St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1921-08-13
other improvements necessary,


to use and operate all floating crittt.
as the. needs Of the business IL :,
dictate. In furthering the oo1cca+
and purposes of this corporation i,
shall have the right to extend us
operation Of it's affairs to any polnl
within the State as its 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 editices, to develop town sites i'll
connection with the work OF recla-
nation and developing and to lay oIt
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 w,
The capital stock Of this corpora
ton is hereby fixed at the sum of
Twenty Thousand ($20,00O.O0) Dol
lars, divided into and represented By
four hundred (40O) shares Of stock
of the par value of Fifty (5O.0O)
Dollars per share, Said stock shall
be paid for in cash, at such time
and after such notice to the sub
scrlbers 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 corr
porat1on or property or rights ac-
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, al 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 It's 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, If eff.
fected in exchange for stock sub
sequent to incorporation, a similar
description and appraisement must
be filed in the office Of the Secretary
of State and in the office OF the Clerk
and Ex-Officlo Recorder Of Mortgage
! es, in the Parish of this corporation s
dom1cile, within ten (1O) days after
the subscription, when stock SO issu-
ed shall, in the absence of fraud,
be full paid stock.
The amount to which the corpora
tons stock may be increased shall
!; at no time exceed the sum of One
Hundred Thousand ($1OO, 000.o0)
dollars, excepting IN accordance with
the provisions Of Section of Article
267 OF he General Assembly OF the
State of Louisiana, for the year 1914
and amendments thereto.
ARTICLE v.
All of the corporate powers Of said
corporation shall be vested in and
exercised by Board of Directors 70
| be composed Of not more than seven
CD and not less than three CD
stockholders, a majority Of whom
sitting at any time shall constitute a
quorum, said Directors to be elected
annually on June LIST of each year,
beginning 1922. Each stockholdar
shall be entitled in person, or =.
written proxy, to one vote for e2>.
share Of the capital stock held
him and standing in his name Z:
the books Of the corpora ton, or .
may send his vote by letter, the i
nature Of which must be acknowlel
ed before Notary Public Or ota
officer authorized to take aid ~:
All elections shall be held nnd5l' sl
rules and regulations as may be 4
termined by the Board of Dire,.:nrF
| after legal notice of such elect::.,s.
shall have been given to each stoc.
holder by mail, sent to his las;
known address, or to be published Il
| one of the daily newspapers, publish
ed in the English language, in the
ely Of New Orleans, for at least fif-
teen (15) days preceding such cleo
ton. The Directors thus elected
shall continue in Office until their
successors shall have been duly elect