St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-03-11
ARTICLES OF Incorporation.

ARIlGLhD Ut NATURALIZATION.
The undersigned hereby associate Themselves
and agree to become corporation under and by
virtue of the laws of the State of Minnesota in
such cases made and provided, and to that end
have adopted, agreed to and signed the following
articles of Incorporation:
ARTICLE 1.
The name of the corporation shall be the
decentralization Building association The
general purposes of said corporation and the
general nature of its business shall be the rais-
ing of funds to be loaned to it's members; to
build houses; satisfaction of mortgages and
other investments; also, the holding and sale of
real estate, taken on forfeiture or otherwise;
and any other business naturally pertaining to
its principal object aforesaid.
The principal place of business Of said corpo-
ration shall be in the City of St. Paul, in the
County of Ramsey and State of Minnesota.
ARTICLE H.
The said corporation shall commence on the
18th day of March, A D. 1885, and contin ne for
the period of thirty years.
ARTICLE III.
The amount of capital stock of this
corporation shall be two million dolars
tS2,00O,0 00), divided into forty thousand,
(40,OOO) shares of fifty dollars (S5Ol each, to be
paid in monthly nstallments of twenty-five cents
per share, at such times and under such regula-
lions as the bylaws may direct; but said corpo-
ration may go into operation and transact bust
ness whenever one hundred Thousand dollars
$500, 000) of said stock shall have been sub
scribed.
ARTICLE ".
Stock may be forfeited for neglect or refusal
on the part of the holder thereof to pay any in
stallments, assessments, dues or fines for which
he or she shall become liable in such manner as
prescribed in the bylaws.
ARTICLE V.
Amy person, o-partnership, company or cor
poration, capable by law of contracting except
building associations associations of like ma
ture to this, may hold stock in this association,
but none save persons upwards of twenty one
years Of age shall be allowed to vote.
ARTICLE VI.
The highest amount of indebtedness or liability
which said association shall at any one time incur
is fifty thousand dollars (S5O000).
ARTICLE VII.
The names and places of residence of the
persons forming said corporation are as follows,
viz: F. Driscoll, Jr., H. j. McAfee, Henry
Henly, William II. Harris, j. W. Shepard,
Charles W. Clarke. Edwin F Kenrick, B. P.
Gray, A. H. Hornsby, A. E. Clark, Charles A B.
ward E. S;ribner and Frank B. Farwell, all re-
siding at st. Paul. Minnesota.
ARTICLE VIII.
The names of the first Board of Directors are:
First ClaSs-A. NJ. Schnel Henry Henly, F.
Driscoll, Jr., E. F. Kenrick and A. II. Hornsby.
Second CtdSS-Frank B. Farwell, II. j. Nc
Afee, 3. P. Gray, A. E. Clark and Charles A. 2.
Weide.
Third Czass-Charles W. Clarke, j. W.
A TreD bp1r 6,vo II
and William II. Harris, who shall serve as such
until their successors are elected and qualified
as herein provided; and until the first election
Edward E. Scribner shall be President; H. j.
McAfee, Vice President; j. W. Shepard, Secre-
tary, and William H. Harris, Treasurer.
ARTICLE TX.
The government of the Association and the
management of its affairs shall be vested in a
Board Of fifteen Q5) Directors, all of whom
mus be stockholders.
ARTICLE Y.
Said Directors shall be divided into three classes
of five (5) each; the first class shall hold office
for one year, second class for two years and
the third class for three years, and at
each annual meeting there shall be
elected five directors, whose term of office shall
be three years, or until their successors are
elected and qualified.
ARTICLE NJ.
The Board of Directors shall elect annually
president, vice president, secretary and treasurer
from their own number, and an attorney from
their own number or shareholders of the associa-
ton, whose terms of Office shall be one year, or
until their successors duly elected and quail
fed.
ARTICLE XII.
At said elections such stakeholder or director
shall have but one vote, and that must be given
personally. Vacancies may be filed by appoint
ment of majority of the directors at any regular
meeting.
ARTICLE XIII.
The bylaws of this association may be
adopted, altered or amended at any regular meet
ing of the stockholders:
Provided, first, That alterations or amendments
shall have been submitted in writing ana read at
the two regular meetings Immediately preceding,
and two-thirds vote Of the members voting
shall be necessary to make changes.
ARTICLE XIV.
When within thirty (3O) years the shares
of stock then outstanding shall have reached
their par value from payments thereon and
profits accruing thereto the Directors shall with
out delay discharge all liens the property of
members who are borrowers, return all papers
and securities to the proper persons, dispose of
ali the corporate property, and after distributing
the assets among the members entitled to the
same properly declare the corporation dissolved.
Witness our hands and seals at ST. Paul, Min
nesota, this goth day. of February A. d. 1885.
Il. DRlSCOLL. JR. Seal.I
II. j. McAFEE. Seal.
HENRY HENLY. Seal
WIN, IL. HARRIS. Seal.
j. w. SHEPARD. Seal
CHAS. w. CLARKE. Seal
EDWIN f. KENRICK. lSeal