The Superior times. [volume] (Superior, Wis.) 1870-1912, 1874-04-25

organized II conformity with the provisions of this
act shall be body polite and corporate un1er
such name which SAID corporation may adopt and
may have common seal, and alter, break and re-
new the same at pleasure; shall have the power and
right to acquire, hold and possess by gift devise
grant, purchase or otherwise, both real and per
sonal property, and sell, lease mortgage or other
wise dispose of the same at pleasure Such cor
poratlon shall have the right to contract and he
contracted with, and to sue and be sued to rleed
and be implicated with, to answer and to be an
swered to in all courts and places. to borrow and
loan money, to give o. take notes. bonds mort
cages or other evidences of indebtedness and tn
do all things necessary to be done to carry out the
object and purposes of its incarceration Under the
provisions of this act
Section 8. The persons organizing such cor.
poraton shall make and adopt articles of associs-
ton III writing which articles shall contain: l.
Inc name, location and purpose of such corpora
ton, and Its capital stock. which shall not exceed
the sum of one hundred thousand dollars q The
designation of the general officers of such corpora
tlon- s. Ihe main duties conferred upon such
general officers of such corporation. L. The method
OF accepting, dlscharging or expelng members of
sucn corporation. s. Tney may also incorporate in
such articles of assertion they may see fit such
other provisions or articles as they may deem for
the interest of such corporation, and to carry out
It's purposes and objects as incorporated under this
act, and not inconsistent IN conflict Herewith
Section 4. The articles of association so made
and adopted shall be signed by the persons so
forming such corporation, and copy thereof, ver-
lied under oath, hv two of the persons signing the
same, as being true copy of the original articles
of association, shall be recorded in the office of the
is located in book to be kept for the record of
the like similar instruments, and upon such
verified copy the register shall indorse the time of
the receiving of the same and the book, page on
and i'll which the same is recorded. Such verified
copy so recorded, certified copy of such articles
from such records, shall be prima facie evidence
all courts and places Of the organization of such
corporation.
Section 5. Such corporation may adopt a code
OF bylaws, alter, amend or expunge the same, or
any part thereof, subject to any limitation con-
lri nf nv
adopted, which shall contain, how altered,
amended or eNpunGed: and by such bylaws pre-
scribe the duties and powers of such general Off
GERS, and other officers, agents and employees
such corporation, to fix their compensation, to
create and establish such other officers agents
may be deemed for the interest of such corpora
ton the mode and manner and time of holding
elections, those elected, and such other general
rules and regulations as such corporation may
deem necessary in order to carry out fully the OBJ
jects and purposes OF such corporation: Provided,
that such corporation shall not have the right to
adopt any bylaws rule or regulation inconsistent
conflict with any of the provisions of this
act, or the articles of association.
Section g. Any corporation organized under any
OF the provisions o5 this act, may at any time, by
vote equal to at least one-haf of the number of
shares held by the stockholders, alter amend
such articles of association adopted and recorded
as prescribed III sections three and four of this act
Provided that the process of making such altera-
ton or amendments shall be conducted III a II
ner prescribed 10y the articles of association. If
such process is prescribed therein and such
corded III the same manner as prescribed in sec
ton three OF this act, and shall not change sub
stantlay the original purposes of the corporation
Section 7. Any corporation organized under the
provisions of this act may dissolve by vote equal
to at least one-haf the number of shares held by
the stockholders of such corporation: Provided,
that the process of dissolution shall be conducted
in manner prescribed in the articles of associa-
ton in said corporation, If said process be pre-
scribcd therein. resolution setting Ic-th the
Tact OF such dissolution and also statement set
ting forth the number of shares of stock held by
the stockholders of such corporation, the number
of votes voting for dissolution, and the date on
which such dissolution adopted, shall be
signed by the proper officers, and shah be verified
and recorded as prescribed for the verifying and
recording of the articles of association by section
three of this act and after such resolution has been
adopted, signed, verified and recorded, said cor
poration shall have ceased to exist, except for the
purposes hereinafter specified.
Section s. In case Of dissolution of any corpora
ton prescribed by section % seven OF this act,
the officers the time being, shall continue to act
such, and shall be deemed the legal adminitra-
tors of such corporation for the purpose of selling
or dlsposing of any and all property real or per
sonal, which may be owned by such corporation,
and ont of the proceeds of such sale disposal OF
such property the said officers shall nrst pay all
Indebtedness of such corporation, together with the
costs of such administration, and shall divide the
residue If any, among the stockholders III pro
portion to the amount of stock owned by each OF
such stockholders of such corporation at the time
when the resolution OF dissolution as prescribed in
section of this act, adopted, and after fully
administering such property such officers shall
cease to act as such.
Section g. Mutual support in case of sickness,
death distress, shall only apply IN any corpora
ton organized under this act to bona tide members
of such corporation
Section TO- 1t shall be the duty of all corpora
tons organized under the provisions of this act,
to keep correct and complete record OF ah pro-.
line- especially the election of officers ;
but such record may be kept III any other than the
English language, If stated in the articles OF as
sociation adopted, verified and recorded, as pro-
YIded i'll sections 2 and OF this act.
Section IL. If i'll any case the election of officers
of any corporation organized under the provisions
of this act should not be held on the day appointed
by the articles of association of such corporation or
its sby-laws, for such election, such corporation
shall not be deemed dissolved thereby, but the
former officers shall continue to act as such until
their successors shall have been elected and qual~
flied, and special elections may he called by the
officers OF such corporation by giving puDhC notlCe
for at least ten days, of the time and place when
and where such election Will be held, in at least
one newspaper published in the county where such
corporation Is lOCated-if there be any newspaper
published i'll such county: Provided, that articles
of association bylaws of such corporation may
prescribe different mode of calling such election
Section II. ANY number of such corporations
not less than ten, organized under the provisions
of this act in whole or in part for like or similar
purposes, may organize state corporation aud
may delegate to such state corporation such powers
as they may fit and and which are conferred
upon such corporations under the provisions of
this act, and may organize such state corporation
by making and filing with the secretary OF state
articles of association provided by section OF
this act Provided, that the capital stock shall not
exceed five hundred thousand dollars, and by such
articles of association may confer upon such state
corporation all the rights, powers, privileges and
franchises contained, provided and authorized IN
section l of this act, and the same shall be body
polite and corporate with all the rights powers,
privileges and franchises and subject to al the
liabilities provided by section of this act.
Section IS. This act shall take effect and be in
force from and after its passage and publication.
Approved March 4, 1874.
Published March 49, 1871
CHAPTER IS6.