Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-04-30
ARTICLES OF INCORPORATION

Mechanics Building Society.
STATE cIzn o. y Hs1Rs .m:se IL.
The undersigned hereby associate themselves, I
and agree to become q corporation under and ]
by virtue of the statute in such case made and
provided, and to that end have adopted, agreed
to, and signed the following articles of incor-
poration:
The name of the corporation shall be 'The
Mechanics Building Society" The general
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.
The said corporation shall commence on the
10th day of May, 1878, 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
($100 000), divided into two thousand shares of
fifty dollars each. to be paid in monthly Install
| ments of twenty-five cents per chare, at such
times and under such regulations may be
| prescribed by the bylaws, but said corporation
| may 60 into operation and transact business
whenever twenty-five thousand dollars of said
stock shall have been subscribed. But the
amount of said capital stock may be increased,
within the limits, and in the manner prescribed
by law.
FOURTH.
| The highest amount of Indebtedness or liabil-
ity which said corporation shall at any time in
cur is five thousand dollars.
FIFTH.
The names and places of residence of the per-
sons forming the said corporation are fol-
| lows:
IF. A. Studdart, residence, st. Paul, Ramsey
county, Minnesota.
Joseph I. Beaumont residence st. Paul, Ram
sey county, Minnesota.
Bertram Scheffer, residence st. Paul. Ramsey
William 8. 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 St. Paul, Ramsey
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, Ramsey
county, Minnesota.
John Mark, residence st. Paul Ramsey coun-
ty Minnesota.
F. A. Cariveau, residence St. Paul. Ramsey
! county, Minnesota.
The officers of said corporation shall be a
president, vice president, treasurer, secretary
attorney, and ten diiectors all of whom shall
be 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. 1878, 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 al
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 sbal, act as the board OF
directors: !. F. A. Studdart. Joseph l. Beau
mont William s. Moore, Bertram Scheffer
Louis E. Hauser, Frederick W. Dohm, Charles B
}. Stanley, George W. Robertson, Henry Meyer
ding, Henry Jensen, Frederick De Haas, F. A
= Cariveau, John Mark, William Frederick Vor
1, Deyn, Charles F. Pusch.
And until said election the following pers on
shall be officers of said corporation, viz:
t. l. F. A. Studdart, President.
10 Joseph /. Beaumont, Vice President
70 Louis Z. Hauser Secretary.
% Bertram Scheffer, Treasurer.
" William s. Moore, Attorney.
=, The first regular election of directors shall b.
X on the Friday next preceding the fourth Satur
% Office shall be filled by the directors at an;
y meeting thereof, regular or special.
3 SEVENTH.
The number and amount of shares in tn
capital stock shall be two thousand, at fit
dollars each. The stockholders of said corpor
alton shall consist of persons of the age .
: twenty-one years and upwards Minors ant
others may hold stock by guardians trustees
: but shall not be allowed to vote. No perso
shall become stakeholder who has not pre-
viously obligated himself to said association i
writing that he will punctually pay the month
~ dues, lnstallments, or assessments on tn
u. shares of stock for which he may subscribe, an
ct all fines, dues and interest on loans
as he may become liable for. Th
: present board of directors may max
such regulations in regard to name
and form of subscribing for stock, and for il
suing and transferring the same, as they sha
deem proper, and such regulations may b
changed by the bylaws. Said stock may bt
come forfeited for neglect or refusal on tn
he part of the holder thereof to pay any install
OF ments, assessments, dues or fines, for which
60 shall become liable; in such manner as the by
., laws shall prescribe. Every stakeholder sha
he be entitled to vote only irrespective of tn
ly number of shares he may hold, and such vol
it, cannot be cast by proxy. Any member of sal
ce corporation may be allowed to withdraw Their
q, from, upon such time and in such manner
&c &c may be prescribed by the bylaws.
III EIGHTH
VI The funds accumulated by said society
Ne shall be loaned out to its members in such sum
nv upon such security, upon such time, and i
i'd such manner as may be prescribed by the b.
<. laws.
IA IA NINTH.
lis When, at any time within fifty years, eac
lai and every member of this society who has NJ
al received loan, shall receive for each and eve,
ca share of stock he may hold, fifty dollars, lei
ba the amount he may then owe said societ,
he under its charter and bylaws, this society sha
b. close its affairs and become dissolved. I'll
ed Board of Directors shall then deliver to eac
er mortgagor who has complied with the co,
40 ditions of his mortgage, discharge in flu
u' thereof. and all papers connected Herewith.
id TENTH.
81 81 An annual meeting of the stockholders sha
~ be held on the Friday next preceding the fourt
VS. Saturday in May of each year, commencing
e. D. 1879, to elect Board of Directors for tt