St. Tammany farmer., 1921-08-06

other improvements necessary, ans
to use and operate all floating crat,n
as the needs OF the business ma.
dictate. In furthering the oDJec..-
and purposes Of this corporation l.
shall have the right to extend IN.
operation Of it's affairs to any point
within the State as It's necessities
may require, at which point branches
may be established. 1t shall have
the authority to contract for the con-
struction Of all necessary structures
and edifices, to develop town sites III
connection with the work Of recla-
nation and developing and to lay out
streets, roadWays and alleys for the
convenience of the inhabitants and
in general to do any and all things
that may be incidental to any OF
the lines of business heretofore set
forth.
ARTICLE ~.
The capital stock Of this corpora
tion is hereby fixed at the sum OF
Twenty Thousand ($20,000.00) Dol
lars, divided into and represented by
four hundred (400) shares Of stock
of the par value of Fifty (50.OO)
Dollars per share. Said stock shall
be paid for in cash, at such time
and after such notice to the sub
scribers as the Board OF Directors
may fix, or the same may be issued
at not less than par for labor done
or services rendered for the said cor
poration or property or rights &C
tually received by said corporation.
That when there are subscriptions to
the capital stock of property or good
will or for labor done or services
rendered for this corporation, there
must appear in, or be annexed to
the Articles of Incorporation and be
read in connection Herewith, an ac-
curate, detailed and itemized de-
scription of said property, as to
amount, location, extent, character
and state Of Improvements, together
with a statement OF Its value, as ap-
praised by the Directors, and state
ment Of the value placed upon any
good will or for labor done or ser
vices rendered, as included In the
capital stock. II the giving Of the
property or good will or for labor
done or services rendered, II Ell
fected In exchange for stock sub
sequent to incorporation, a similar
description and appraisement mus
be filed In the office Of the Secretary
of State and in the office Of the Clert
and Ex-Ofticio Recorder OF Mortgag
es, in the Parish Of this corporation
domicile, within ten (10) days afte1
the subscription, when stock SO tssu
ed shall, In the absence of fraud
be full paid stock.
The amount to which the corpora
tton's stock may be increased shall
at no time exceed the sum Of On,
HUNDRED Thousand ($100,O00.o0
dollars, excepting IN accordance Will
the provisions of Section s Of Artlcl
1867 Of he General Assembly OF tn
State Of Louisiana, for the year 19l.
and amendments thereto.
| ARTICLE v.
All Of the corporate powers Of sa1'
corporation shall be vested In AM
exercised by a Board Of Directors i
be composed Of not more than sever
I(7) and not less than three 6
stockholders, a majority Of WHOM
fSlLCluS dl any Llul9 Sudll CONSTITUTE
quorum, said Directors to be electe,
annually on June 1st Of each year
beginning 1922. Each stockholdn
shall be entitled in person, Or b
written proxy, to one vote for eac
share Of the capital stock held :
him and standing in his name y
the books Of the corpora t1on, or i
may send his vote by letter, the i"
nature of which must be acknowled. !,
ed before Notary Public Or OTIS
officer authorized to take affida2it
All elections shall be held under sa
rules and regualt ons as may be DC
termined by the Board Of D:rec! nr,
after legal notice Of such electin
shall have been given to each stncf
holder by mail. sent to his las
known address, or to be published /
one of the daily newspapers, publish
ed in the English language, in tn
Ciy of New Orleans, for at least fiji
teen 15) days preceding such cleo
tion. The Directors thus electe
shall continue in office until thei
successors shall have been duly elect