St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1921-07-23

turpentine and retort plants; to oper-
ate and conduct general merchan-
disc business, buying and selling, at
wholesale and retail, either for 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 pur-
pose to contract for the erection and
construction of buildings, bridges.
roads and highways; to engage gen
elally in the manufacturing business,
and to manufacture all kinds OF
building, bridge and road material
by crusher 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 it's own account, or as agent, for
others, as may be found necessary Or
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
ton is hereby fixed at One Hundred
Thousand ($100,000.00) Dollars, di-
vided into or represented by One.
Thousand 10000 shares OF the par
value OF One Hundred ($1O0.OO)
Dollars each, of which not more than
Fifty Thousand ($50, Dollars
or Five Hundred 5000 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
|
| be issued as full paid and non as
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 dividend OF
seven CD per cent per annum, pay
able semi-annually out OF the net
profits or earned surplus of the said
corporation before the common stock
shall receive any dividends. Pre-
| ferred stock shall be cumulative
All earnings in excess Of seven I'D
per cent shall be participated in only
by the common stock The directors
Of the corporation shall have the
right to retire the preferred stock
or any part thereof, at any time BY
| 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 that
might be earned during the said sly
months shall be due such steckhold
ers. Upon the retiring Of the pre-
ferred stock, or any part thereof, TIT
directors shall have the right To IN
crease what is now the common stool
by the number Of shares of preferre'
, stock that has been retired.
This corporation shall be gotnl
concern as soon as Fifty Thousan,
(s50,0OO.00) 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 cOrpOratto
Y shall sell his stock to any person ne
i already stakeholder, until he ha
;. first offered it for sale during
: period of thirty (30) days to tn
v then stockholders Of the corporatfo
at it's then book value.
The incorporators and stockholt
r ers, present and future. further agre
G that in the event the ownership I
Il stock Of any stakeholder should
). any manner be actually or in enc
Il transferred or Invested without It
= approval Of the Board Of Director
Il of this corporation. such transfert
), shall not thereby become stocl