St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1921-07-16

turpentine and retort plants; to oper-
ate and conduct a general mprchan-
disc business, buying and selling, at
wholesale and retail, either for Its
own account or for account, Of others,
all kinds of merchandise and sup
plies; to engage generally in the
construction OF buildings and con-
struction business and with that pur-
pose to contract for the erection and
construction Of buildings, bridges.
roads and highways; to engage gem
orally in the manufacturing. business,
and to manufacture all kinds Of
building, bridge and road material
by crusher and otherwise; treating
shells, gravel, lumber, piling and
other material so as to make the
same suitable for commercial 1pur-
poses and generally to do such other
thing or things and to conduct such
other business or businesses, either
for it's own account, or as agent, for
: others, as may be found necessary OF
convenient property to effectuate the
aforesaid purposes or to enhance the
prosperity and value OF the rights
and privileges OF this corporation.
ARTICLE Ill.
The capital stock OF this corpora
ton is hereby fixed at One Hundred
Thousand ($l00, O00.O0) Dollars, =ll-
vided into or represented by One
Thousand (10O0D shares of the par
value Of One Hundred ($100.00)
Dollars each, of which not more than
Fifty Thousand ($50,O0.00) Dollars
or Five Hundred (500) shares may
be preferred stock The amount OF
preferred stock to be issued by this
corporation shall be determined by
a majo ty Of the Board of Directors.
When the Board OF Directors shall
have determined the amount OF pre-
ferred stock that this corporation
stock shall be common stock. Stock
Of this corporation may be issued 70:
cash or property, or the equivalent
thereof. No certificate Of stock shall
be issued until the same shall have
been paid for in full. The stock shall
be evidenced by certificates issued
and signed by The President and Sec
rotary. All shares of stock shall
be issued as full paid and non-as-
sessable, and no transfer of stock
shall be binding on said corporation
unless recorded on its books.
The preferred stock that may be
issued shall be paid dividend OF
seven CD per cent per annum, pay
able semi-annually out of the net
profits or earned surplus of the said
corporation before the common stock
shall receive any dividends. Pre-
ferred stock shall be cumulative.
All earnings in excess of seven (7J
per cent shall be participated In only
by the common stock. The directors
of the corporation shall have tho
right to retire the preferred stock,
or any part thereof, at any time by
paying such holder or holders par
value plus six (6) months interest
at the rate of seven CD per cent
per annum, but no dividend that
might be earned during the said six
months shall be due such stockhold-
ers. Upon the retiring OF the pre-
ferred stock, or any part thereof, the
directors shall have the right to In
crease what is now the common stock
by the number Of shares of preferred
stock that has been retired.
This corporation shall be a going
concern as soon as Fifty THOUSAND
($50.000.001 Dollars of its capital
stock has been subscribed.
The provisions contained in the
following paragraphs of this article
shall relate to holders of common
stock only:
No stakeholder of this corporation
shall sell his stock to any person not
already a stakeholder. until he has
first offered vt for sale during a
period Of thirty (20) days to the
then stockholders Of the corporation
at its then book value.
The incorporators and stockhold
ers, present and future, further agree
that in the event the ownership OF
stock Of any stakeholder should IN
any manner be actually or In effect
transferred or Invested without the
approval Of the Board of Directors
|of this CORPORATION, such transferee
shall not thereby become stock