St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-03-10
G. z r r a / N .
ARTICLES OF INCORPORA1ION.

141t l4S1AlA ~ 41'SS1tA s@A@~
The undersigned hereby associate themselves
and agree to become q corporation under ana oy
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 Inc following
articles of incorporatlon:
ARTICLE I.
The name of the corporation shall be the
"Germsn-American Building association. Ihe
general purposes of said corporation and the
general nature of its business shall be the rais-
, ing of funds to be loaned to its members; 70
build houses; satisfaction OF mortgages ana
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 this
County of Ramsey and State of Minnesota.
ARTICLE II.
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 dollars
(S2, 900, OOO) divided into forty thousand,
(4o,0OO) shares of fifty dollars (S5O) each, to be
paid in monthly installments of twenty-five cents
per share at such times and under such regua'
tions as the by laws may direct; but said corpo-
ration may 60 into operation and transact bust
ness whenever one hundred thousand dollars
(S100,000) 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
stallmenJs, assessments, dues or fines for WHICH
he or she shall become liable in such manner 40
prescribed in the bylaws.
f; ARTICLEV.
! Any person, 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 Lone
| 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 (S50,00o).
ARTICLE VII.
The names and places of residence of the
persons forming said corporation follows
viz: +. Driscoll, DR., Il. j. McAfee, Henry
Heny, William II. Harris, j. w. Shepard,
Charles W. Clarke, Edwin F. Kenrick, B. P.
Gray, A. II. Hornsby, A. e. Clark, Charles A. B.
WeIde, A. W. Trenholm, A. M. Schnell, Ed.
| ward Z. 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 CIasS--A. NJ. Schnell, Henry Heny, F.
Driscoll Dr., E. F. Kenrick and A. H. Hornsby.
| Second CEass-Frank 3. Farwell, H. J. Nc
| Afee b. P. Gray, A. E. Clark and Charles A. B.
Weide.
! Third C1aSs-Charles W. Clarke, j. w.
Shepard, A. VI. Trenholm, Edward E. Scribner
and William H. Harris, who shall serve such
until their successors are elected and qualified
Is herein DrOviied and until Ihp first plecIiOQ
Edward E. Scribner shall be President; H. j.
McAfee, Vice President; j. W. Shepard, Secre-
tary. and William II. Harris, Treasurer.
ARTICLE X. g sst
! The government of the Association and the
management OF its affairs shall be vested in q
Board Of fifteen (15) 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 al
each annual meeting there shall be
elected five directors, whose term of Office shall
| be three years, until their successors
elected and qualified
| ARTICLE XII.
| The Board OF Directors shall elect annually a
president, vice president secretary and treasurer
from their own number, and attorney from
their own NUMBER shareholders of the aSsocia-
{ tion whose terms of office shall be one year, or
until their successors are 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 ut any regular meet
ing of the stockholders
Provided, first, That alterations or amendments
shall have been submitted in writing and read at
the two regular meetings Immediately preceding,
and two-thrds vote of the members voting
| shall be necessary TO make changes
ARTICLE XIV
| When within thirty (30) 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 on the property OF
members who borrowers, return all papers
| and securities to the proper persons, dispose Of
all the corporate property, and after distributing
/ the assets among the members entitled to tho
| same properly declare the corporation dissolved.
| Witness hands and seals at ST. Paul, Min
nesota, this 26th day Of February A. D. 1885.
| F. DRISCOLL JR. lSeal.
II. J. McAFEE. lSeal
HENRY HENLY. lSeal.
WIN, II. HARRIS. Seal.