The Toledo chronicle. [volume] (Toledo, Tama County, Iowa) 1873-1924, 1873-06-12

stallraent thus ordered, and upon failure
to make the first payment wien due the
Beard Of Directors may, at their option,
cancel such subscription or collect the same
by legal process.
ART. Ill This Corporation shall COM
mence business on the drst day Of May, A.
D., 1873, and terminate on the first day OF
May. A. D., 1898, and may be renewed by
vote of the stock ho,ders holding three.fourths
of the Stock in slid corporation.
ART. ". The affairs Of the Corporation
shall be conducted by a 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 .one Of their members
President, and one vice-Presldent, ana
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 OF
change the salaries or allowances of any OF
them. a majority Of the Board Of Direct
ors shall constitute q quorum.
ART. V. At the elections, and in decid-
ing all questions at meeting Of stock-hold-
ers, each stakeholder shall be entitled to
one vote on each share Of stock held by
him. Stock ,holders may vote by proxy,
| daily authorized in writing, but no stock
holder whose liability is past due, and IN
| 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 az the BYLAWS may pro-
vide, subject, however, to the laws Of the
I state.
ART. VII. The capitol stock Of this In
| stituiion may be increased to the sum Of
| Two Hundred thousand Dollars by vote OF
stockholders holding two-.hirds of the
stock; AMI the original shareholders, OF
their assigns, shall have the right of sub.
scribiug thereto, in proportion to the
amour, Of their original stock.
ART VIII The highest Indebtedness O
the Corporation at any one time shall no
exceed one half the capital stock, but liza
biiity Of the Corporation for deposits made
by the customers Of the bank shal. not b.
estimated as such Indebtedness.
ART. TX. The private property of stock
1 EUIItlS Slail Dc SASLiRt ilVku tAV GSHtS "
liabilities Of said Corporation, except /
the amount of any unpaid balances, or in
stallments on their stock respectively.
ART. X. This Corporation may purchas
and hold such real aud personal estate a
the Board Of Directors may deem conven
lent for the transaction Of its business, an
may have and hold any real or persona
estate as security, or on mortgage, or i
pledge, or by deed Of trust, TO secure tn
pay uent of loans and debts due, or to be
come due to said corp grafton, and may pun
chase real or personal estate of any sal
held by virtue Of any loan or debt made il
favor of said Corporation, and may receiv
and take IN satisfaction Of any debts mad
in favor Of said Cory Grafton, any real Q
personal estate, and may held and conve
any such real or personal estate.
ART. XI. The conveyance of real estat
belonging to said Institution, and the re
lease Of iDcumberances made to or held b
said institution shall be executed by til
President, Or, in case of his absence or IN
ability, by the Vice-President. All othe
contracts and instruments in writing mad
or entered ioto by said Corporation shal
be subscribed by such officer or officers, agen
or agents, as its bylaws shall direct, andal
such contracts or instruments in writin
may be signed and carried on without til
presence of the Board Of Directors, by it
officers, assistants or agents thus daily au
thorize1.
ART. MI. The Boa-d Of Directors shat
have power to make all needful Bylaws
rules, and regulations in carrying ont tn
objects of the Cerpo' alton and in conduct
ing its affairs, q copy Of which shall be KEEP
posted up in the place ofsbusiness OF sal
Corporation.
ART. Mi. The Board of Directors shall
be elected by a majority Of the shares 0
the stock voting; and whenever a vacancr
shall occur in said Board, il shall be fllee
by vote of majority of the rema in
ing members of the Board. The fir.
Board shall be elected as soon as tire,
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, OH which day an
other election shall be had for Board oil
Directors, and annually thereafter on thu
same day of the same month. Any failure
on the part Of the stockholders to elect a
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 a member Of the Board, on sufficient
cause.
ART. XIV. 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 % year
no larger dividend shall be declared than
ten per cent. per annum on the amount
paid in.
ART. Ky. This Corporation may be dis
solved and its affairs closed up at any
time by vote of the stock holders holding
three-fourths of the shares in the same.
ART. XVI. The principal place of trans
acting the business Of this Corporation
shall be in Toledo, Tama county, Iowa, but
II may dc business in other places, by
its officers or agents.
ART. WI. A suitable seal shall be
provided and adopted by the Board of Di-
rec,ors as the Corporate seal Of the Asso-
| citation.
ART. XVIII. At all shareholders meet.
ings, persons representing two-thirds of
the stock shall constitute a quorum, and a
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 two thirds of all the shares
at special meeting, called for the purpose
by the Board of Directors, notice of whic
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 De inserted twice in some newspaper
published IN Toledo, but no alteration or
amendment shall be made as above provid-
Cd. except upon majority Of the whole
nun Der Of shares belonging to said Associ-
/ fprc ~,