The Toledo chronicle. [volume] (Toledo, Tama County, Iowa) 1873-1924, 1874-07-02
ARTICLES OF INCORPORATION
OF THE
Farmers Elevator Company,
OF TOLEDO, IOWA.

10 v
Turner Forker, H. j. Patterson and g. W. Sweat,
with their associates and successors, and all such
individuals shall hereafter become stockholders
in this company hereby created, shall become 2
body corporate and polite under the name and
style OF .Ine Farmers Eleudt0r Company of ZOt-
edo, Io,ca," a. authorized by Chapter one, Title
nine, OF the Code OF Iowa passed at the adjourned
session OF the Fourteenth General Assembly, and
Acts amendatory thereto
ARrIcLE2. The general and principal business
shall be the buying, selling storing and shipping
grain, hogs cattle and all kinds Of farm produce.
ARTICLE 3. The place Of business shall be At
Toledo, Tama County, Iowa.
ARTICLE 4. Any person may become member
OF this to
ARTICLE s. The capital stock OF this company
shall be Twenty Five Thousand Dollars, in shares
Of Ten Dollars each. All stock subscribed shall
be due and payable as follows: One-fourth in ten
days from the date the same il subscribed; one
fourth in three months; one-fourth in four
months, and the balance in i've months from the
part Of any stock shall be payable before June
18th, 1874
ARTICLE s. No stakeholder shall hold more
than fifty shares of the capital stock Of said COM
pany.
ARTICLE :. This company may commence
business when Three Thousand Five Hundred
Dollars Of the capital stock shall be subscribed.
Of the Company shall be held at the company's Of
fee ct Toledo, Iowa, on the first Tuesday in
December in each year, at which meeting the
stockholders shall elect from their number Seven
Directors, at which election each stakeholder shall
be entitled to one vote, and may cast such vote in
person or by proxy-and said Directors shall hold
their Offices for one year and until their successors
are elected.
ARTICLE 9. The Directors shall proceed to elect
from among their number q President and Vice
President who shall hold their Offices for year
and until their successors are elected; and shall
from the stockholders at large elect q Secretary
and Treasurer who shall hold their Offices during
tie pleasure Of the Board. The directors shall or
ganize within ten days after their election.
Article TO- The President and Secretary shall
be the executive officers Of the company subject
to the control Of the Board Of Directors. The
Vice President shall perform the duties Of the
President in case OF his absence or disability.
The Secretary shall be the recording and account
ing officer of this company, and shall be the custO
dian Of its books, papers and vouchers all Of
which books, papers and vouchers shall ut all
times be open to the inspection Of the stock.
holderr.
ARTICLE H. The Board Of Directors shall have
power to audit al Gllims against the company and
to employ suitable persons to carry on and man
age any par Of the business of the company ut .
to be determined by said Board;
said person persons to be always under the con-
troll and direction OF said Directors who may, II
deemed expedient require such person or persons
to give bonds to the company conditioned for the
faithful discharge Of their duties in such sums as
said Directors may see ft, said Directors having
the power to discharge ut any time such person or
persons employed and to employ others in their
stead. majority Of the Directors shall consti-
tute quorum for the transaction Of business.
ARTICLE ls. Said Directors shall as soon after
being elected as may be, proceed to adopt bylaws
for the management and direction OF this compa-
nv and themselves not inconsistent or repugnant
to these Articles which said Bylaws may be
amended or altered at any meeting Of said Direct
ors by a majority thereof.
ARTICLE H. These Articles may be altered or
amended at any regular meeting Of the stOckhOld-
ers or At any meeting called 70, that purpose by
ARTICLE H. The existence OF the corporation
shall commence on the first day Of June, A. d.
1874, and continue for the term Of twenty years
renewal.
ARTICLE IS. The Indebtedness Of the company
shall in no case exceed at any one time two-thirds
OF its capital stock.
ARTICLE l6 The private property Of the indi-
vidual stockholders Of the c0rportOn shall be ex-
empt from the debts or liabilities Of the corpora
ton except to the amount Of the unpaid install
ments on the stock owned by each individual
stakeholder thereof or transferred by said ndivid-
ual stakeholder for the purpose Of defrauding
creditors.
build purchase and receive, hold, lease and trans
fer, bond or mortgage for the purpose OF borrow
ing money, or exchange any building or elevators
that may be necessary for the transaction Of the
business Of the company with sufficient real estate
to answer the purpose thereof, and said Direct
ors may do and perform any and all acts not
inconsistent with these articles, necessary or
proper for the successful prosecution Of the bus
mess Of the company The conveyances and leas-
es OF real estate and all contracts Of the company
shall be made and signed by the President and
countersigned by the Secretary.
ARTICLE IS. The Directors OF this company
shall be paid the sum Of Two Dollars for each day
spent in the company's service, and the Secretary
shall receive in addition to the above sum such
further sum ~ the Board of Directors may
determine.
affairs Of the company that the debts thereof II
there be any, shall be paid at rs early day ~
possible and to that end mo dividend shall be de-
clared until the company shall be out Of debt and
q suficient sum has accumulated for the successful
prosecution Of the business Of the company. Sub
ject to the above conditions the directors from
time to time may declare and pay to the stock
holders pro rata such dividends a. In their judg
ment may be paid without detriment to the
successful prosecution Of the business OF the
ARTICLE 20. The Board Of Directors may call
special meetings Of the stockholders on ten days
notice; and the Board shall call meeting OF the
stockholders when requested to 90 90 20 ~ , one
meetings shall be given by publication In some
newspaper published in the county.
ARTICLE q. VIM. B. King, g. w. Sweat, John
X Chambers, H. J. Patterson, Turner Forkes, John
Of this company untii the nrst regular meeting Of
the stockholders on the hrst Tuesday in December
1874 and until their successors are elected
ARrIcLE a. The stock OF the corporation may
be assigned. under such rules and regulations in
regard thereto - the Board Of Directors may BY
their Bylaws adopt not inconsistent with the
laws Of the State and any assignment OF stock
not made in strict accordance with the rules
adopted by the directors shall be void.
ARTICLE D None Of the real estate Of this cor.
poration shall be sold unless the same be ordered
1t stockholders meeting called for that purpose
or ct the regular stockholders meeting two-thirds
Of the stockholders present voting therefore.
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