeting at the re-
quest of member of the Board OF
Directors. Three days written no
tice of such special meetings shall
be given to the Directors, unless
waiver of such notice is signed 10y
the Directors. Any vacancy occur
ring in the Board of Directors, eth
er from death, resignation or in
ability to serve, shall be filled by the
remaining Board of Directors at its
next regular meeting after such va
cancy shall have occurred. The
first Board of Directors of this cor
poration shall be required to draft
suitable bylaws for the government
Of this corporation, which may be al
tered, amended or changed as the
exigencies of the case may require.
ARTICLE VII.
The stock of this corporation may
be transferred. provided such trans
Ger shall be recorded on the books
Of this corporation before it shall,
be required toerecognize the trans
fer of the new holder of the stock.
The total amount of the subscribed
stock, as herein set forth, is the
sum of Ten Thousand (s1O,00O)
Dollars, or One Hundred (100)
shares, which are hereby authorized
to be fully paid for and non-assess-
able, for cash.
In the event that any stakeholder
desires to sell his stock, or any part
thereof, he shall first offer same to
the remaining stockholders, in pro-
portion to their respective holdings,
at it's book value. This offer is to be
made to appear by letter addressed
to each stakeholder at his last known
address. giving thirty days option.
At the expiration of which time, the
said stakeholder desiring to dispose
of his stock. shall be at liberty to
sell at whatever price and to whom
he shall please.
ARTICLE VIII.
Thic nh a rtor NAV modified or