St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1919-02-01

stock proportionate to the number of
shares owned by him, and any shares
not taken at the expiration Of said
period may be disposed of by the
Board of Directors, for the benefit of
the corporation at not less than their
par value No transfer of stock shall
be binding upon the corporation I'M
less recorded upon the books.
ARTICLE V.
All the corporate powers of this
corporation and the management and
control of it's affairs shall be vested
in and exercised by Board of Direc-
tors composed of three 60 stock
holders, a majority of whom shall
constitute a quorum for the transac-
ton of all the business. The Direc-
| tors shall be elected annually by bal
! lot by the stockholders, on the third
Monday in January of each year
Each stakeholder shall be entitled in
person or by proxy to vote for every
share owned by him, and all cleo
lions shall be held under such rules
and regulations as may be determin-
ed by the Board of Directors, the
Directors thus elected shall continue
in office for one year, or until their
successors have been duly elected and
qualified. No failure to elect shall
be regarded as a forfeiture Of this
charter. Any vacancy occurring on
said Board shall be filled by the re-
naming Directors for the unexpired
term.
The Board of Directors shall, at
its first meeting after its election,
nominate out Of its number a Presi-
dent, a Vice-President and a Secre-
tary-Treasurer; said Board Of Direc-
tors may elect Secretary-Treasure
who need not be a stakeholder, but
whose tenure of Office shall be during
the pleasure of the Board. And said
Board shall have the right to APP
point and dismiss the Clerks, Man
ayers, Secretary, and other en-
ployees of the corporation as the in
terests and business of the same may
require. Any of the Directors shall
have the right to appoint by written
instrument, another Director as his
proxy, to act in his stead at any and
all meetings of the Board of Di-
rectors.
ARTICLE vi.
Until the election Of officers to be
held on the third Monday of Janu-
airy, 1920, the following named per-
sons shall constitute the first Board
of Directors, viz: George H. Koepp.
Folsom, La; Hardin M. Bigelow,
Folsom, La, and Edward A. Koepp,
Madisonville, La, with George H.
Koepp, as President; Hardin NJ
Bgelow, as e-President; the Sec
rotary Treasurer to be elected by the
Board of Directors.
ARTICLE VII.
No stakeholder shall be liable or
responsible for the contracts, faults
and debts Of said corporation, nor
shall any mere informality in its or
ganization have the effect Of render
ing this charter null and void or of
exposing stakeholder to any liabili-
ty beyond the unpaid balance due on
the shares owned by him.
ARTICLE VIII.
This act of incorporation may be
hanged. modified or altered or this
corporation may be dissolved with
he assent OF the stockholders own
ing two-thirds of the stock of the
corporation, at a general meeting
'onvened for that purpose, after at
east fifteen 15) days written notice
If this meeting having been given at
his last known place of residence.
In case of dissolution by the ex-
Oiration of this charter or otherwise, |
the stockholders shall elect two (2)
from among their num-
Der, to Hquidate and settle the bust
ness and affairs Of the company
In case of death or disability of
any Of said commissioners or liqui- |
dators, the survivors or the remain |
ing liquidators shall appoint a sue
cessor to him.
Thus done and passed in my Office
ON the day, month and year frat |