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

AET1cLE l. Be it known that William b. King
Turner Forkcr III. j.. Patterson and q. W. Sweat,
with their associates and successors. and all such
individuals as shall hereafter become stoc khoders
in this company hereby created. shall become a
body corporate and polite under the name and
style of The Farmers Elegdt0r Compahy0f TOT
ed0 IoWa'' as 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.
ARTICLE The general and principal business
shall be the buying selling. storing and shipping
Grain hoes cattle and all kinds OF farm produce.
AKTIcLE3 The place Of business shall be at
Toledo rama County. Iowa.
ARTICLE L. Any person may become a member
of this corporation by subscribing to or owning
one more shares Of the capital stock thereof.
ARTICLE j. The capital stock Of this company
shall be Twenty-Five Thousand Dollars, i'll shares
of Ten Dollars each. All stock subscribed shall
be due and payable Us follows: One-fuurth i'll ten
days from the date the is subscribed; one
fourth in three months; one-fourth i'll four
months. and the balance i'll five months from the
date the same is subscribed: provided that no
part of any stock shall be payable before June
18th. 1874.
ARricLE6 No stakeholder shall hold more
than fifty shares Of the capital stock of said com
pany.
Article T. This company may commence
business when Three Thousand Five Hundred
Dollars If the capital stock shall be subscribed
ARTICLES The annual Stockholders meeting
of the Company shall be held at the company's Of
fee at Toledo. Iowa, the first Id, sday in
pScsmhere u sash ySaf III Whf4 fbbnS thS
Directors. at which election each stakeholder siia !
b. entitled to one vote. and may east sach vote III
person or by pr3Ny--and said directors shall hod
their offices for year and unit. thtir Successors
are elected.
AErIcLEo The Directors Shall proceed to elect
from s.ilpng ther number Pr sid Mt and Vice
sid, nj NHo shall hold their offices for
and until th>ir success us are elected: ana shall
from the Stockholders at large eject Secretary
and Treasurer who shall hold their offices during
of Boa ir,l
gani.e within ten days after their election
Article 10 The lr, sdent and Secretary shall
be the executive Officers q ~ company subject
to the control 81 the Board uf Directors. ,ihe
Vice President Shall perform the duties of the
President iii case of his abs nee or disability.
The Secretary shall be the recording and account
ng officer Of this company and SHAH be the custo-
dian Of lis books, papers and vouchers. ali Of
which books. papers and vouchers shall ut ali
times be open to the inspt ction of the STOCK
holders.
ARTICLE H. The Board Of Directors shall have
power 10 audit all claims against the company and
to employ suitable persons To carry On and man-
are any part of the business OF the company at a
compensation to be determined by SAID Board;
said person or persons to be always under the con-
troll and direction OF said Directors who may. if
deemed expcdient require such person or persons
to give bonds 10 the company conditioned for the
faithful dis barge of their duties in such sums as
said Directors may fit. said Directors having
the power II discharge at any time such person or
persons employed and to employ others in their
stead. A majority Of the Directors shall consti-
tutc quorum for the transaction of business.
ARTICLE H. Said Directors snail as soon after
being elected as may be. proceed 10 adopt by Laws
for the management and direction OF this compa-
nv and themselves not inconsistent or repuguant
to these Articles. which SAID Bylaws may be
amended or altered at any meeting of said Direct
ors BY a majority thereof.
ARTICLE 49, These Articles may be altered or
amended at any regular meeting of the stockhold-
ers. or at any meeting called Tor that purpose by
two-thirt,s vote of the stockholders present.
ApnY he M he
shall commence on the first day Of June, A. d.
1874 and continue for the term of twenty years
tun!ess sooner dissovcd), 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 IT, The private property of the indi-
vidual stockholders of the corportion shall be
emit 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 transferred by said individ
nal stakeholder for the purpose OF defraudiEg
creditors.
AaTIcLE 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 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
es Of real estate and all contracts OF the company
shall be made and signed by the President and
countcrsigned by the Secretary.
ARTICLE Is. The Directors of this company
shall be paid the sum Of Two Dollars for each day
spent 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 a day as
NOS hoa M IN 81 no dividend he do.
clared until the company shall be out of debt and
a sufficient sum has accumulated for the successful
prosecution of the business of the company. Sub
jcct to the above conditions the directors from
time to time may declare and pay 10 the stock
holders pro rata such dividends AS in their judy
ment may be paid without detrlment to the
successful prosecution of the business OF the
company.
Article 90 The Board of Directors may call
special meetings of the stockholders on ten days
notice: and the Board shall cali meeting OF the
stockholders 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 81. VIM B. King. q. W. Sweat. John
Chambers. H. J. Patterson. Turner Forker. John
W. Youngman. A. j. Wheaton shall be directors
Of this company until the first regular meeting of
1874 and until their Successors are elected.
ARTICLE %. The stock Of the corporation may
be assigned under such rules and regulations in
regard thereto rs the Board of Directors NAV by
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 q. None OF the real estate of this cor
pOration shall be sold unless the same be ordered
at stockholders meeting called for that purpose
or at the regular stockholders meeting two thirds
Of the stockholders present voting therefore
w. Is. KING.
TURNER Yorker.
u. w. SWEAT
II. j. PATTERSON.
STATE OF IOWA, -
TANA COUNTY. IS
On this An day ofJuae A. D. 1874 befor,
me the undersigned q Notary Public in
and for said County personally an
peared. William b. hi,g. Turner For
Ter, G.. W. S,ceat and H. H. Patterson.
tome personally kaoac to be the identical
persons ariOse names are a1fred 10 TIE
Adore Afticies Of Iacorporafion and
acknomisdged.fhe erecution Of the same
to De their voluntary act and deed as
nifness My hand the date last ADORE
mentioned.
[sEAL] G. r. STRUBLE,
Notary Public, 7dma Co., Ioma,