The weekly north Iowa times. [volume] (McGregor, Iowa) 1857-1867, 1858-04-07
MaultQn CITY.

ARTICLES OF AGREEMENT BETwE PAUL, MORTON
L Co., OF DECATUR BURT COUNTY NEBRASKA TER.
RiToRf, AND THE sHARi HOLDERS THE MAUI.
TON CITY TOWN AND LAND COMPANY.
Article l. The company shall be organized on the
first Monday Of May, A. 1858 ut the Office OF Casa
day Clark in Sioux City, Iowa.
Article 2. A regular account shall be kept OF the
number of shares sold the paid thereon and
the place Of residence Of the several shareholders and
a list OF said shareholders published month, in
the Sioux City Eagle. newspaper published in Sioux
City, Iowa.
company shall consist Of four thousand of land
including the town site OF Maulton City, the description
OF which will more fully appear hereafter reference 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 and
two hundred and fifty dollars.
Article 5. When any share part of share is TAX
en- there shall be paid down in cash two-ffths Of the
amount thereof and the balance shall be paid to Paul
Mourton Co. assigns. in three equal annual pay.
ment from the date thereof with interest at ten per
cent. per annum. Twenty-Five per cent OF the said
two-fths shall be paid to the said Paul Morton Co..
for expense account and the balance shall be deposited
at interest, with such persons as may be agreed or
subject to the order Of tine Maulton City Town and
Land Company to be returned to the proper owner
said twenty-five per cent shall also be refunded. One
fifth Of the said twOfths Ito it ten thousand dol
shall expcnd in improving said City, and the balance
shall be paid over to the sud Paul. Morton Co.. or
their order.
Article g. In case the said shareholders or any of
thcm shall fail or neglect to make payment to said
Paul, Morton Co. assigns, the with inter-
est to be paid annually the said share, shares or
parts thereof the same presentation OF the uupl-
cate contract, to the Naulton City Town and Land
Company after any Of said payments shall become
due shall be by them declared forfeited and Of ef
feet, and the said Town and Land Company shall be
and hereby, authorized thereupon, issue to the
said Paul, Morton Co.. their assigns ccrtif-
Gates for ad forfeited share shares or parts thereof
and from that time they or their assigns shall be the
only true and lawful thereof. Provided no
share shares or parts thereof shall be forfeited
aforesaid unless thirty days notice that Affect be first
publ: he'd In said Sioux City Eagle.
Article J. Each whole share shall be entitled to two
votes each to one vote and may be repre-
agcment Of the affairs Of said company
Article 8. The said company shall not be authorize
ed to collect In any year than ton
per cent the any one share, or part Of
share, for any purpose whatever reasonable notice
whereof to be given as they may deem proper.
Article 8. All shares parts of shares not taken at
at the time of the Organization Of said company shall
belong to the said Paul. Morton Co., their assigns,
and shall be subject to the same liabilities other
shares
Article 10. The said Paul, Morton Co., bind them
selves their heirs EXECUTOR and assigns
to and with the several shareholders and with the said
Il organised, in the penal of thousand
dollars per share and at that rate for parts Of shares
well and truly to be made to tkem their executors ad
ministratOrs assigns The condition Of which obi
cation Is such, however, that ii the said Paul.
Co. their assigns shall well and truly perform all
aud singular the things hereinafter set 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
snd assigns by good and sufficient warranty deed in
fee simple the following described pieces parcels of
land situate In the counties Of Sioux, Clay, and Palo
Alto, in the State Of Iowa, viz
For aulton City town lite re Or and fl hf of Sec
T. 95, r. Al containing 468 12 acres more or less;
also the ne Or Of the sw or Of g. the fri hf