St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1920-04-03
ARTICLE III,

ARTICLE III.
The objects and purposes TO,
which this corporal tion is established
and the nature of the business to DC
carried on by it, are hereby declared
to be:
To buy and sell, both real and per.
sonal property; all kinds OF trees
timber, pfling, crossties, wood anu
all other kinds of natural resources;
manufacture lumber, turpentine and
retort products; to engage in farm
ing and stock raising, and generally
to do and perform any and all acts
and things pertaining to the business
above enumerated, connected there
with or arising therefrom, in THIS
State and elsewhere.
ARTICLE w.
The capital stock of this corpora
ton is Hereby fixed at the sum OF
Nineteen Thousand Four Hundred
($19,400) Dollars, divided into and
represented by one hundred and
ninety-four (194) shares of the par
value of One Hundred ($100) Dol
lars each, which shall be paid for in
cash when subscribed, or by the pur-
chase Of property, rs said Board ma ,
elect, all of which shall be common
stock.
That this corporation shall be a
going concern when all of the capital
stock is actually paid for. All shares
of stock shall be full paid and non,
assessable, which capital stock may
= sro ~ nf not fn ,aY&
ceed Fifty Thousand ($50,O00) Dol
lars, at the pleasure of the Board OF
Directors, in which event, during. the
period between the call for the meet
ing for such increase and the meet
ing, the person holding stock at the
time shall have the right to take
shares of the additional or Increased
stock, proportionate to the number
OF shares owned by them, and any
shares not taken at the expiration
of said period may be disposed of by
the Board of Directors, for the bepe-
fit of the corporation, at not less
than their par value. No transfer
Of stock shall be binding upon the
corporation unless recorded upon the
books.
ARTICLE vi.
All Of the corporate powers of this
corporation and the management
and control of its affairs shall be
vested in and exercised by a Board
of Directors, composed OF seven (D
stockholders, majority of whom
shall constitute a quorum for the
transaction of all of the business.
The Directors shall be elected an
nually by ballot by the stockholders,
on the third Monday of April of each
wear. Each stockholder shall be en-
titled in person or by proxy to vote
for every share owned by him, and
all elections shall be held under such
rules and regulations as may be de-
termined by the Board of Directors;
the Directors thus elected shall cor
tinue in Office for one year, or until
their successors have been duly elect
ed and qualified. No failure to elect
shall be regarded as forfeiture of
this charter; any vacancy occurring
on said Board shall be filled by the
remaining Directors for the uneX~
pired term.
The Board of Directors shall, at
it's first meeting after its election
nominate out of it's number a Prest-
dent, a Vice-President, and a Secre-
tary-Treasurer; said Board shall
have the right to appoint and dis
miss clerks, managers and other en-
ployees of the corporation as the in
terests and business of he 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 an
all meetings of the Board of Di-
reetors.