The Toledo chronicle. [volume] (Toledo, Tama County, Iowa) 1873-1924, 1873-06-05

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Art. III. This Corporation shal CON-
mence business on the first day Of May, A.
D., 1873, and terminate on the frst day OF
May, A. D., 1898, and may be renewed by
vote of the stockholders holding three-fourths
of the Stock in Sid corporation.
Arr. ". The affairs Of the Corporation
shall be conducted by Board Of Directors;
consisting Of such number of stockholders
as may be Fl xed by the by>laws, save, how
ever, that the Board of Directors FIRST elect
ed shall consist Of fifteen members. Said
Board shall elect lone Of their members
President, and one vce-President. and
shall have power to appoint cashier and
such further officers or assistants from their
own number or otherwise, as they may
deem necessary in carrying on the business
Of the Corporation, and at pleasure remove
any such officers or employees, ard tx or
change the salaries or allowances Of any OF
them. majority Of the Board Of Direct
ors shall constitute quorum.
ART. V. At the elections, and in decid~
ing all questions at meeting of stock-hoid-
ers, each stakeholder shall be entitled to
one vote on each share Of stock held by
him. Stockholders MY vote by proxy,
duly authorised in writing, but no stock
holder whose liability is past due, and I'M
paid, shall be allowed to vote. All Direct
,ors shall be elected by ballot.
ART. VI. The Stock Of this Corporation
shall be assigned according to such rules
and regulations as the Bylaws may pro-
vide, subject, however, to the laws Of the
State.
ART. VII. The capitol stock Of this In
stitution may be increased to the sum of
Two Hundred Thousand Dollars by vote Of
stockholders holding two-shirds Of the
stock; AMI the original shareholders, or
their assigns, shall have the right of SUBJ
scribing thereto, in proportion to the
amount Of their original stock.
ART VIII. The highest Indebtedness of
the Corporation at any one time shall not
exceed one half the capital stock, but liza
bility of the Corporation for deposits made
| by the customers of the bank shall. not be
estimated as such Indebtedness.
! ART. TX. The private property of stock
| holders shall be exempt from the debts or
| liabilities Of said Corporation, except to
| the amount of any unpaid balances, or in
| stallments on their stock respectively.
| ART. Y. This Corporation may purchase
and hold such real and personal estate as
the Board Of Directors may deem conven.
| lent for the transaction Of its business, and
may have and hold any real or personal
estate as security, or Oh mortgage, or in
| pledge or by deed of trust, to secure the
| payment Of loans and debts due, or 10 be-
come due TO said corp GRAFTON, and may pur-
| chage real or personal estate at any sale
| held by virtue of any loan or debt made in
| favor of said Corporation, and may receive
and take in satisfaction Of any debts made
| in favor Of said Corr Grafton, any real or
personal estate, and may hold and convey
any such real or personal estate.
ART. XI. The conveyance of real estate
belonging to said Institution, and the re-
lease of membranes made to or held by
said institution shall be executed by the
President, or, in case of his absence or In
ability, by the Vic President. All other
contracts and instruments in writing made
or entered iuto by said Corporation shall
be subscribed by such officer or officers, agen:
or agents, as its bylaws shall direct; andall
such contracts or instruments in writing
may be signed and carried on without the
presence of the Board of Directors, by its
officers, assistants or agents thus daily au,
| thorzed.
ART. XII. The Board of Directors shall
have power to make all needful Bylaws,
rules, and regulations in carrying ont the
| objects of the Corporation and in conduct.
ing its affairs, copy of which shall be kept
posted up in the place Of business OF said
Corporation.
ART. XIII. The Board of Directors shall
be elected by majority of the shares Of
the stock voting; and whenever vacancy
shall occur In sud Board, it shall be filled
by q vote of majority Of the rema in>
ing members Of the Board. The first
Board shall be elected as soon as three
fourths Of the capital stock in said Corpor-
alton shall be subscribed for, and shall
continue in office until the first Tuesday
in January, A. D., 1874, on which day an
| other election shall be had for Board Of
Directors, and annually thereafter, on the
same day OF the same month. Any failure
on the part Of the stockholders to elect
Board OF Directors at any annual election,
| shall authorize the Board to continue in Of
nee until their successors be duly elected.
The bylaws may provide for the removal
OF member Of the Board, on sufficient
cause.
ART. MY. All dividends declared and
paid by this Corporation shall be pro rata
on the amount of stock paid in, and from
the net profits of the Corporation actually
realized, but for the period Of one "a year
no larger dividend shall be declared than
! ten per cent. per annum on the amount
| paid in.
ART. XIV. This CORPORATION may be dis
solved and its affairs closed up at any
time by vote Of the stock holders holding
three-fourlhs Of the shares in the same.
ART. XVI. The principal place Of trans
! acting the business of this Corpora ton
shall be in Toledo, Tama county, Iowa, but
it may do business in other places, by
its officers or agents.
ART. AVII. suitable seal shall be
provided and adopted by the Board of Di-
rectors as the Corporate seal Of the Asso-
citation.
ART. XVIII. At all shareholders meet.
ings, persons representing two-thrds of
the stock shall constitute quorum, and o
majority Of the stock represented in said
meetings shall be required to carry any
question.
ART. Xix. These Articles Of Associa-
ton may be altered or amended by stock
holders owning wo-thirds Of oil the shares
at special meeting, called for the purpose
by the Board of Directors, notice of which
shall be posted in the place of business of
said Corporation for period Of not less
than ten days immediately preceding the
day OF such special meeting, which notice
shall be inserted twice in some newspaper
published in Toledo, but no alteration or
amendment shall be made as above proyid-
60. except upon majority Of the whole
number Of shares belonging to said Associ-
alton voting for such alteration or amend
ment
The above Articles Of lncorpation have
been signed and acknowledged by all the
parties whose names appear OF the head Of
same, and are duly recorded in the Records
of Hlrnn Gonn4. Io.uo