St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1920-06-26

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and fifty (250) shares Of the par
value of One Hundred (S100) Dol
lars, each, provided, that the amount
to which the capital stock Of this
corporation may be increased, shall
be Fifty Thousand ($50, 000.00) Dol
lars.
Which stock may be issued at not
less than par, for cash, at the time
It is subscribed for, or at such tine
as may be deemed proper by the
Board Of Directors, provided that
said stock shall be paid for in full
within twelve months after same
shall have been subscribed for, or in
payment or exchange for property or
rights actually received or purchased
by said corporation, provided that all
stock certificates shall be signed by
the President and Secretary of the
corporation and no stock shall be
issued unless the consideration there
for has been received by said cor
poration.
All transfers of stock shall be
made on the books of said company,
certificate therefor.
ARTICLE w.
The corporate powers of this cor
poration shall be vested in and OK
ercised by a Board of Directors,
which shall consist of three stock
holders, two of whom shall consti.
tute q quorum for the transaction
of business. Said Directors shall be
elected annually from among the
stockholders on the second Monday
in June Of each year, commencing
on the second Monday of June, 1920,
as provided by law.
Within one week Of thor election,
as above provided for, the Board of
Directors shall elect from among
their number a President, a Vice
President and Secretary and Treas
urer, provided that one person may
hold the office Of both Secretary and
Treasurer, and all of said officers
and directors shall hold their re-
spective offices for a period of one
year from the date of their election,
and until their SUCCESSORS are elect
ed and qualified. But the failure
to hold an annual election, or to
elect the officers as above provided
for, shall not result in a dissolution
Of this corporation, but the then
Board of Directors and officers shall
hold their offices until Their success
jrs are duly elected and qualified.
Any vacancies occurring in SAID
Board Of Directors shall be filed by
he remaining members of the board
for the une&pired tearm, at meet
ng called for that purpose after five
(5) days notice, in writ sng, sent by
mail to said directors at their last
known residence.
The first Board of Directors of
this corporation are hereby declared
to be:
Henry B. Pruden, Coyington, La,
Harvey E. Ellis, Covington, La,
Ernest Dietz, Cov.ngton, La,
with Henry B. Pruden as president
Harvey E. Ellis as vice-president and
Ernest Dietz as secretary-treasurer,
who shall hold their respective Of
fee until the second Monday in
June, 1921, or until their successors
are elected and qualified.
ARTICLE V.
No stakeholder shall be held Liable
or responsible for the contracts Or
faults of this corporation in any fur
Their sum than the unpaid balance
due the company on shares Of stock
owned by him nor shall any infor-
mality In the organization herein
have the effect of rendering this
charter null, or Of exposing any
stakeholder to any liability beyond
the unpaid balance due on his stock. |
ARTICLE vi.
The appearers hereby declare that |
they have subscribed to the follow
ing number of shares of the capital |
stock of this company, to-wit:
Henry B. Pruden, ..... 100 shares |
Harvey E. Ellis, ....... l share |
Ernest Dletz, ........ 5U shares
Annexed hereto and read in con-
nection herewith Is a list of certain |
property and rights to be received by