Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-05-01
ARTICLES on mooRpozA11oa

OOU44Sy VI O8x0oSys !
The undersigned hereby associate themselves,
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 s'The
Mechanics Building Society" The general
purposes of said corporation and the general
nature Of its business shall be tho 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 tho City of
st. Paul, in said county and State.
SECOND.
Tho said corporation shall commence on the
Goth 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. 1873.
THIRD.
The amount of capital stock of said corpora
ton shall be one hundred thousand dollars
lSlOO, OoO), divided into two thousand sharea of
fifty dollars each. to DO paid In monthly INSTALL
ments of twenty-five cents per chare, At such
times and under such regulations a. may be
prescribed by the bylaws, but 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 may be- increased,
within the limits, and in the manner prescribed
by law.
FOURTH.
The highest am cunt 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 az fol-
lows:
IF. A. studdart residence, ST. Paul, Ramsey
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
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
", H.
Henry Jensen, residence S.. Paul, Ramsey
county, Minnesota.
Frederick De Haas, residence st. Paul, Ram
sey county, Minnesota.
William Frederick Won Deyn, residence st..
Panl, 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.
SIXTH.
The officers Of said corporation shall be o
president vice president treasurer, secretary
attorney, and ten directors, 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
the year A. D. 1878, and shall each hold his of.
fee 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 Eower to adopt all
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.
tQe ssalu Objects snail DC eleCLeC, the 1Ol-
lowing named persons shall, act the board of
directors: !. F. A. Studdart, Joseph l. Beau
mont, William S. Moore, Bertram bchefer,
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 Von
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 E. Hauser, Secretary.
Bertram 6cheffer, Treasurer.
William 8. Moore, Attorney.
The first regular election of directors shall b<
day in May. A. y. 1879. All vacancies in any
office shall be filed by the directors at any
meeting thereof, regular or special.
SEVENTH.
The number and amount of shares in tn.
capital stock shall be two thousand, at fifty
alton shall consist Of persons of the age "
| twenty-one years and upwards. Minors ant
others may hold stock by guardians or trustees
but shall not be allowed to vote. No perso,
shall become stockholder who has not pre-
viously obligated himself to said association il
| writing that be will punctually pay the month
ly dues, installments, or assessments on tn
shares Of stock fo- which he may subscribe, an,
all fines, dues and interest loans
| as he may become liable for. tn
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 shal
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 b
shall become liable; in such manner as the by
laws shall prescribe. Every stockbolder sha
be entitled to one vote only, irrespective of tn
number of shares he may hold, and snch vot
| cannot be cast by proxy. Any member of sal
corporation may he allowed to withdraw there
from, upon such time and in such manner q
may be prescribed by the bylaws.
EIGHTH
The funds accumulated by said society
shall be loaned out to its members in such suns
| upon such security, upon such time, and
such manner as may be prescribed by the b,
laws.
When, at any time within fifty years, eac
and every member of this society who has NJ
received loan, shall receive for each and ever
share of stock he may hold. fifty dollars, le.
under its charter and bylaws, this society sha
close its affairs and become dissolved. IT
Board of Directors shall then deliver to eac
mortgagor who has complied with the co,
ditions of his mortgage, discharge in flu
thereof, aud all papers connected Herewith.
I TENTH.
An annual meeting of the stockholders sha
be held on the Friday next preceding the four,
Saturday in May of each year, commencing
, D. 1879, to elect Board of Directors for Il
ensuing year, and to transact any other bui
ness of the society; besides any other state
meetings may be holden at such times Al
: places as the BY -laws may prescrih
/ the same are called by at least FIVE Director
) and notice thereof be previously given by I