The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1920-06-12

Ill .haH l. en.iilcd to ore vote for carl
-'rrr ~ N" cui,al stock held ~ him N per
''''' " ~ ARTICLE VI
The dn,pcin OF IN company Is her"h
fined N Franklin, Parish q s. Mary ~, +
h Louis whore IN legal process snail bs
-ervrd ~, provided NV law
ARTICLE VII.
The r.ltfi,l stock Of this r4rnortlon shhl
+. p%E HUNDRED THOU ~AND D0lil VIZ
sI1uop,a divided into ONE THOU SAM
,l.eooN >'s.rn~ # he par value OF OF
lII. vDREn DOS AIRS t&10o) each all -
saja Stnri, 10 he fu'Iy paid and non asses abb
NH stock shan be paid for H. cash Stnrt
not subscribed fr a the TING Of Incorporation
ma hc lss,3rl At the viii Of the Directors an"
sold for >Irh sums. not Ir,s than par. and upor
such terms Of payment Is the Directors ma}
SAID ONE THOrSAND G,ooo) shares Of
stock shall he divided into two classes. known
4, PREFERRED STOCK and COMMON
STOCk and the aggregate amount Of such
Preferred Stock aud Comm u stock Shlll
no time exceed ONE HUNDRED THOU
SAND DOLLARS t$1oo.o"oj rar value.
Preferred STOCK
Preferred Stock shan b. preferred both Il.
20 IrircIpal ard dividends OYER ia" Common
Stock hereinafter provided for and in any sale
Of the ae,c', Of tn" corporation, Or IN an.
Stock orf sta Hdin- shall Lr paid by preference
and priority IN full with al accrued dividends
before AM payment is made upon the Common
Stock
sad Preferred Stock shall bear an anuua'
cumGIa,ive dividend Of six per cent t6G 3.
PAYABLE annually commencing wlth Sent"mh"'
teed to the holders thereof. All stock of "ric
nal is>u" updor this charter shall be PRE-
FERRED STOCK
Said Preferred Stoc, shall have full voting
power and except as hereinafter provided
for. the Directors and Officers Of this corpora
ton shall be elected from among tie holders
Of such Preferred Stock.and the Common
Stock shall have no voting power whatsoever.
lf.,rtiH ,.l t,.G at hsl
shall have printed across the face thereof the
words "PREFHRRED STOCK
No Preferred Stock shall he sold by an"
holder thereof without first being offered to
the Board of Directors OF this corporation.
which corporation shall have the exclusive
right for IA period Of thirty DAYS from the
court at a price not exceeding par. and &C,
crued dividends: and stock purchased
shall thereafter be held Treasury Stock
by the corporation and may be resod by the cor
poration if the Board of Directors so elects.
COMMON STOCK.
Common Stock shall be held by members o.
the BENEVOLENT PRoTECTIwE ORDER
AMERICA or by FRANKLIN LODGE NO.
1887 BENEVOLENT PROTECTIVE OR
DER OF ELKS Of the UNITED STATES OF
AMERICA, and shall bear only such dividends
the Board of Directors OF this corporation
may elect.
Said Common stock shall have the par
value Of One Hundred Dollars ($100) a share
Stock upon cancellation and retirement of the
same number of shares of Preferred Stock in
lieu of which ii is issued.
Said Common Stock once issued shall not
thereafter be changed by any means into Pre-
ferred Stock. nor reissued such: nor shall
said Common Stock ever be considered stock
Of original issue.
Common Stock shall have no voting power
until the amount thereof outstanding shall
equal or exceed in par value. sixty per cent
5000 OF the aggregate par value of the Pre-
ferred Stock and Common Stock outstanding.
Whenever the Common Stock outstanding shall
equal or exceed in par value, sixty per cent
1904 OF all Common Stock and Preferred
Stock outstanding said Common Stock except
otherwise provided herein. shall have the
same rights of voting and management as the
Preferred Stock. and the owners thereof shall
be entitled 70 the same rights and privileges
TO participate in the management and control
Of the company the holders of Preferred
Stock. II is provided, however, that this
shall not be construed so as to entitle the
holders of the Common Stock to pro rata
distribution of the assets with the Preferred
Stock, nor to the payment of any dividend
guaranteed to the holders Of Preferred Stock.
All certificates Of shares of Common Stock
shall have printed across their face the words
COMMON STOCK"
No Common Stock of this corporation shall
be sold by any holder thereof to any person
other than FRANKLIN LODGE NO. 1887
BENEVOLENT PROTECTIVE ORDER OF
ELKS of the UNITED STATES OF AMER
ICA or member in good standing Of the
DEN ol-ENI fhpl 1 ~ r. oh'Eh of EIhS
of the UNITED STATES OF AMERICA. and
only to such person after it has been offered to
the TRUSTEES Of said FRANKLIN LODGE Ne
1887. who. shall have the exclusive right for
period of thirty days from the date of such
offer TO buy the same for the account of the
said Lodge at price not exceeding par, and
accrued dividends. Stock purchased by
the TRUSTEES shall thereafter be held by the
TRG' STEES of said FRANKLIN LODGE NO
1887 for the benefit of such Lodge or resold
by such Trustees to the members of such
Lodge the Trustees may elect.
The Trustees Of said FRANKLIN LODGE
NO. 1887, shall likewise have the power of
retiring the Preferred Stock of this corpora
tion, or of having the same called in and re-
issued Common Stock in accordance with |
the provisions of Article VIII
ARTICLE VIII.
This corporation being organized primarily |
%opGE Eo 9p'i ias7 R sRS PR6
ORDER or ELkS of the UNITED |
STATES OF AMERICA, TO acquire its own |
Home and not for profit. il is provided that SO
long at said FRANKLIN LODGE NO. 1887 |
shall pay rental sufficient to pay said div |
dend Of six per cent t6a upon the Preferred |
Stock outstanding with fire insurance and J
such repairs and other expenses as are neces- /
sary to maintain the property in good bust |
nesslike condition. then that the property of |
the company shall not be leased rented to |
other party, or parties: provided, that should |
the said Lodge become dormant or surrender |
or lose its charter or otherwise unable to pay |
an amount sufficient to pay such dividend and |
then that the property of the
may be used for commercial pur- |
poses, sold disposed Of. or rented thereafter i
to any person, persons.
1t is stipulated. however. and understood |
that said FRANKLIN LODGE NO 1887 shall |
at all times have the right to rent out or sub |
lease any, all, of said property for any
lawful purpose.
Il is further stipulated as a charter pro
vision. that whenever on the first day Of June
pr the first day of December OF any year. or
Years the Board of Trustees of the said Lodge
No. 1887 shall by written notice to the
Board of Directors of this corporation. signify
heir desire on behalf OF. and for the said
Lodge, to purchase any of the Preferred Stock
y this corporation at its par value. then that
he Board of Directors shall notify. through
he Secretary the Preferred Stakeholder OF
his corporation; and the Preferred Stock to