St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1921-07-30

turpentine and retort plants; to oper-
ate and conduct general merchan-
disc business, buying and selling, at
wholesale and retail, either Tor 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 pura
pose to contract for the erection and
construction of buildings, bridges.
roads and highways; to engage gen
orally in the manufacturing business,
and to manufacture all kinds OIL
building, bridge and road material
by crasher and otherwise; treating
shells, gravel, lumber, piling and
other material so as to make the
same suitable for commercial pur-
poses and generally to do such other
thing or things and to conduct such
other business or businesses, either
for its own account, or as agent, for
others, as may be found necessary 81
convenient property to effectuate the
aforesaid purposes or to enhance the
prosperity and value of the rights
and privileges of this corporation.
ARTICLE III.
The capital stock of this corpora.
t on is hereby fixed at One Hundred
Thousand ($100, 000.00) Dollars, di-
vidad into or represented by Oae
Thousand (1000) shares OF the par
value Of One Hundred ($1O0.0 0)
Dollars each, of which not more than
Fifty Thousand ($50,00.00) Dollars
or Five Hundred (50O) shares may
be preferred stock. The amount OF
preferred stock to be issued by this
corporation shall be determined by
majority of the Board OF Directors
When the Board of Directors shall
have determined the amount OF pre-
ferred stock that this corporation
may issue, the remainder of the
stock shall be common stock. Stock
of this corporation may be issued 10:
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 nen-a3.
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 a. dividend OF
seven CD per cent per annum, pay
able semi-annually out of the mel
profits or earned surplus of the sale
corporation before the common stock
shall receive any dividends. Pre-
ferred stock shall be cumulative
All earnings in excess of seven %
per cent shall be participated in onl,
by the common stock. The directors
of the corporation shall have tho
right to retire the preferred stock
or any part thereof, at any timo b.
paying such holder or holders pal
value plus six (6) months interes
at the rate of seven CD per cen
| per annum, but no dividend tina
might be earned during the said ST.
months shall be due such steckhold
ers. Upon the retiring Of the pre-
ferred stock, or any part thereof. tn
ldirectors shall have the right I'd in
crease what is now the common stool
by the number Of shares Of preferre'
stock that has been retired.
This corporation shall be gotn
concern as soon as Fifty Thouaan
(s5O,OOO.OO) Dollars Of. Its capita
stock has been subscribed.
! The provisions contained in tn
| following paragraphs of this art;cl
shall relate to holders OF commo
! stock only:
/ No stakeholder Of this corporatio
I shall sell his stock to any person ne
already stakeholder, until he ha
first offered it for sale during
period OF thirty (30) days to tn
then stock holders of the corporatto
at its then book value.
The incorporators and stockholt
!. ers, present and future, further agre
. that in the event the ownership Z
/ stock of any stakeholder should
any manner be actually or in effe
! transferred or Invested without III
approval of the Board of DirectO!
of this corporation. such transfere
shall not thereby become stool