The weekly north Iowa times. [volume] (McGregor, Iowa) 1857-1867, 1857-12-23
ATKINS g. STEELE.
City.

ARTICLES OF AGREEMENT BsTwE N PAUL, MORTON
CO., OF DECATUR, BURT COUNTY NEBRASKA TER
RIToRr, AND THE SHARi HOLDERS THE MAUI.
TON CITY TOWN AND LAND COMPANY.
Article l. The company hall be organized on the
first Monday of May A. o., 1858 ut the Office Of Casa
day Il Clark in Sioux City, Iowa.
Article 2. regular account shall be kept OF the
number OF shares sold the amount paid thereon and
the place of residence of the several Shareholders and
the Sioux City Eagle. newspaper published in Sioux
City, Iowa. --
Article 3. The Capital Stock of said town and land
company shall consist Of four thousand of land.
including the town site OF Maulon City, the description
Of which will more fully hereafter renee be
ing had also to the diagram of said City.
Article 4. The said land shall be valued at fifty
thousand dollars which shall be divided into fifty
whole shares and one hundred half shares the value
Of which shall be respectively five hundred dollars aud
two hundred and fifty dollars.
Article5 When any STARE part of a share is TAX
en- there shall be paid down in cash twofths Of the
amount thereof and the balance shall he paid to Pa u
Mourton Co.. assigns in three equal annual pay
mcnt from the date thereof with interest ut per
cent per annum. twenty-five per cent of the said
twoifths shall be paid to the said Paul Morton Co..
for expense account and the balance shall be deposited
at interest, with such per may be agreed on,
subject to the order Of the Maulton City Town and
Land Company or to be returned to the proper
on failure to org anze said company in which the
said twenty five per cent shall also be refunded.
fifth Of the said twoEfhs, Ito it ten thousand dol
shall expend in improving said City, and the balance
their order.
Article 8. In case the said shareholders or any of
them, shall fail or neglect to make payment to said
Paul, Morton Co. assigns, the amount with inter
est to be paid annually the said share, shares or
cate contract, to the Maulton City Town and Land
Company after any Of said payments shall become
due shall be by them declared forfeited and of eE
feet, aud the said Town and Land Company shall be
and are hereby, authorized thereupon issue to the
said Paul, Morton Co. their assigns, new certif-
Gates for sa!d forfeited share, shares, parts thereof
hiatt
only true and lawful owners thereof Provided no
share shares or parts thereof shall be forfeited ~
publ he'd In said Sioux City Eagle.
Article Each whole share shall be entitled to two
votes each share to one vote and may be repre-
agement Of the affairs Of aid eompsnys '' NAM
Article Z. The said company shall not be autoriz-
ed to Assess or collect In any year, than ten
share, for any purpose whatever reasonable notice
whereof to be given as they may deem proper.
Article O. All shares parts of shares not taken at
at the time OF the Oragnizat Of sad company. shall
belong to the said Paul. Morton L Co.. or their assigns
and shall be subject to the same liabilities other
shares. I'D
Article TO- The said Paul, Morton l. Co., bind them,
selves their heirs executor administrators and assigns
to and with the several shareholders aud with the said
Maaiton City Town and Land Company, when the
dollars per share and that for parts Of shares
well and truly to be made to them, their executors ad-
mnstrators or assigns Tho condition Of which obi
CATION Is SUCH however, that ii the said Paul, Norton
Co. or their assigns shall we'll and truly perform all
and singular the things hereinafter get forth for them
to do and perform, according to the true intent and
meaning hereof and on the organization Of the Maui.
ton City Town and Land Company convey to them In
trust for the shareholders OF said company, their hr
snd assigns by good and sufficient warranty deed in
fee simple the following described pieces or parcels OF
land situate in the counties OF Sioux, Clay, and Palo
Alto, IN the State Of Iowa. viz:
e5 r. 47w containing ass IL acres, more or less;
also the ne Or OF sec the ar Of s, the fri hf