Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-04-28
ARTICLES OF INCORPORATION

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Mechanics Building Society.
STATE OF MINNESOTA, :.
County of Ramsey. So
The undersigned hereby associate themselves
and agree to become a corporation under and
by virtue of the statute in such case m.de .na
provided, and to that end have adopted. agreed
to, and signed the following articles of incor-
poration:
The name of the corporation shall be ssThe
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.
Inc said corporation shall commence on the
zoth day OF May, 1878, and continue thence for
Tue space OF nifty years, and the first monthly
meeting OF said corporation shall take place on
VIC AoIu udy OIL may, "A. u. 1878.
THIRD.
The amount of capital stock of said cornora-
ton shall be one hundred thousand dollars
($lO0O00), divided into two thousand shares of
hfty dollars each. TO be paid in monthly INSTALL
ments OF twenty-five cents Der chare at such
times and under such regulation as NAV be
prescribed by the bylaws but said corporation
may go into operation and transact business
whenever twenty live Thousand dollars of ssid
stock shall have been subscribed, But the
amount of said capital stock may he increased
within the limits, and in The mann er prescribed
by law.
FOURTH.
The highest amount Of indebtedness or liabil-
lty 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 IA fol
lows:
I. F. A. Studdart, residence, st. Paul. Ham,.v
county, Minnesota.
Joseph l. Beaumont, residence St. Paul Ram
sey county, Minnesota.
Bertram Scheffer, residence St. Paul. Ramsey
county, Minnesota.
William s. Moore, residence st. Panl, Ramsey
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. Ramae,
county, Minnesota.
Frederick De Haas, residence St. Paul Ram.
soy 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. Ramse,
county, Minnesota.
SIXTH.
The officers of said corporation shall be 3
president, vice president, treasurer, secretar,
attorney, and ten i1ectors, all of whom shall
be stockholders. Fifteen directors shall b,
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
tice for one year and until his successor shall bt
elected and shall have qualified and accepted
his office. The said directors shall choose from
| among themselves the president, vice president
oCSICCa1J, elCdouIcI, Iuu dGCOrneV, ana shall
form a 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 tn,
government of the board, not inconsistent will
the articles of Incorporation or the bylaws
Until the said officers shall be elected, the fol
lowing named persons shal act as the board O.
directors: I. 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 Never
ding, Henry Jensen, Frederick De Haas, f. A
Cariveau, John Mark, William Frederick Vor
Deyn, Charles F. Pusch.
And until said election the following perso nj
shall be officers of said corporation, viz:
l. f. A. Studdart, President.
| Joseph l. Beaumont, Vice President.
| Louis E. Hauser, Secretary.
| Bertram Scheffer, Treasurer.
William s. Moore, Attorney
| The first regular election of directors shall b.
! on the Friday next preceding the fourth Satur
| day in May, A. d. 1879. All vacancies in an,
Office shall be filled by the directors at an,
| meeting thereof, regular or special.
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 an,
others may hold stock by guardians or trustees
but shall not be allowed to VOTE No person
shall become stakeholder who has not pre-
viously obligated himself to said association il
| writing that be will punctually pay the month
~ dues, installments, assessments on tn
shares of stock fo- which he may subscribe, an,
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 is
suing and transferring the same, as they shall
deem proper, and such regulations may b
changed by the bylaws. Said stock may be
come forfeited for neglect or refusal on tn
part of the holder thereof to pay any install
ments, assessments, dues or fines, for which h
shall become liable; in such manner as the by
laws shall prescribe. Every stakeholder shall
be entitled to one vote only, irrespective of tn
number of shares he may hold, and such vot
cannot be cast by proxy. Any member of sal,
corporation may be allowed to withdraw there
from, upon such time and in such manner a
may be prescribed by the bylaws.
| EIGHTH