The Toledo chronicle. [volume] (Toledo, Tama County, Iowa) 1873-1924, 1873-05-29

ART. Ill. This Corporation shali CEN
msncs business on the FIRST day Of May, a..
D., 1873, and terminate on the nrst day OF
May, A. D., 1898, and may be renewed by
vete Of the stockholders holding three-fourths
Of tho Stock in said corporation.
Arr. Nv. Thea6airs Of the Corporation
shall be conducted by . Board Of Directors,
consisting Of such number Of stockholders
as may be fixed by the by>laws, save, how
ever, that the Beard of Directors first elect.
ed shall consist Of fifteen members. bald
Board shall elect one Of their members
President, and one vice President, and
shall have power to appoint Cashier ana
such further officers or assistants from their
own number, or otherwise, as they may
deem necessary in carrying on the business
Of the Cooperation, and at pleasure remove
any such officers or employees, ard hx or
change the salaries or allowance Of any OF
them. A majority Of the Board OF Direct
ors shall constitute quorum. :,
ART. V. At the elections, and in decid'
ing all questions at meeting 81 stock noia-
ers, each stakeholder shall be entitled 10
one vote on each share OF stock heid Dy
him. Stockholders may vote by proxy |
duly authorized in writing, but no STOCK
holder whose liability is past due, ana un-
pAlQ, 0n6u Do 0lloWeu W WV. |AAA
ors shall be elected by ballot.
ART. vi. The Stock Of this Corporation
shall be assigned according to SUCH rules
and regulations % the Bylaws may pro-
vide, subject, however, to the laws OF the
State. G
stitution may b increased to the sum o.
Two Hundred Thousand Dollars BY vote OF
stockholders holding two-.hirds OF the
stock; and the original shareholders, or
their assigns, shall have the right OF SUBJ
scribiag thereto, in proportion to the
amount sf their original stock.
ART. VIII. The highest Indebtedness Of
the Corporation at any one time shall not
exceed sne half the capital stock, but liza
bility Of the Corporation fer deposits made
| by the customers Of the bank shall! not be
estimated Is such Indebtedness.
I Art. TX. The private property Of stock
holders shall be exempt from The debts or
| Ii abilities of said Corporation, except to
the amount of any unpaid balances, or in
s,allments on their stock respectively.
AR. X. This Corporation may purchase
and hold iuch real and personal estate as
the Board of Directors may deem conven.
lent for tho transaction of its business, and
may have and hold any real or personal
estate as security, or on mortgage, or in
pledge, or by deed Of trust, to secure the
payment Of loans and debts duo, or to be-
come due to said corp GRAFTON, and may pur-
chase 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.
AR. XI. The conveyance of real estate
belonging to said Institntion, and tho re-
lease Of incumberances made to or held by
said institution shall be executed by the
President, or, in case Of his absence or IN
ability. by the Vie. President. All other
contracts and instruments in writing made
or entered into by said Corporation shall
be subscribed by such officer or officers, agen:
or agents, - 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 duly au>
therisej.
ART. XII. The Board Of Directors shall
have power to make oil needful bylaws,
rules, and regulations in carrying ont the
objects Of the Cooperation and in conduct.
ing its affairs, Q 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
tho stock voting and whenever . vacancy
shall occur in said 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, OH which day an
other election shall be had for Board Of
Directors, and annually thereafter, on the
same day Of the same month. Amy 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
fee until their successors be duly elected.
The bylaws may provide for the removal
Of member of the Board, on sufficient
cause.
ART. XIV. All dividends declared sn,l
paid by this Corporation shall DO 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 Cd 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 stockholders holding
three-fourths Of the shares in the same.
ART. XVI. The principal place Of trans
acting the business Of this Corpora ton
shall be in Toledo, Tams county, Iowa, but
it may do business in other places, by
its officers or agents.
ART. XVII. A suitable seal shall be
provided and adopted by the Board Of Di-
rccters as the Corporate seal Of the Asso-
citation.
AR. XVIII. At all shareholders meet.
ings, persons representing two-thirds Of
the stock shall constitute quorum, and .
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 q 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 provid-
ed. 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 at the head Of
same, and are duly recorded in the Records
Of Tama County, Iowa.