The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1917-04-21
| written proxies must be filed with the
Secretary of the COMPANY.
! hlSE!,hSr'NEE ~, OF PROFITS

| written proxies must be filed with tn,
Secretary of the COMPANY
plSBUK>EMEN rs OF PROFITS.
Each year the Board of Director:
shall fix q date, convenient to the
nature of the business at that time
conducted by the corporation, FOL
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 thai
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 (1)
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,-
00) 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 (2) 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,
Ill o1@1 L.
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
to pay more than dividend of ten per
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 (3) 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
by all the stockholders. entitled to
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 sxs-
TENS, within the 4th Ward of St. |
Mary Parish, La, as in the judg-
ment of majority of the entire
of the Board, may be |
most worthy to receive the same,
and whose development will be most
to the corporation.
Said Bonus Dividend to the Cane
Producing and Selling Stockholders
and said Donations for community |
development, are declared by the |
to be within the pow
ers of said Directorate, and within
the objects and purposes of this
and as the best method |
# making the business of the corpora
ton capable of continuously earning
and paying a fixed annual average
dividend of ten per cent to the
therefore to the best interest and
advantage of the corporation and
each and every stakeholder.
ARTICLE vi.
LIQUIDATION
Whenever this corporation may
De dissolved, either by limitation or
from any other cause, it's affairs
shall be liquidated by three COM
to be appointed from
among the stockholders at a general
meeting of same convened for such
'urp Sc Of which meeting notice
shall be given in the manner and
line as provided for in Article
Seven Of the Charter, and major
ty in amount Of the capital stock
# said company represented at such
Meeting shall elect. Such commits
,ioners shall remain in office until
he affairs of the said corporation
shall have been fully liquidated. In
,ase of death of one or more of said
the vacancy shall be
Tiled by election by the surviving
ARTICLE VII,
AMENDMENT TO CHARTER
This act Of instrumentation, ,,oa,, ho