Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-04-29
ARTICLES OF INCORPORATION

STATE OF MINNESOTA,
County of Ramsey. 90
The undersigned hereby associate themselves,
and agree to become a 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 1.-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 tho 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
25th 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
| ton shall be hundred thousand dollars
| ($l0O,OOO), 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 90 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 as fol-
lows:
If. A. Studdart, residence, st. Paul, Ramsey
county, Minnesota.
Joseph l. Beaumont, residence St. Paul, Ram
sey county, Minnesota.
Bertram SchefTer, residence st. Paul, Ramsey
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 Meyerdng, 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, Ramse,
county, Minnesota.
John Mark, residence st. Paul, Ramsey coun
ty. Minnesota.
+. A. Cariveau, residence st. Paul, Ramse,
county, Minnesota.
SIXTH.
The officers of said corporation shall be
3 president, vice president, treasurer, secretar,
attorney, and ten di ectors, all of whom shall
be stockholders Fifteen directors shall b
on the Friday next preceding the fourth Sat
urday in the month of May in each year afte
: the year A. D. 1878, and shall each hold his of
II flee for one year and until his successor shall b
r elected and shall have qualified and accepte
his Office. The said directors shall choose fror
among themselves the president vice president
: secretary, treasurer, and attorney, and shal
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 necessar
in the discharge of their duties, and for til
' government of the board not inconsistent wit
the articles of incorporation the bylaws
Until the said officers shall be elected, the fo
lowing named persons shall act the board G
directors: !. F. A. Studdart, Joseph i. Beat
mont, William s. Moore, Bertram Scheffe
! Louis E. Hauser, Frederick w. Dohm Charles l
Stanley, George W. Robertson, Henry Mcye
ding, Henry Jensen, Frederick De Haas, +. 4
Cariveau, John Mark, William Frederick Vo
Deyn, Charles F. Pusch.
And until said election the following person
n shall be officers of said corporation, viz:
1. l. +. A. Studdart, President.
Joseph |, Beaumont. Vice President
Louis L. Eauser, Secretary.
Bertram Scheffer Treasurer.
William s. Moore, Attorney.
n The first regular election of directors shall /
on the Friday next preceding the fourth Satu
l. day in May. A. D. 1879. All vacancies in an
I. office shall be filled by the directors at an
meeting thereof, regular or special.
SEVENTH.
The number and amount of shares in tt
capital stock shall be two thousand, at fit
dollars each. The stockholders of said corpo
alton shall consist Of persons of the age ,
twenty-one years and upwards. Minors an
others may hold stock by guardians or trustee
but shall not be allowed to vote. No perso
shall become stakeholder who has not Or
viously obligated himself to said association i
writing that he will punctually pay the montl
ly dues, installmente, or assessments on tt
shares of stock for which he may subscribe, an
all fines, dues and interest on loan
IL
present board of directors may max
such regulations in regard to manne
:, and form of subscribing for stock, and for il
suing and transferring the same, as they sha
deem proper, and such regulations may
changed by the bylaws. Said stock may b,
come forfeited for neglect or refusal on tx
part of the holder thereof to pay any install
ments, assessments, dues or fines, for which
shall become liable; in such manner as the by
), laws shall prescribe. Every stakeholder sha
be entitled to one vote only, irrespective of tt
* number of shares he may hold, and such vol
cannot be cast by proxy. Any member of sal
is corporation may he allowed to withdraw Their
le from, upon such time and in such manner ;
may be prescribed by the bylaws.
~ EIGHTH
1 The funds accumulated by said societ,
shall be loaned out to it's members in such sum
upon such security, upon such time and
such manner as may be prescribed by the b,
laws.
81 NINTH.
When, at any time within fifty years, eac
and every mem her of this SOciety yyh has mr.