Morris tribune., 1885-06-17

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ARTICLES OF INCORPORATION
s. M o II R I . |
Loan and Bulldlngl
ASSOCIATION"
In order to become corporation under ana
by virtue Of tho laws OF the State OF Min
nesota, in such case made ana Provloea'
ed the following
ARTICLES OF INCORPORATION:
ARTICLE 1.
The name OF this corporation shall be the
"MORRIS LOAN AND BUILDING ASSO- 4
in the village OF Morris, county OF Stevens, I
and State OF Minnesota.
ARTICLE II.
and the general nature of the business, shall
be the accumulation OF funds paid In mostly
by its shareholders and the loaning OF sucn
funds on real estate or other securities ap-
proved by Its Directors, to Its members, for
the purchase :of real estate, bulidlng OF
houses, satisfaction Of MORTGAGES and otner
instruments authorised by law; also the pur-
chase, holding aDd sale OF real estate taken
on forfeiture, foreclosure or otherwise, and
in which said association may nave any IN
forest, and any other business naturally per-
1 tanning to It's principal object as Aforesaid.
ARTICLE III.
II ~, oi-
/ ness on the eighth day of June, A. D. 1885,
I and shall continue for o period or thirty
| years, and the first monthly meeting shall
| take place on the third (sd) Monday in june
ARTICLE ".
The capital stock Of this corporation shall
I (s25O,OOO) divided into five thousand 5000
shares Of ffty dollars ($50) each, to be paid IN
| in monthly installment! OF twvnty-nve eSS)
4 cents per share, at such times and under such
! regulations as may be prescribed by the by
1 laws; but said corporation may go into oper-
ation and transact business s Whsnever ne We % one
/ been subscribed for and taken.
l The Board Of Directors shall have power to
deede by and Snail have
l power In their discretion to retire the un-
I pledged shares OF any series Of stock OF this
from the date Of the issue of said stock, and
| enforce the same in such manner as may be
prescribed by the bylaws
/ ARTICLE v.
The highest amount of Indebtedness which
l said corporation shall at any time incur shall
| be one-fourth of the stock actually subscrib-
ed for and taken,
ARTICLE VI.
The names and places of residence of the
persons forming said assocation are as IL FOL ,,,
s. Judson, Edwin P. O'Brien, Stephen A.
l Flaherty, Eugene w. Randall, James A.
johnson, all or Morris, county of Stevens,
| Minnesota.
ARTICLE VII.
1 The government Of this association and the
| Board Of Directors Of not less than three tsl
and not more than fifteen Q5l, who shall all
1 be stockholders, and the same shall be elect.
nual meeting on the first Tuesday after the
first Monday in June Of each year after the
l year 1885. Vacancies occurring in the Board
Of Directors shall be filled by the remaining
| members OF the Board.
! At the first meeting Of the Board Of Di.
| rectors after the annual meeting OF the stock
| President Vice-President, Treasurer, Secre.
tary and Attorney, from their own number
from among the he ear ana o. I'M nne
til his successor Is elected and qualified. All
| vacancies among the officers shall be filled
by the Board of Directors at the next meeting
1 The Board of Directors shall have full
| power to transact and manage the affairs of
duties OF said corporation, impose reasonable
fines, assessments and dues upon Its mem.
I bsrs, regulating the subscription, issue and
investment Of its funds, and generally to
1 adopt all measures necessary to carry out the
objects Of this corporation, mob inconsistent
aht shs assess aSnua1 Gt elsco II US the follow
ing named persons shaiI act as the Board OF
Directors, to-wit: Henry 6. Judson, Patrick
A. MCCARTHY, Stephen A. Flaherty, Edwin p.
o'Brien. Eugene W. Randall, James A. John.
And until said siestion the following
'4HRSNsHRfYnss RRGNRY 5. JupsoN, President.
5hMEs ERM5s f. goaNsoR 3gaHNssoS Tpsasussr
slEphGN k Fl hfSAkrHhx r. FhAasSTYy safssissTsYFy Attorney
! ARTICLE VIII.
| NO person shall become stockholder who
has not obliged himself to comply with tho
articles Of Incorporation and the bylaws Of
forfeited for neglect or refusal on the part of
l the holder thereof to pay any installment,
sSa o5 n
manner as the bylaws shall prescribe. IN
annual or special meetings Of the stockhold;
eaSh snail be- entitled to Vote Such vote
| may be cast by proxy.
| Any member OF said corporation may be
allowed to withdraw therefrom at such time
the bylaws.
| ARTICLE TX.
The funds accumulated by said association
shall be loaned out to its members in such
sums, upon such security, on such terms and
in such manner az may be prescribed by the
| bylaws.
ARTICLE x.
AZ any time within thirty 80, years that
each share Of the the capital % stock ts shall become
OF said stock who has not borrowed thereon
| shall receive for each share thereof the said
then owe said corporation, and the said series
| of stock shall then determine. The Board of
Directors shall thereupon cancel and dis
cure cure loans upon stock Of said maturing series,
6ays been fully complied With; and 4, they
pers connected with said loan.
ARTICLE XII.
The Board of Directors of said association
shall have power in their discretion to issue
or to Withhold the stock thereof and said stock
may be issued in annual or semi-annual
In witness whereof we have hereunto set
our hands nd! and seals this eighth day of June,
RATEIeKR RhWfN :. q; akkpSAi MkfpSAARTHY' EsEAI]
STEPHEN A. FLAHERTY, SEAL
HENRY 8. JUDSON, SEAL
EUGENE w. RANDALL, fsEAL1
JAMES A. JOHNSON. fsEAL1
n Signed, sealed and delivered in presence OF
JOHN j. PIMM and NJ. p. MORRIS.
sT6on 6onnty Sy dS aSssssSssorA' sssyes., IS
Be 1t known. that on this 18th day of June,
A. D. 1885, personally appeared before me the
undersigned, o notary public within and for
said county OF Stevens, Patrick A. Mccarthy,
Henry 3. Judson, Edwin p. O'Brien, Stephen
A. Flaherty, Eugene w. Randall and James
A. johnson, each to me personally known to
| be the same person respectively who signed
the foregoing Articles Of Incorporation, and