The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1919-07-05

first Monday in September of each
year, beginning with the first Monday
in September, 1920, and said directors
shall hold Office for one year or until
their successors are duly elected and
qualified.
The nine persons receiving the high
est number of votes cast at an annual
election held for the purpose of elect
ing board of directors shall be de-
clared elected, provided majority of
the stock is represented. Said board
of directors shall elect annually from
among their number a president and
vice-president. They shall also elect
any persons, one to act as cashier and
if necessary an assistance cashier and
such other employees as may be neces-
sary, and fix their salaries.
Five of said directors shall constitute
a quorum for the transaction of bust
ness of the corporation.
Any vacancy or vacancies occurring
in the board of directors shall be filled
by the remaining directors for the un-
expired term, after the president shall
have given five days previous notice in
writing OF an election called to fill
same.
Previous notice of not less than ten
days shall be given of each annual
meeting of stockholders to elect a
board of directors by publication in a
newspaper published in the parish of
Grant, nearest to the Town of Mont
gomery. if no newspaper be published
therein, or in newspaper published in
said town, and in case no election, for
any cause, is held on the day fixed in
said notice, the president of the board
of directors shall call an election to be
held thereafter as soon as possible after
three several weekly notices published
in like manner. A failure to elect a
board of directors shall not forfeit the
charter of this corporation but the
board of directors then in Office shall
remain in office and serve until their
successors are elected and qualify.
ARTICLE v.
The board of directors shall make,
ordain and adopt such bylaws and
rules for the government and proper
| management of the business and af-
fairs of the bank as may be necessary
and proper. in conformity with the
provisions of the laws of this State and
of this charter, with authority such by
laws and rules to alter, amend or re-
peal at pleasure, and they shall adopt
for the use of the corporation seal,
which shall be circular in form, of the
size of an ordinary notarial seal, on
which shall be impressed the following
Farmers and Merchants Bank. Mont
gomery, Louisiana; said board of d.
rectors shall have authority as granted
ny law to alter or amend said seal.
ARTICLE vi.
The capital stock of this corporation
may be increased so as to make its
total capital stock fifty thousand dol
lars, that is by the issuance of three
hundred more shares of one hundred
dollars each, provided. however, that
the matter of such increase shall be
first submitted to general meeting OF
the stockholders, after thirty days no
tice by publication and by mail, and
two thirds of the amount of capital
stock approve the same, such amend.
ment to be executed, recorded and
published as this original charter.
ARTICLE VII.
Whenever this corporation is dis
solved, either by limitation or from
any other cause, its affairs shall be
liquidated under the supervision OF
three commissioners to be selected by
the stockholders from among them
selves at general meeting convened
for that purpose, after thirty days
prior notice by mail to each stock
holder and by publication in a newspa-
per published in Grant parish nearest
the domicile Of this corporation, pro-
vided the assent of the owners of three
| fourths of the capital stock vote there
for. Said commissioners shall remain
in Office until the affairs of this corpo-
ration shall have been fully liquidated
and settled, and in case of death of one
or more of said commissioners, the sur
vivor or survivors shall continue to act
ARTICLE VIII.
No stockholder shall ever be liable CT
responsible for the contracts or faults
or offenses of this corporation in any
further sum than the unpaid balance
due by MIN on his subscription to
shares of stock.
ARTICLE TX.
The shares of this corporation shall
Dc pcIoOhdi piOpCfIy uuu Suou Nc
transferable only on the books of the
company.
ARTICLE X.
The following named persons shall
constitute the first board of directors,
to-wit: W.O. Harrison, o. r. Harrison,
T. ]. Harrison, P. E. Harrison, A. p Cock
field, DR.. A. J. Morat, CIV. Dyson, w. D.
Hill and c. c. Wilson, and w. o. Har-
rison shall be president and o. P. Har-
rison shall be vice-president. They
shall hold their Offices as such, respect
lively, until the next election of direct
ors as provided in this charter, and un-
til their successors shall have been
elected and qualify. The number of
directors shall be nine.
ARTICLE XII.
At all meetings of stockholders for
the election of directors or for any
other purpose, each stakeholder shall
be entitled to cast one vote for each
share of stock held by him, either in
person or by proxy.
ARTICT VII