The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1919-08-02

election held for the purpose of elect
ing a 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 a
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 NIL
same.
Previous notice of not less than ten
DAYS shall be given of each annual
meeting of stockholders to elect
board Of directors by publication in q
newspaper published in the parish OF
Grant. nearest to the Town Of Mont
gomery. if no newspaper be published
therein, or in a newspaper published IN
said town, and in case no election, Tor
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
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 at
| 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.
i ARTICLE vi.
The capital stock of this corporation
NAV 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
) liouidated under the supervision oil
! three commissioners to be selected by
: the stockholders from among them
. selves at a general meeting convened
i for that purpose, after thirty day.
1 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
4 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 liquidate'
: and settled, and in case of death of on
: or more of said commissioners, the sur
e vivor or survivors shall continue to act
s ARTICLE VIII.
, No stakeholder shall ever be liable o
: responsible for the contracts or fault
, or offenses of this corporation in an
! further sum than the unpaid balane
: tdue by him on his subscription t
!. shares of stock
: ARTICLE TX.
: The shares of this corporation sha
}, be personal property and shall b
n transferable only on the books of tn
y company.
ii The following named persons sha
constitute the first board of directors
to-wit: W.O. Harrison, o. r. Harrison
T. j. Harrison, P. E. Harrison, A. P. Cock
e field, DIR. A. ]. Morat, CIV. Dyson, w. I
p Hill and C. C. Wilson, and w. O. Hal
| ElSOu snail NC piCoadCuS otio VI i . ~ q
le rison shall be ice-president. The
,, shall hold their Offices as such, respect
- lively, until the next election of direc
- ors as provided in this charter, and ur
y til their successors shall have bee
y elected and qualify. The number {
'e directors shall be nine.
;s ARTICLE XII.
wi At all meetings Of stockholders fl
If the election of directors or for an
other purpose, each stakeholder sha
be entitled to cast one vote for esc
share of stock held by him, either
m person or by proxy.
y ARTICLE XII.
:. 1t shall be the duty of the cashier {
N this bank to notify each stockholder G
n the annual meeting of stakeholder
. and each director of the reguls
- vv,orfhIv vnootinu of dirocfore md 4