Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-05-03
ARTICLES OF INCORPORATION
OF TEE
Mechanics Building Society.

Mechanics Building Society.
SITE ann, OF \ MINNESOTA RsS SIS.
The undersigned hereby associate themselves.
ana agree to become corporation under and
provided, and to that end haze adopted agrecd
to, and sigaed the following alticlea Of incor-
poration:
FIRST.
The name of the corporation shall be Tho
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
lSl0O, COO, divided into two thousand shares OF
fifty dollars each. to be paid in monthly Install
ments of twent; -fve cents per chare, at such
times and under such regulations as may be
prescribed by the bylaws, but said corporation
may go into operation and transact bnsiress.
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:
I. F. A. Strddart, residence, ST. Paul, Ramsey
county, Minnesota.
Joseph l. Beaumont, residence st. Paul, Ram
sey county, Minnesota.
Bertram Scheffer, residence ST. Paul, Ramsey
William s. Moore, residence st. Paul, Ramse7
county, Minnesota.
Louis Z. Hauser, residence st. Paul Ramsey
county, Minnesota.
Frederick ". 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
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.
J,hv Nfo-l> e. p.,,1
ty, Minnesota.
F. A. Cariveau, residence St. Paul. Ramsey
county, Minnesota.
The officers of said corporation shall be l.
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. 1873 and shall each hold his Of
fee for ono 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 NIL
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 ehal be elected, the fol
lowing named persons shall, act as the board of
directors /. F. A. Studdart, Joseph I. Beau
mont, William 8. Moore, Bertram SchefIer,
Louis E. Hauser, Frederick W. Dohm Charles 3.
Stanley, George W. Robertson, Henry Meyer
ding, Henry Jensen. Frederick De Haas, 7. \.
Cariveau, John Mark William Frederick yon
Deyn, Charles f. Pusch.
| And until said election the folloy no par s,rc
shall be officers of said corporation, viz
I. F. A. Studdart, President.
Joseph l. Beaumont, Vice President
Louis E. Hauser, Secretary.
! Bertram Scheffer, Treasurer.
! William 8. Moore, Attorney.
The first regular election of directors shall Ii
on the Friday nest preceding the fourth Satuf.
day in May, A. D. 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 tllt
capital stock shall be two thousand, ct IF Y
dollars each. The stockholders Of said copper
alton shall consist of persons Of the age oi
twenty-one years and upwards. Minors ant
others may hold stock by guardians or trustees
but shall not be allowed to vote. No perHol
shall become stakeholder who has not pre-
viously obligated himself to said association il
writing that he will pupctualiy pay the month
ly dues, installments, or assessments Oh tn
shares of stock for which he may subscribe, ans
oil fines. dues and interest on loans
as he may become liable Tor, TIL
present board of directors may max
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 J.
changed by the bylaws. Said stock may lie
come forfeited for neglect or refusal Oh Il.
y fbol, ,el
/ ments, assessments, dues or fines for which Il
shall become liable; in such manner as tire by
, laws shall prescribe. Every stoCkholdcr sila
{ be entitled to vote only, irrespective Of til
' number of shares he mag hold, and such vol
!, cannot be cast by proxy. Any member Of sci
corporation .nay be allowed 10 witEG.t" ttei'
|, from, upon such time and in such manner
may be prescribed b. the by!ase.
/ E,GHIJI
The funds accommodated By sad soCiet
shall be loaned Oh - its men, bers in such
' upon such secu:.:y, upon such time and
d such manner as may be prescribed by the b.
:: laws.
j NINTH.
Is When, at any time within fifty years, eac
j and every member OF this society who has ~
! received loan, shall receive for each and eve
= share of stock he may hold. fifty dollars, lie
: the amount he may then owe said societ
e under it's chatter and bylaws, this society sha
r. close its affairs and become disaolvci> =
ID Board of Directors shall then deliver to ca
# mortgagor who has complied with the co
q ditions of his mortgage, g. discharge in Fl
- thereof: and all pal ers connected Herewith
ID TENTH.
- An annual meeting of the stockholders shs
:. be held ON the Friday next preceding the four
rs Saturday in May of each year. commencing
e. d. 1879, to elect Board of Directors for t
N howl
u ness cf fhe society: besides any other stat,
:. neetinrs may be holden ut ouch timns