Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-05-03
ARTICLES OF INCORPORATION
STATE OF MINNRsoTA,
County of Ramsey.

80 =
Mechanics Building Society.
STATE OF MINNESOTA,
County of Ramsey. So
The undersigned hereby associate themselves
ana agree to become corporation under and
by virtue of the statute in such case made ard
provided, and to that end have adopted agreed
to, and signed the following articles OF incor-
poration:
FIRST.
The name OF the corporation shall he The
Mechanics Building Society,"" The genera,
purposes of said corporation and the general
nature of Its business shall be the building of
houses by raising funds to be loaned TO its
members for the purchase Of real estate, salts
faction of mortgages and other Investments;
also the holding and sale of real estate taken
on forfeitures and otherwise; and any other
business naturally pertaining to its principal
object as aforesaid. The principal place of bus
mess Of said corporation shall be the City of
st. Paul, in said county and State.
SECOND.
Tne said corporation shall commence on the
10Th day of May, 1873, and continue thence for
the space of fifty years. and the first monthly
meeting of said corporation shall take place on
the 25th day of May, a. d. 1878.
THIRD.
The amount of capital stock of said corpora
ton shall be one hundred thousand dollars
lsl0O, 0OO), divided into two Thousand shares of
nifty dollars each. to be paid in monthly install
ments OF twenty five cents per chnre at such
times ana under such regulations as may be
prescribed by the bylaws, hut said corporation
may go into operation and transact business
whenever twenty-five thousand dollars of said
stock shall have been subscribed. But the
amount OF said capital stock NAV be increased
within the limits, and in the manner prescribed
by law.
FOURTH.
The highest amount of Indebtedness or liahii
ity which said corporation shall at any time in
cur is i've thousand dollars.
FIFTH
$ The names and places of residence of the per-
sons forming the said corporation are as fol-
lows:
!. +. A. stnddart, residence, St. Paul, Ramsey
county, Minnesota.
Joseph I. Beaumont, residence st. Paul. Ram
sey county, Minnesota.
Bertram Scheffer, residence st. Paul, Ramsey
county. Minnesota.
William s. Moore, residence st. Panl RAMSEY
county. Minnesota
Louis E. Hauser, residence st. Paul. Ramsey
county, Minnesota.
Frederick W. Dohm, residence st. Paul Ram
sey county, Minnesota.
George w. Robertson, residence st. Paul.
Ramsey county, Minnesota.
Charles B. STANLEY, residence ST. Paul, Ram
sey county. Minnesota.
Henry Meyerding, residence st. Paul Ramsey
county, Minnesota.
Henry Jensen, residence S.. Paul Ramsey
county, Minnesota.
Frederick De Haas, residence st. Paul, Ram,
sey county, Minnesota.
William Frederick Won Deyn, residence St.
Paul, Ramsey county, Minnesota.
Charles Pusch, residence st. Paul, Ramscy
county, Minnesota.
John Mark, residence st. Paul, Ramsey com
ty, Minnesota.
F. A. Cariveau, residence st. Paul, Ramsey
county, Minnesota.
SIXTH.
The officers of said corporation shall be q
president, vice president, treasurer, secretary
attorney, and ten directors, NIL of whom shall
BIO stockholders. Fifteen directors shall be
elected by the stockholders by ballot ANNUALLY,
on the Friday next preceding the fourth Sat
urday IN the month of May in each year after
the year A. d. 1873 and shall each hold his Of
ice for one year and until his successor shall be
elected and shall have qualified and accepted
his Office. The said directors shall choose from
among themselves the president, vice president,
secretary, treasurer, and attorney, and shall
form board of directors for the transaction
and management of the affairs of said corpora
ton, and shall have full power to adopt ali
rules and regulations which may be necessary
in the discharge of their duties, and for the
government Of the board, not inconsistent with
the articles Of incorporation or the bylaws.
Until the said officers shall be elected, the fol
lowing named persons shall, act as the board of
directors /. F. A. 6tuddart, Joseph /. Beau
mont, William g. Moore, Bertram SchefIer
Lonis E. Hauser, Frederick W. Dohm, Charles B.
Stanley, George W. Robertson, Henry Meyer
ding, Henry Jensen, Frederick De Haas, T. A.
QYIv An InNtH NfoNlr
Deyn, Charles F. Pusch.
And until said election the following persons
shall be officers of said corporation, viz
I. F. A. Studdart, President.
Joseph !. Beaumont, Vice President.
Louis +. Hauser, Secretary.
Bertram Scheffer, Treasurer.
William 8. Moore, Attorney.
The first regular election of directors shall lie
on the Friday nest preceding the fourth Satnf.-
day in May, A. d. 1879. All vacancies in any
office shall be filled by the directors at any
meeting thereof, regular or special.
SEVENTH.
The number and amount of shares in the
capital stock shall be two thousand, at ffty
dollars each. The stockholders Of said corpcr-
alton shall consist Of persons OF the age of
twenty-one years and upwards. Minors and
others may hold stock by guardians or trustees
but shall not be allowed to vote. No person
viously obligated himself to said association in
writing that he will punctually pay the month.
ly dues, instauments, or assessments Oil tic
shares of stock for which he may subscribe, and
all fines, dues and interest on loans,
as he may become liable Cor. The
such regulations in regard to manne,
and form of subscribing for stock, and for Is
suing and transferring the same, as they shall
deem proper and such regulations may be
changed by the by-laws. Said stock may lie
come forfeited for neglect or refusal on the
| part of the holder thereof to pay any install
ments, assessments, dues or fines, for which he
shall become liable; in sHch manner rs the bv-
laws shall prescribe. Every stakeholder shall
be entitled to vote only. irrespective Of the
number of shares he may hold, and such vote
cannot be cast by PROXY. Any member Of said
corporation may be allowed 10 vifEesass stel o
from, upon such time and in such manner as
| may be prescribed By the By lave.
EIGHTH
| The funds accumulated By sail society,
shall be loaned OFT r. IT'S members il, such sums
| upon such secUr.:,,, upon such time, and il
such manner as may be prescribed by the by
laws.
NINTH.
When, at any time within fifty wears each
| and every member of this society who has moi
received loan, shall receive for each and ever,
share of stock he may hold. fifty dollars, less
the amount he may then owe said society
under its charter and bylaws, this society shall
close it's affairs and become dissolved.> The
Board of Directors shall then deliver to caef
mortgagor who has complied with the con
ditions of his mortgage, q discharge in fll
| thereof. and ali papers connected Herewith.
| TENTH.
! An annual meeting Of the Stockholders shal
be held on the Friday next preceding the fourth
Saturday in May of each year. commencing A.
d. 1879, to elect Board of Directors for til.
ensuing year, and to transact any other bust
ness of the society; besides any other stated
meetings may be holden at such times a,lc
| places as the bylaws may prescribe