The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1919-08-16

clared elected, provided majority of
the stock is represented. Said board
of directors shall elect annually from
among their number a president and a
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
quorum for the transaction of busi-
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
by 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 oil
the stockholders, after thirty days no.
tice by publication and by mail, anC
two-thirds of the amount of capita
stock approve the same, such amend
ment to be executed, recorded anC
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 day.
prior notice by mail to each stock.
holder and by publication in 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 liquidateC
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 stakeholder shall ever be liable OF
responsible for the contracts or fault.
or offenses of this corporation in an,
further sum than the unpaid balance
due by MIN on his subscription t.
shares of stock.
| ARTICLE TX.
i The shares of this corporation shall
be personal property and shall be
transferable only on the books of the
company.
! ARTICLE x.
The following named persons shall
constitute the first board of directors,
to-wit: O.Harrison, o. +. Harrison
T.. j. Harrison, P. E. Harrison, A. P. Cock.
field, DIR. A. j. Morat, CIV. Dyson, w. D.
Hill and G. 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 beer
elected and qualify. The number OF
directors shall be nine.
ARTICLE XII.
| At all meetings of stockholders fol
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.
ARTICLE XII.
1t shall be the duty of the cashier OF
this bank to notify each stockholder of
the annual meeting of stockholders
and each director of the regular
monthly meeting of directors and OF
such other meetings of these bodies
held under the provisions of this char
ter or by call of the president.
| Tins 1opo rood ord o,Dral Mx.x