Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-12-01
ARTICLE I.

ARTICLE I.
The name of this corporation shall be
wat er Power Company of Cloquet." The gen
eral nature OF its business shall be to purchase,
own, lease and sell timber lands and other real
estate, to purchase, own, lease, improve and sell
water powers, dams, booms and privileges, to
build, buy, sell, lease, own, maintain and ope-
rate mills, ware houses and store houses, to
purchase, manufacture and sell logs and lumber
and all articles of merchandise that may be
manufactured therefrom, the cutting and trans
porting of logs and timber from the place of
growth to the place of manufacture,
and to conduct and carry on a
general lumber, merchandise and fuel
business in the States of Minnesota and Wiscon.
transacting said business shall be at Cloquet, in
the county of Carlton, and State of Minnesota,
ARTICLE IL.
The time of the commencement of said cor
poration shall be the Fourth day of December,
A. D., 1882, and the period of its continuance
shall be twenty years.
ARTICLE III.
The amount of capital stock of said corpora
ton shall be one hundred ard fifty thousand
(15O ,0O0) dollars, but the same may be in
creased at any regular or special meeting of the
stockholders called for that purpose, up to an
amount not to exceed three hundred thousand
(Se0, 0OO) dollars.
The par value of all stock shall be raid in
when the stock is subscribed for
ARTICLE ~.
The highest amount Of Indebtedness or liabil.
ity to which said corporation shall at any time
be subject is one hundred thousand ($lGO, CCO)
dollars.
ARTICLE v.
The names and places of residence of the per
sons forming this association for incorporation
are as follows:
William w. McNair, Minneapolis, Mimi.
James NJ. Paine, Minneapolis, Mimi.
Mark Paine, Northern Pacific Junction, MINI
D. H. McEwen, Cloquet, MINI.
Edgar w. Wilson, Minneapolis, MINI.
ARTICLEVI.
The names of the first Board of Directors OF
said corporation are William W. McNair, James
NJ. Paine, Mark Paine, D. H. McEwen and Edgar
W. Wilson.
The government of the said corporation and
the management of its affairs shall be vested
in Board of five Directors, who
shall be elected annually on the first
Tuesday of December of every year for the
term of one year and until their successors are
elected and qualified, the Board Of Directors at
their first meeting and thereafter at their first
meeting following each annual election of Di-
rectors shall chose from among their number a
President, a Secretary and a Treasurer whose
term of Office shall be until the next annual cleo
ton thereafter and until their successors are
chosen and qualified. The Board of Directors
shall also elect general manager who shall hold
his Office during one year or the pleasure of the
Board of Directors. The Office of Secretary and
Treasurer may be held at the same time by one
and. the same person. All such officers and any
agent whom the Board of Directors may ap-
point shall perform such duties as the Board OF
Directors shall by the bylaws or otherwise pre-
scribe.
ARTICLE VII.
In all meetings Of the stockholders
Of said company each share shall entitle the
holder thereof to one vote which may be given
by said stock holders in person or by lawful
proxy.
ARTICLE VIII.
The number or shares of the capital stock OF
said corporation shall be three thousand G, 600
and the amount of each share shall be fifty dol
lars but in case the capital stock of said corpor
OtiOn is increased then the number of shares
shall be correspondingly increased.
In witness thereof We have hereunto set oul
hands and seals this sixteenth day of November
A. D. 1882