St. Tammany farmer., 1921-08-06

shall be regarded as forfeiture OF
this charter. Any vacancy occurring
on such Board Of Directors shall DC
filled by the remaining directors tor
the unexpired term, when a vacancy
shall be considered to exist at any
time when the maximum number OF
Directors provided by this Act of In
corporation are not in office and ac-
tually so serving. Said Board Of Dl-
rectors shall at it's first meeting after
it's election, elect from IS members
a President, one or more Vice-Pres!-
dents, a Secretary and Treasurer.
1t may combine the offices OF Sec
retary and Treasurer into one, and
may even elect Secretary who need
not be a stockholder 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
retary, who Is not stOckholder 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 its mem
bers, appoint an Executive Commit
! tee, which said committee shall con-
sist Of three members including one
of the officers Of the corporation,
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 stockholder 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 It's organization have
| the effect Of rendering this charter
null, or of exposing its stockholders
to any liability beyond that every
stockholder of the capital stock of
this corporation, though not a hold
or, 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 it 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 solfdo
and the liability shall continue as
to both, after any disposal Of the
stock. Further, that II 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 II any dividend OF
other distribution Of the assets be
made other than from net profits, OF
II reduction Of capital be made un-
der the guise Of loan to stockhold
ers, or If any report or statement OF
public notice shall not be made az
required by law, or If 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.
rnents, or public notices required n5
law, the officers shall be jointly anc
severally liable with the directors, as
tbove provided. however, that if tht
knowledge required for the making
Of the statement or report prescribed
by law be not practically obtainablc
the officers or director making-i1
shall not be. liable as herein set out
except In accordance with the pro
IYisions OF Act 267 of the General AS
sembly Of the State of Louisiana anl
& the amendments thereto on the sub
i ject. z
ARTICLE. VII.
Il This Act Of Incorporation may b.
changed or altered. or this corpora
tion may be dissolved with the as
sent of the stockholders owning two
thirds (1-3) of the issued stock o
; this cOrpOratfOn, or NAV be furthel