The Toledo chronicle. [volume] (Toledo, Tama County, Iowa) 1873-1924, 1873-08-28
Articles Of Incorporation
OF she Pasrons' Jsins stsek Company
Of Traer, Tana County. IOWA.


| Atr1cLE Isl. Be it known that Robert Nc
Cotnack, s. N. West, 6. B. Lawson, Thorn
son Weir, Z. d. Rice and James Morrison,
! with their associates and successors, and
all such individuals as shall hereafter be-
come stock holders in this company, hereby
created, shall become a body corporate and
| nolitic under the name and style Of the
Patrons Joint Stock Company Of Traer,
Tama County, Iowa, as authorized in Chap
/ ter 50, revision of 1860 Of the laws Of Iowa,
and acts amendatory thereto.
ART. I'd, The general and principal bus
mess shall be the buying, selling. storing
and shipping grain. hogs, cattle and all
| kinds Of farm produce.
Art. 3d. The place Of business shall be
Traer, Tams County, Iowa. No person
shall become a member of this corporation
! to one or more shares of the capital stock
thereof. Stockholders may be residents of
Tama and adjoining counties.
ART 4th. The capital stock Of this COM
| pany shall be twenty thousand dollars, in
shares of ten dollars each. to be paid one
| Quarter upon the call Of the Directors, one
quarter upon the completion of building
and the balance in two installments Of one
quarter each at the call of the Directors of
the Company. No stakeholder shall hold
more than twenty she res of said capital
| stock. This company may commence bus
| mess when five thousand dollars of the cap
| itaA stock shall have been subscribed and
taken, and Is per cent. thereof paid in.
The capital stock may be increased to fifty
thousand dollars at any regular meeting Of
said stock -holders called for that purpose.
ART. 9TH Upon the subscription Of TWEEN
ty-fve hundred dollars of the capital stock
the stock holders shall at once proceed to
elect, and shall thereafter on the second
Tuesday Of July of each year elect seven
of their number as Directors of this COM
pany, at which said election, and all subse
quent elections, each shareholder shall! be
entitled to one vote. Said Directors shall
remain in office till their successors are
elected,
ART. 9Th The Directors shall at once
p. eceed to elect from their number Presi-
dent, Vice President. Secretary and Treas
urer, who shall hold their Office for one
year, and until their successors shall be
elected.
ART, 7th The president aud Secretary
shall be the executive officers of the com.
pany, subject to the control Of the Board CT
Directors The Vice-President shall err
form the duties of the President in his alb
sense or disability. The Secretary shall
be the Recording, Auditing and Accounting
officer Of the company, to be the custodian
of MI books, papers and vouchers, all Of
1hich books, papers. etc., shall at all times
of business hours be open to the inspection
of the stock holders of the company.
ART. Sth. The Board Of Directors shall
have the power to employ suitable person
! or persons {, carry on and manage ony
part Of the business of the company, at a
compensation to be determined by said
Board. Said person or persons TO be al
ways under the control and direction of
said Directors, who may, if deemed espedi-
emit, require such person or persons to give
bonds TO this COMPANY conditional for y
faithful discharge of their duties Mt such
sums as said Directors may see fit. Said
Directors having the power to discharge at
any time, any such person o. persons en-
ployed, and TO employ others in their stead.
8 ART. 9Th. Said Directors shall rs soon
after being elected as may be, proceed to
adop bylaws for the management and dis
recton OF this company, and of themselves
not inconsistent nor repugrant to these
, articles, which said bylaws may be amend
ed or altered at any meeting of said Direct
ors by majority thereof.
ART. 10th. The regular meetings of the
stockholders OF this company shall be on
the second Tuesday OF January and second
Tuesday of July Of each year, at which
meetings these articles may be amended or
changed by a two>thirds vote of the stocks
holders present at such meeting. The reg
ular meeting of the Directors shall be on
said days, and at such other times as thew
may provide for by bylaws.
ART. 1lth The existence Of this cornoro
ton shall commence Saturday, the 10th
day OF July, 1878, and continue for the
term Of ten years, unless sooner dissolved.
Such dissolution shall be by vote Of
majority of the 8 ck-holders of sail com
rany, alta regular meeting or at special
meeting called for that purpose. Previous
notice OF such intention to dissolve 10 be
give in each case by publication in some
newspaper printed in Tama County. Iowa
at leasttwenty days before said meeting
Arr. 18th. The Indebtedness Of this com
pany shall in no case exceed seyentv.6ve
per cent. of the capital stock subscribed
ART 18th. The private property Of The
stockholders of this company. other than
their stock. shall not be held liable for the
debts Of the company.
ART l4th. The company may build, pur>
chase and receive, hold lease and transfer
or exchange any building or elevators that
may be deemed desirable 70. the transac-
ton of its business, with sufficient real es.
tate to answer the purpose thereof. The
conveyances and lenses Of real estate shall
be made and signed by the President and
Secretary.
ART 18th. That the Directors of this
company shall he paid the sum Of two dol
lars for each day spent in the company's
service, and that the Secretary shall re-
ceive in addition to the above sum one doll
lar and fifty cents per day.
ART. 18th. That it be the duty Of the Di.
rectors to-manage the business of the com.
pany as near as practicsble, to pay divi-
dend Of ten per cent. on subscribed stock
annually. [Signed,1
JAMES MORRISON,
RoBERT McCoRYAcK,
l Wrsr