St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1921-08-13
ed and qualified. No failure to eject

shall be regarded as a forfeiture ul
this charter. Any vacancy occurring
on such Board of Directors shall he
filled by the remaining directors fol
the unexpired term, when a vacancy
shall be considered to exist at any
time when the maximum number oi
Directors provided by this Act Of In
corporation are not in office and ac-
tually SO serving. Said Board Of Dl-
rectors shall at its first meeting after
it's election, elect from its members
a President, one or more Vice-Pres!-
dents, a Secretary and a Treasurer.
1t may com bine the Offices of Sec
rotary and Treasurer into one, and
may even elect q Secretary who need
not be stakeholder or director.
Said Board of Directors shall have
the right and power to appoint and
discharge such clerks and employees
Of the corporation, including the sec
rotary, who Is not stakeholder or
director, as conditions may justify or
the business OF the corporation may
require. The tenure of office Of all
of the employees of this corporation
shall be during the pleasure Of the
Board of Directors The Board Of
Directors may, from among it's mem
bers, appoint an Executive Commit
tee, which said committee shall con-
sist of three members including one
and the Board Of Directors may dele
gate such managerial powers as it
deems necessary to the Executive
Committee, which said committee
shall report at each meeting of the
Board of Directors. The Board of
Directors may name and appoint
such other committees as It may
deem necessary for the purposes Of
the business Of this corporation.
ARTICLE vi.
No stakeholder shall ever be held
liable or responsible for the con-
tracts, faults, debts or duties of this
corporation, nor shall any mere In
formality in its organization have
the effect of rendering this charter
null, or of exposing Its stockholders
to any liability beyond that every
this corporation, though not hold
er, shall be personally liable to the
creditors of this corporation to an
amount only equal to the unpaid
balance on the stock for which he
has subscribed Transferees shall
not be liable unless 1t be shown that
the stock was acquired with knowl-
edge of the conditions which would
make the subscriber liable; where
both subscriber and transferee are
liable, the liability shall be in solido,
and the liability shall continue It's
to both, after any disposal of the
stock. Further, that If stock be
issue for property In violation of the
provisions of Act 267 of the General
Assembly of the State of Louisiana
for the year 1914 and the amend
ments thereto, or If any dividend or
other distribution of the assets lie
made other than from net profits, or
If a reduction Of capital be made un-
der the guise Of loan to stockhold
ers, or It any report or statement or
public notice shall not be made as
required by law, or II made shall be
false in any material representation
the Directors of this corporation vot-
ing or asserting thereto shall be
jointly and severally liable to the
creditors Of this corporation for any
loss or damage arising therefrom,
and in the case of reports, state
ments, or public notices required Dy
law, the officers shall be jointly and
seyerally liable with the directors, as
above provided, however, that If the
knowledge required for the making
OF the statement or report prescribed
by law be not practically obtainable,
the officers or director making it
shall not be liable as herein set out.
except In accordance with the pro-
visions of Act 267 of the General AS
sembly of the State of Louisiana and
the amendments thereto on the sub
ject.
ARTICLE VII.
This Act of Incorporation may b.
changed or altered, or this corpora
ton may be dissolved with the as
sent of the stockholders owning two
thirds (1-3) OF the issued stock or
this COrDOratfOn or NAV ha fu~ther