The Toledo chronicle. [volume] (Toledo, Tama County, Iowa) 1873-1924, 1873-09-18
Articles Of Incorporation
or she Pasrons' Joins stock Csmpa ~
Ut Trasr. Tama Couasy, a0wu.


Of Trssr. rama County. ao~~.
ARTICLE LIST. Be il known that Robert Nc
CornacE, 3. N. West, g. d. Lawson, Thorn
son Weir. E. D. Rice and Jares Morrison.
with their associates and succ essors and
all such individuals as shall hereafter be-
come stock holders in tits company, hereby
created, shall become body corporate and
polite, under the nrms and style Of the
Patrons Joint Stock Company Of Traer,
ter 81, revision of 1860 Of the laws Of Iowa,
and acts amendatory thereto.
AIT. I'd, The general and principal bus
mess shall be the buying, selling, storing
and shipping grain. hogs, cattle and oil
kinds OF farm produce.
ART. Sd. The place Of business shalt be
Traer, Tama County, Iowa. No person
shall become . member Of this corporation
unless he is u farmer. and shall subscriber
to one or more shares OF the capital stock
thereof. Stockholders may be residents OF
lama and adjoining counties.
ART. 4th. The capital stock OF this COM
pany shalt DO twenty thousand dollars, in
shares Of ten dollars sacn, 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 Jne
quarter each at the call Of the Directors Of
the Company. No stakeholder shall hold
more than twenty shores Of sid capital
stock. This company may commence bus
mess when five thousand dollars of the cap
itsl stock shall have been subscribed and
taken, and 25 per cent. thereof paid in.
The capital stock may be increased to fifty
thousand dollars at any regular meeting Of
said stock holders .lled for that purpose.
ART. 9th. Upon the subscription # TWEEN.
ty-fve hundred dollars of the capital stock
the stock holders shall at once proceed TO
elect, aud shall thereafter on the second
Tuesday Of July of each year cloct seven
of their number as Directors Of this COM
panty, at which said election, and all subse-
quent elections, each share holder shall be
entitled to one vote. Sail Directors shall
remain in office till their SUCCESSORS are
elected
AR 9th. The Directors shall at once
p: oceed 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.
AR, 7th. The President aud Secretary
shall be the executive officers Of the com.
pany, subject to the control Of tho Board Of
Directors The yice.Presidenl shall Ier-
iru,.m the duties Of the Presiden Mt In his alb
sence or disability. The secretary shall
be the Recording, auditing and Accounting
officer of the company, to be the custodian
of all books, papers and vouchers, all "f
which books. papers, etc., shall ct all times
Of business hours be open TO the inspection
of the stock -holdcrs Of the company.
ART. 9Th. The Board of Directors shall
have the power to employ q suitable person
or persons carry ON and manage sny
part of the business of the company, at q
compensation to be determined by sdid
Board. Said person or persons to be al
ways under the control and direction of
said Directors who may, if deemed eApedi-
ent, require such person or persons to give
bonds to this COMPANY conditional for =
faithful discharge Of their duties at such
sums as said Directors may ses it, Said
Directors having the power 10 discharge, At
any time, any suck persen o. persons EN-.
ployed, and to employ others in their stead.
ART. 9Th. Said Directors shall as soon
after being elected as may be, proceed TO
adop bylaws fer the management and d.
rection Of this company, and Of themselves
not inconsistent nor repugrant 10 these
articles, which said bylaws may be amend
ed or altered OF any meeting Of said Directs
ors by majority thereof.
ART. 10th. The regular meetings OF the
stockholders OF this company snail be on
the second Tuesday OF January aud second
Tuesday of July Of each year, at which
meetings these articles may be amended or
changed by 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 they
may provide for by bylaws.
ART. llth Tho existence Of this corpora
ton shall! commence saturday, the 10Th
day Of July, 1878, and continue for the
term Of ten years, unless soonsr dis solved.
Such dissolution shall be by a vote Of
ajority Of tn. ock-holders Of said com.
Pany, alta regular meeting or at . special
meeting called for that purpose. Previous
notice of such intention to dissolve TO be
give in each case by publication in soae
newspaper printed in Tapa County, Iowa,
at least twenty days before said meeting,
Arr. 18th. The Indebtedness Of this com.
pany shall in no case exceed seventy.6ve
per cent. of the capital stock subscribed.
Art 18th. The private property Of the
stock -holders 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, ho.d lease and transfer
or exchange any building or elevators that
may be deemed desirable 70. the traussc-
ton Of its business, with suflicien. real es.
tate to answer the purpose thereof. The
convoyances and ,eases Of real estate shall
be made and signed by the President and
Secretary.
ART. 18th. That the Directors Of this
company shall tie paid the sum Of two dol
lars for each day spent in the companys
service, and that the Secretary shall re-
ceive in addition to tho above sum one dol
lar and fifty cents per day.
ARr. 18th. That it be the duty OF the Di-
rectors to manage the business Of the COM
pany as near as practics BILE, to pay a divi-
dend Of ten per cent. on subscribed stock
annually. lSighed,]
JAMES MORRISON,
RoBEnr MCCORMACK,
6. N. WEST,
Z. D. RICE,
0EoR0s B. LAWSON,
THOMSON VElR.
STATE OF IOWA, a..