The Ocala banner. (Ocala, Marion County, Fla.) 1883-194?, 1920-08-13
Legal Advertisements
OBSERVATION-DISCLOSURES,

SECTION 2. Shares of stock shall
be worcestershire and shall be non
transferable except by being sur
rendered to the corporation, and new
shares being issued to the purchaser,
who by accepting the same agrees to
submit and adhere TO all the bylaws
and rules of the corporation.
SECTION 3. This corporation re-
serves the right to purchase any and
all shares OF stock that are offered for
sale. and shall have the power TO pass
on the aceeptability and qualifications
Tor membership OF any would-be pur-
chaser.
SECTION {. No certificate of stock
shall be valid unless signed by the
President or the Vice-President and
the Secretary.
ARTICLE v.
SECTION 1. A Board of Directors.
seven in number. shall be elected by
the stockholders. by ballot. at their
regular annual meeting in January of
each year. and each member of such
Board shall hold office for one yeah
Ior until his successor is duly elected.
No one may be considered elected as
IA member OF the Board of Directors
who receives less than a majority of
all the votes cast
SECTION 2. The Board of Directors
shall meet within 3 days after, their
election and at this meeting shall
choose a President. a Vice-President,
"a Secretary and Treasurer, from
their own members. The offices of
Secretary and Treasurer may be held
by the same person. The Board of
Directors shall at the same meeting
choose a Manager, who is not a men,
Der of the Board, and who shall hold
his position during the pleasure of the
Board. They shall also fix the salary
or compensation of the Manager at
such meeting.
SECTION 3. A majority of the
Board of Directors shall constitute
"a quorum for the transaction of bust
ness. but no officer or employee may
be considered elected who receives
less than a majority vote of the en-
tire Board.
SECTION 4. The Board of Direct
ors shall hold regular meetings, with
out notice. on each Tuesday before
the first Sunday in January. April,
July and October. and shall hold spe-
cial meetings when called for that
purpose as provided by the bylaws
of the corporation.
SECTION 5. The Board of Direct
ors shall have general supervision
and control of the business OF the
and shall employ such
agents and employees as they deem
and prescribe duties and
fix the srate of compensation OF all
officers Sand employees. They shall
decide what bond is required of any
and all officers or employees, pass on
the acceptability of the same, and
shall audit the books of the Manager
and make a rigid investigation of the
business at least once every six
months.
SECTION 6. No member of the
Board of Directors shall be allowed
"a vote on any question in which he
has any personal interests conflicting
with that of the corporation.
ARTICLE VI.
The duration of the existence of
the corporation shall be fifty (50)
years.
ARTICLE VII.
The highest amount of indebted
ness to which the corporation can at
any time subject itself shall be One
Hundred Thousand ($100,000.00) Doh
lars.
ARTICLE VIII.
The following officers shall conduct
the business of the corporation until
the first meeting of the stockholders,
or until their successors shall be quail
flied.
President. H. l.. Shearer.
Vice President. A. S. Pickett
Secretary, F. II. Meffert.
Treasurer, F. Fl. Meffert.
Board of Directors: H. L. Shearer.
A. S. Pickett, F. H. Meffert, C. NJ
earn. A r. Griffin, G.. A. Waters, ]
w. Huffman.
ARTICLE TX
The names, place of residence and
the amount OF capital stock subscrib-
ed by each of the subscribers, are as
follows:
f. B. Guffey, Ocala. Fla, Is shares.
Geo. w. Brant. ST., Electra Fla. 3
shares.
Fl. c. Heseman, Lowell. Fla. 10
shares.
J. +. Huffman, Ocala, Fla. 2 shares
II. l.. Shearer, Ocala. Fla, As shares
W. 0. Fur, Ocala, Fla, share. :.
J. L. Fore, Ocala. Fla, l share
W. Nj. Sutherland, Ocala. Fla On