St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1917-01-27

State of Louisiana and elsewhere;
to construct, acquire and use rail-
WAYS, tramways and other roads or
rights of way for the transportation
of veneer, boxes, shocks, lumber,
timber, logs, and other products;
to buy, lease or otherwise acquire
timber lands and timber rights On
land, and so acquire, lease, hold ana
buy lands the use of sawmills
and factories and timber yards, IN
the State of Louisiana, or elsewhere;
to acquire by purchase, lease or 9th
erwise. patents or inventions that
might be. used for the purposes OF the
business of this corporation; ana
generally to do and perform any and
all things necessary or convenient
to carry on said objects and pur-
poses.
ARTICLE w.
The capital stock of this corpora
ton is hereby fixed at the sum OF
Twenty Thousand ($20,O0O) Dol
lars, divided into Two Hundred
(2OO) shares of the par value of One
,, Hundred ($1O0) Dollars each, pro-
yided, that the amount to which the
capital stock of this corporation may
be increased shall be Fifty Thousand
($50,O0O) Dollars.
One Hundred (100) shares, or Ten
Thousand ($1O,O0O Dollars OF the
capital stock of this corporation must
be subscribed before the filing OF the
article of incorporation. The sub
scribed capital stock of this corpora
ton shall be payable in cash, prop
| erty (real or personally, or for labor
| and services rendered and per-
| formed.
No stakeholder shall ever be held
, liable or responsible for the faults,
contracts or debts of this corpora
| ton in any further sum than the
unpaid balance due the corporation
on the shares of stock subscribed by
him, nor shall any mere informally
in organization have the effect OF
rendering this charter null, or OF ex-
| posing any shareholder to any IA
bility whatsoever.
This corporation shall not engage
in business until One Hundred (lOV
shares, or Ten Thousand ($lO,OoO)
| Dollars of the capital stock shall
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 of Act 267 OF
! 1914 shall be complied with strictly
| ARTICLE v.
| ~. .>-0oro%a paworc nf this
| corporation shall be vested IN ana
| exercised by aboard of Directors to
he composed of three stockholders,
| each of whom shall own in his own
right, during his term OF office, at
least one full paid share or 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
/
bined in one and the same person.
The following named persons shall
constitute the first Board OF Direct
ors, to-wit:
Clement B. Penrose, No. 401 Au-
dubon street, New Orleans, Louisi-
ana: John B. Lionnet, No. 935 Car
rolton avenue, New Orleans, Louisi-
ana Victor B. Macksey, Pearl River
Louisiana, all residents OF the State
of Louisiana, as above stated, witt
Clement B. Penrose, president; John
NJ. Lionnet, vice-president, and Vic
tor B. Macksey, OBSERVATION-DISCLOSURES
and these directors and officers snail
hold office until the first Wednes-
day of January, 1918, or until the1l
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 be
entitled to one vote for each share
of stock standing in his name on
the books of this corporations; this
vote to be cast in person or by writ
ten proxy, and 1t snail require three
fourth of the stock present or repre-
scented to elect.
Failure to hold an election fol
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 unit
their successors are duly elected and
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 tc
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