The Toledo chronicle. [volume] (Toledo, Tama County, Iowa) 1873-1924, 1874-07-09
ARTICLES OF INCORPORATION
OF THE
Farmers Elevator Company,
OF TOLEDO, IOWA.

Il
individuals as shall hereafter become stockholdcr.
in this company hereby created. shall become
| body corporate and polite under the name anC
i stye Of -'Ihe EaiRSsrs' El6Gaf0r CGDapany Of TOT
edo, Iotro,r as authorized by Chapter one. Title
nine of the Code of Iowa. passed III the adjourned
j session of the Fourteenth General Assembly. and
/ Acts amendatory 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 B. The place of business shall be al
/ Toledo Tama County. Iowa.
| ARTICLE 4. Any person may become a member
of this corporation By subscribing to or owning
one or more shares Of the capital stock thereof
ARTICLE 5. 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 payaDiea as follows: ne-fourth in ten
days from the date the same is subscribed; one
fourth in three months; one-fourth in -four
months, and the baance in five months from the
date the same is subscribed: provided that no
part of any stock shall be payable before June
18TH 1874
ARrIcLE6 6. No stakeholder shall hold more
than fifty shares Of the capital stock Of said COM
pany.
AHrcLE T. This company may commence
business when Three Thousand Five Hundred
Dollars Of the capital stock shall be subscribed.
ARTICLES s. The annual Stockholders meeting
of the Company shall be held at the company's of
flee at Toledo Iowa, the first Tuesday in
December i'll 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 year and until their successors
are elected.
Articles The Directors shall proceed to elect
from among their number President and Vice
President who shall hold their office for one year
and until their successors are eicct~u; and shall
from the stockholders at large elecl Il Secretary
and Treasurer who shall hold their offices during
the pleasure of the Board. The directors shall
game within ten days after their election.
ARTICLE 10. The President and Secretary shall
he he
to the control of the Board of Directors The
Vice Preside1t shall perform the duties OF the
President in Vase Of his absence or disability
The Secretary shall be the recording and account
ing officer of his company, and shat be the custo-
dian of its Socks. papers and vouchers, all of
which booka snpers and vouchers shall at all
h hais % Of Il INC Inspection u INC S'''A
power Sr to ecome paims against the company and
y qn!apdozen you rsens g carry on and man
compensate the determined by said board;
troll p and alloof sad birsa4ors VINO may if
deemed eXp'eedS require such person or persons
to give bono a, the company Conditioned for the
faithful disci 0Ie of their duties III such sums
said Directors may sae fit sad Directors having
the power to kscharge at any time snch person
persons empl Fed aud TO employ others in their
,tfad ma s q ths pt.s1o of , sons
ARTICLE L., said Directors snail soon after
being elected u may be. proceed to adopt Bylaws
for the management and direction of This compa-
ny and Themselves nor inconsistent or rcpu@nant
TO these Articles. which SAID Bylaws may be
amended or altered at any meeting of said Direct
Ors by majority thereof.
ARTICLE Is. IhcSr Articles may be altered or
amended at any regular meeting OF the stockhold
ers or at any meeting called for that purpose by a
twothirtls vote OF the stockhold IS present.
ARTICLE IA. The existence OF the corporation
shall commence the first day of June. A. d.
1874 and continue for the term of twenty Years
tunless sooner dissolved) with the right of
renewal
ARTICLE Is The Indebtedness of the company
shall in no case exceed at any one time two thirds
OF its capital stock.
ARTICLE IS. The private property Of the indi
vidual stockholders of the corportlon shall be eX
empt from the debts liabilities Of the corpora
ton except to the amount Of the unpaid install
ments on the stock owned by each individual
stockhoder thereof or transferred by said individ
ual stakeholder for the purpose of defrauding
creditors.
ARTICLE H. The company by its Directors may
build purchase and receive. hold. lease and trans
fer. bond or mortgage for the purpose of borrow
ing money. 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
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.
q
shall be paid the sum of Two Dollars for each day
spent in the company service, and the Secretary
shall receive in addition to the above sum such
further sum as the Board of Directors may
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 TO that end no dividend shall be de-
clared until the company shall be out of debt and
a sufficient sum has accumulated for the successful
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 as in their judg
ment may be paid without detriment to the
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
when requested to 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 II. VIM b. King, q. W. Sweat, John
X Chambers, II. j. Patterson, Turner Forl1er, John
w. Youngman. A. j. Wheaton shall be directors
of this company until the first regular meeting of
The stockholders Oh the first Tuesday in December
1874 and until their successors are elected.
ARTICLE y. The stock of the corporation may
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 g. None of the real estate of this cor
poratOn shall be sold unless the same be ordered
1t stockholders meeting calledfor that purpose
Or at the regular stockholders meeting two thirds
Of the stockholders present voting therefore.
TURNER Yorker,
G. w. SWEAT
H. j. PATTERSON. i
STATE OF IOWA. lss
TAMA COUNTY.
on This an day Of June A. D. 1874 befors
me the undersigned Notary Public in
,<rs<y No..