Morris tribune. [volume] (Morris, Minn.) 1880-2000, 1885-06-24

IS MI O II II L =
Loan and Building
ASSOCIATION"
In order to become corporation under and
by virtue of the laws of the state OF MID
nesOta, in such case made and PROVIDED,
the undersigned have adopted and execut-
ed the following
ARTICLES OF INCORPORATION:
ARTICLE I.
The name of this corporation shall be the
"MORRIS LOAN AND BUILDING ASSO-
CATION" and its place of business shall be
in the village of Morris, county of Stevens,
and State of Minnesota.
ARTICLE II.
The general purpose of said corporation,
and the general nature of the business, shall
be the accumulation of funds paid in mostly
by its shareholders and the loaning of such
funds on real estate or 4thef secup1 ars fpr
the purchase .of real estate, building OF
houses, satisfaction of mortgages and other
instruments authorized by law; also Inc pur-
on forfeiture, foreclosure or otherwise, and
i n which said association may have any IN
terest, and any other business naturally per-
ARTICLE III.
The said corporation shall commence bust
ness on the eighth day Of June, A. ID: 1850,
years, and the first monthly meeting shall
take place on the third (3d) Monday in June,
A. D. 1885.
ARTICLE ".
The capital stock of this corporation shall
be two hundred and fifty thousand dollars,
$3.50 OOO) divided into five thousand 5000
in monthly installments of twenty-five C25)
cents per share, at such times and under such
regulations as may be prescribed by the by
| alton and transact business whenever one
hundred QO0) shares Of said stock shall have
| been subscribed for and taken.
The Board of Directors shall have power TO
| issue said shares from time to time, as they
| may decide by resolution, and shall have
power in their discretion to retire the un-
| association, at any time after the third year
| 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
| said corporation shall at any time incur shall
be one-fourth of the stock actually subscr1b-
| ed for and taken,
| ARTICLE VI.
The names and places of residence of the
persons forming said association are az fol-
| lows, to-wit: Patrick A. Mccarthy, Henry
8. Judson, Edwin P. O'Brien,. Stephen A.
| Flaherty, Eugene w. Randall, James A.
! Johnson, all or Norris, county of Stevens,
| Minnesota.
| ARTICLE VII.
| The government of this association and the
management of its affairs shall be vested IN
| a. Board of Directors of not less than three g.
| and not more than fifteen Q5l, who shall oil
be stockholders, and the same shall be elect
ed annually by the stockholders at their an
nual meeting on the first Tuesday after the
first Monday in June of each year after the
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
holders, the Boardi of Directors shall elect a
| President, Vice-President, Treasurer, Secre-
tary and Attorney, from their own number
or from among the stockholders, and the
term of office of each shall be one year or un
vacancies among the officers shall be filled
by the Board of Directors at the next meeting
of said Board.
power to transact and manage the affairs OF
said corporation, to pass bylaws, define the
duties OF said corporation, impose reasonable
fines, assessments and dues upon it's mem;
bers regulating the subscription, issue and
transfer of stock and the management and
investment of it's funds, and generally to
objects of this corporation, not inconsistent
with the articles of incorporation.
/ Until the annual election in 1885 the follow.
ing named persons shall act as the Board Of
Directors, to-wit: Henry s. Judson, Patrick
! A. Mccarthy, Stephen A. Flaherty, Edwin P
! O'Brien, Eugene W. Randall, James A. John
And until said eiestion the following
named persons shall be the officers of said
'GHERGSfNSKfsY2nss 5. JgpsoN, President.
| FnWIN 0,RRIFN- Vice. PreSidant
JAMES A. JOHNSON, Treasurer.
P. A. MCCARTHY, Secretary.
STEPHEN A. FLAHERTf, Attorney.
ARTICLE VIII,
| NO person shall become stakeholder who
| has not obliged himself to comply with the
articles of interrogation ti3 and the by-1aWs OF
forfeited for neglect or refusal on the part of
| the holder thereof to pay any installment,
dues interest," interest," Paemlam nd or mes
manner as the bylaws shall prescribe. In
annual or special meetings of the stockhold.-
! ers each share of stock subscribed for and
taken shall be entitled to a vote. Such vote
may be cast by proxy,
| ANY member of said corporation may be
allowed to withdraw therefrom at such time
| and in such manner as may be prescribed by
| 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 as may be prescribed by the
| bylaws.
ARTICLE X
| At any time within thirty 1907 years that
| each share of the capital stock shall become
worth par or fifty dollars (S50), every holder
| of said stock who has not borrowed thereon
| shall receive for each share thereof the said
sum offifty dollars ESQ.,, less any sum he may
| then owe said corporation, and the said series
| of stock shall then determine. The Board of
Directors shall thereupon cancel and dis
| charge of record all mortgages given to Sc
| cure loans upon stock of said maturing series,
provided the conditions of said mortgag e
have been fully complied with; and they
| shall also return to the mortgagor all pa
pers connected with said loan.
ARTICLE XI,
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
series.
| our hands and seals this eighth day of June,
az " PATRICK A. MCCARTHY, [sEALl
| EDWIN p. OBRIEN, SEAL
sTEPHEN A: FLAHERTY, SEAL
HENRY s. JUDSON, SEAL
EUGENE W; R.AAlNnDo4ALL, SEAL
Signed, sealed and delivered in presence of
JOHN ]. PIMM and M. p. MORRIS.
STATE OF MISNEsoTA,l CO
/ County of Stevens, "
Be 1t known, that on this 18th day of June,
| A. d. 1885, personally appeared before me the
undersigned, notary public within and for
Henry 8. Judson, Edwin p. O'Brien, Stephen
A. Flaherty, Eugene w. Randall and James
A. Johnson, each to me personally known to
| the foregoing Articles of Incorporation, and
each for himself acknowledged that he exc