The Toledo chronicle. [volume] (Toledo, Tama County, Iowa) 1873-1924, 1874-07-16
ARTICLES OF INCORPORATION
OF THE
Farmers Elevator Company,
OF TOLEDO IOWA

AEr1cLE1 Be it known that William B. King
Turner Forker. ii. }. Patterson and q. W. Sweat
with their associates and Successors. and all such
individuals as shall hereafter become stockholders
in this company hereby created. shall become a
body corporate and polite under the NAME and
styie of THE Farmers ElerItOr Company ~ Tai
edo. Io1ra.' Us authorized BY Chapter one. Title
nine Of the Code Of Iowa. passed al the adjourned
session of the Fourteenth General Assembly and
Acts amenaatory thereto
ARTICLE. The general and principal business
shall be the buying. selling. storing and shipping
grain hogs. cattle and all kinds OF farm produce.
ARTICLE ). The place Of business shall be at
Toledo. rama County, Iowa.
ARrIcLE4. Any person may become member
of this corporation by subscribing TO or owning
more shares Of the capital stock thereof.
ARTICLE }. The capital stock If this company
shall b. Twenty-Five Thousand Dollars. in shares
of Ten Dollars each. All stock subscribed shall
be due and payable u follows: one-f1urih in ten
days from the date the same is subscribed: one
fourth in three months: une-fourth in four
months, and the balance IN live months from the
date the same is subscribed: provided that no
part Of any STOCK shall Dc payable before June
18TH 1874.
AnrIcIg6. No stakeholder shall hold more
than nifty shares Of the capita! stock Of said com
pauf.
ARTICLE T. This company may commence
business when Three Thousand Five Hundred
Dollars Of the capital stock shall Be subscribed.
ARTICLES. The annual Stockholders meeting
Of the Company shall be held at the company's Of
flee at Toledo. Iowa, on the hfst Ia, stay in
pScsMaE N faeH 35tar calt iY 8if qf6tnS lH
Directors Al which EVICTION eaeh stackhol er eilal
b. entitled 10 vote, and may cast saeh vote il
person or by prJyy-and SAID pitettors shah hu.G
their offices Tor one year ana anti ta-f sticc ss5rs
age elected.
.itrIcLE9. Tht Directors sha,l proceed ID elect
from ;.Ech- their number a Pr,S.is N and Wise
Pr,>id, nj Mo s.ial hu.d their Offices for year
AMI ANTI their sIcttss rs - elected AHA >sial
from the stockholders IL large elect a Secretary
and Treasurer who shall hod H. IN otses during
tAS uie.> lre III TIL B0a.d. The directors Shah Of
ruuiae within trn days after tlcir election.
ARTICLE I'll. Iae President and Secretary shall
IN. Tin. xrcriy4 officers Of the cunrau. subject
to the control Of Tie boas1 " Directors ihe
Vice President shall peff"rn III duties Of the
President IN cas-. of hiS abs nee or disability
The Secretary shall be the recording and account
ilg officer of this comp any. and >hni he the cUSt1
dian OF lis books. papers ana vouchers. al of
which books papers aud vouchers shall NJ ali
tim,S be open y tAc Inspection IF the STOCK
holders.
iErIcLE H. The Board Of Directors shall have
power - audit all claims against the company and
10 employ suitable persons u carry On and man-
are. any Oar, Of the business of the company 1T q
compensation to be determined by said Beard;
said person or persons to be always auder The CON
troll and direction of said Directors who may. If
deemed expedicnt require such person persons
to give bonds 10 the company conditioned for the
faithful discharge Of their dutirs III such sums rs
said Directors NAV see lit. said Directors having
the power h discharge at any time such person
persons employed and to employ others in their
stead. A majority Of the Directors shall consti-
tate quorum for the transaction Of business.
Article II. Said Directors snail after
being elected may be. proceed 10 adopt BY Laws
for the management and direction OF this conlpa-
ny and themselves not inconsistent or repugnant
to these Articles. which SAID BY Laws may be
amended or altered at any meeting of said Direct
ors hy majority thereof
ARTICLE Is. These ArGiclos may be altered
amended al any regular meeting of the stockhold-
ers. al any meeting called for that purpose BY
two-thirfss vote Of the stockholders present.
ARTICLE IA. The existence Of The corporation
shall commence on the first day Of June. A. ID.
1874. and continue for the term of twenty years
tunless sooner dissolvcd) with the right of
renewal.
ARTICLE 10 The Indebtedness of the company
shall in no case exceed AT any one time two-thlrds
of its capital stock
Article Is The private property of the indi-
vdual stockholders Of the corportion shall be ex
empt from the debts or hahiiItie. of the corpora
ton except To the amount Of the unpaid install
ments on the stock owned by each individual
stakeholder thereof transferred by said individ
ual stakeholder for the purpose OF defraudiEg
creditors.
ARTICLE L. The company by its Directors may
build. purchase aud receive. hold. lease and trans
fer. bond or mortgage for the purpose of borrow
ing money. or xthange any building or elevators
that may be necessary for the transaction of the
business Of It's company with sufficient real estate
10 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 conycyanees and leas-
shall BE- made and signed by the President and
oountersi-ned by the Secretary.
ARTICLE Is The Directors of this company
shall be paid the sum Of Two Dollars for each day
s,lt nj in the companys service. and the Secretary
shall receive i'll addition to the above sum such
further sum as the Board OF Directors may
determine.
ARTICLE 49, The Directors shall so manage the
affairs of the company that the debts thereof if
there be any. shall be paid at as early day as
possible. and 10 that end no dividend shall be de-
hl @IF al+
a sufficient sum has accumulated for the successful
prosecution Of the business of the company. Sub
jecf TO the above conditions the directors from
time To time may declare and pay To the stock
holders pro rata such dividends as in their jady-
ment may be paid without detriment 10 the
successful prosecution Of the business of the
ARTIcLE 20. The Board of Directors may call
special meetings Of the stockholders en- ten days
notice; and the Board shall call meeting of the
stockholders when requested 10 do so BY one
third Of the stockholders. The notice for called
meetings shall be given by publication in some
newspaper published in the county.
ARTICLE 81. VIM. b. King, q. ". Sweat. John
Chambers. II. J. Patterson. Turner Forker. John
w Youngman. A. J. Wheaton shall be directors
of this company until the first regular meeting Of
the stockholders on the first Tuesday in December
1874. and until their successors are elected.
ARTICLE -. The stock Of the corporation NAV
be assigned, under such rules and regulations in
regard thereto as 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 p. None of the real estate Of this cor
poration shall be sold unless the same be ordered
AZ a stockholders meeting called for that purpose
or at the regular stockholders meeting two thirds
of the stockholders present voting therefore.
W. II. KING.
TURNER FORKER.
q. W. SWEAT.
II. J. PATTERSON
STATE OF IOWA, -
TANA COUNTY.
On this An day cfJoae 4. d. 1s74befor, |
me the undersigned q Notary Public in |
and for said County personally ar |
peared. William g. kinq. Turner For |
k4r. g. ". Ssreat and II r. Patterson |
tome personally kaosr to be the identical |
persons rlt0se names are alfred 10 me |
ADORE 4rticies of IacorBoraf;oa and |
GckaOrtedgedfte erscufion ofkhe SANE |
TO be their voluntary act and deed IA /
arifnsss Dsy hand tie date last ADORE
mentioned.
[sEAL-] G. X. STRUBLE.
Notary Public. 7dnsa Co.. loro.