The herald., 1921-12-01
CHARTER.

TO the STOCKHOLDERS entitled 10 vote, at
their last known postohlce address, or II
none be known. then to the General De
livery at New Orleans Louisiana, at least
fifteen days before the date of said meet
ing. Upon elections for Directors, as |
upon all other matters. the right to vote |
shall be vested exclusively in the COM
mon stock. unless the company be in ar |
rears for the annual dividend payments |
on the preferred stock, in which event |
the sole voting power of the company |
shall be in its preferred stock until the |
dividends in arrears shall be fully paid |
as hereinabOve provided. In case of any |
vacancies in the Directorate through |
death, resignation, disqualification or
other cause, a successor to hold Office
for the uneXpired term of the Director
whose term shall be vacant. and until
the election of a successor shall be APP
pointed by the Board of Directors in ac-
cordance with the written directions OF
a majority of the holders of the class
of stock then entitled to vote. Failure
to elect Directors upon the day specified
shall not dissolve the corporation. but
the directors then in Office shall continue
in office until their successors are elected
and qualified. The Board of Directors
at the first meeting following each an
nual election shall elect from their num-
Der president and one or more vice
presidents. who without mineral desig-
nation shall rank in the order in which
they are elected. and they shall likewise
elect, but not necessarily from their num-
Der, secretary and a treasurer (who
may be the same Individually and such
other officers and such committees as
| the Board of Directors shall deem neces-
| sary. The Board shall have power in
| its discretion to unite two or more Of
/ fees and to confer the same upon one
| person, and shall have the power TO nix
! the salaries of all the aforementioned
| officers and of such further officers ana
agents as they may deem necessary.
I At any meeting of the Board of Direc-
tors any Director absent from the meet
ing may be represented by any other d.
| rector, according to the written d1rec-
| lions. either general or special, OF the
! said absent Director.
Section .. In furtherance and not IN
limitation of the powers conferred by
law. the Board of Directors is hereby ex-
preSsly authorized:
| (a) To make and establish, as wen as
alter and amend. all bylaws. rules and
regulations necessary and proper for the
support and management of the business
affairs of said corporation, not lnconsls-
tent with its charter.
(bl To borrow money necessary for
/. the ordinary business operations OF tht
| corporation through the president OF
, some other duly authorized agent oil
. ! agents, TO execute mortgages or pleoSe'
, and issue notes, bonds or other ohiga
tons. for such amounts and on suci
. terms as in their judgment may b.
deemed advantageous, and generally d'
all things reasonable and necessary TO
the proper carrying on of the bushes
: of the corporation; provided, however
that so long as any of the preferred stocl
is outstanding the corporation shall no
incur any additional Indebtedness. sc
: cured by mortgage or pledge, OF any o
the property acquired by II upon IT'S or
. | ganization Except Liberty Bonds. cor
I tracts, claims and Obligationsl withou
Il the consent in writing of the holders Q
;, seventy-fve (75) per cent of the then out
standing preferred stock.
: (c) To issue and deliver fully pal
y shares of stock and bonds or obligation
y of said company, in payment of propert
u or rights actually received by said col
= poration.
i Id) To direct or determine the us
q and disposition of any surplus OF u
u net profits over and above the capiti
y stock paid in, subject 10 the proNlsioi
y of this charter.
n lei To do all such acts and thint
u as may be necessary to carry out u
S, objects for which this corporation is o
p ganized. 4,
to Until the next general meeting of Il
,. stockholders for election Of the Directo
II to be held under this charter on the 81
II Wednesday of September, l922 or UNI
y their duly qualified successors are elect'
K or installed, the Board of Directors
es this corporation subject to increase
ID herein provided shall be composed OF
III. s. Haggerty, Hattiesburg, Miss;
e. n. Steadman, Hattiesburg, Miss. X;
be Mcleod. Hattiesburg, Miss n. T. ma
n phis, Tenn, 800 Monroe Ave; j. Z. W
st ters, 704 Raronne st. New Orleans, Ii
e. F. r. Truett. 704 Baronne St, New .
rs leans, La; J. o. Rea, 104 Baronne
of of the foregoing. r. b. Mcleod shi
cn be president; J. o. Rea. vice-preslde
or and general manager; N. 5. Bruce VIC
at president and II. F. Smith secretary a
u L. J. Brandt. treasurer.
of ARTICLE 6.-This act Of Incorporate
IT. NAV be modified, changed or amend
m or the corporation dissolved. by v.
ny OF two-thirds of the stock then entitl
Of to vote present or represented at y
-es eral meeting of the holders of such ste
he convened for such purpose, after previ'
yn notice shall have been given In the m;
ner above required to be given Oh
he annual meeting of the corporation; p
he vided that the Charter shall not
I'd amended so as to affect the rights
n security of the holders of the prefer
nd stock as herein provided. without
Of consent in writing Of the holders
to seventy-five (75) per cent Of the then
of standing preferred stock. =,
cal ARTICLE If this corporation 81
in be dissolved either by Limitation or II
nd any other cause, its affairs shall De hq
1O dated by three commissioners, to
for elected by the vote Of the holders OF
ing stock then entitled to vote, at M
re- ing convened after notice as herelhap
ing provided. Said liquidators shall rem
ro- i'm office until the affairs Of the corr
his alton shall have been fully settled
liauidated, and they shall have full po
hall and authority to transfer and give
ess TO. all the property and assets OF the
ual marathon and 10 distribute the proce'
ok In case Of death, disability or resiR
of tion of one of the liquidators, the vaca
red shall be filed by the survivors.
be ARTICLE $40 stakeholder shall
he held liable or responsible for the
be tracts or faults of said corporation In
IRA further sum than the unpaid balance
ivi- on the shares of stock subscribed
nm, him. nor shall any mere informahty
,ck, organization have the effect of render
red this Charter null or of exposing
ued stakeholder to any liability other !
ave as above provided. :
be Tn order that this Charter may s.
ac- as the original subscription list, the
ock scribers hereto have indicated oppo
Ida their respective signatures the nun
her OF shares of stock subscribed for by
pvl Of them.
the Thus done and passed at my nots
par office in the City Of New Orleans, :
nds, Of Louisiana on the day, month
,ent srar first hereinabOve written. In
and nreseuce of SHIRLEY HOFFMAN
ded GEORGE HUFF, competent witne'
.ock who have hereunto subscribed I
hem names. together with me. Notary,
tne the said appearers, after due reading
'ey the whole.
four WATTS X. LEvERICH
rred Notary Publ