Morris tribune. [volume] (Morris, Minn.) 1880-2000, 1885-07-08

nesota, in such case made and provided,
the undersigned have adopted and eXecut-
ed the following
OF INCORPORATION:
ARTICLE I.
The name of this corporation shall be the
" MORRIS LOAN AND BUILDING ASSO-
CATION" and it's place of business shall be
in the village of Morris, county or Stevens,
and State of Minnesota.
ARTICLE II.
The general purpose of said corporate on,
and the general nature of the business, snail
be the accumulation of funds paid in mostly
by its shareholders and the loaning OF such
funds on real estate or other securities APP
proved by it's Directors, to its mem bers, Tor
the purchase :of real estate, building, OF
houses, satisfaction of mortgages and other
chase holding and sale of real estate taken
on forfeiture, foreclosure or otherwise, anu
in which said association may have any In
terest and any other business naturally per-
tanning to it's principal object as aforesaid.
ARTICLE III.
The said corporation shall commence bust
ness on the eighth day of June, a. ID: 1889
and shall continue for period OF thirty
years. and the first monthly meeting shall
take place on the third (3d) Monday in June
~. D. 1885.
ARTICLE ".
The capital stock of this corporation shall
be two hundred and fifty thousand dollars
(s25O,OOO) divided into five thousand 5000
shares Of fifty dollars ($50) each, to be paid in
in monthly installments of twvnty-fve C25
cents per share, at such times and under such
regulations as may be prescribed by Inc by
alton and transact business whenever one
hundred Q0W shares of said stock shall have
been subscribed for and ken.
The Board of Directors shall have power tC
issue said shares from time to time, as they
may decide by resolution, and shall have
power in their discretion to retire the IN.
pledged shares of any series of stock OF this
association, at any time after the third veal
from the date of the issue of said stock, ane
enforce the same in such manner as may bt
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 subscrib
ed for and taken,
ARTICLE VI.
The names and places Of residence of thu
persons forming said association are as fol
lows, to-wit: Patrick A. Mccarthy, Henry
S. Judson, Edwin p. O'Brien, stephen A
Flaherty, Eugene w. Randall, James A
johnson, all or Morris, county OF Stevens
Minnesota.
ARTICLE VII.
The government of this association and the
|
Board of Directors of not less than three q
and not more than fifteen Q5l, who shall al
be stockholders, and the same shall be elect
ed annually by the stockholders at their an
nual meeting on the first Tuesday after thu
first Monday in June Of each year "a, after tn
of Directors shall be filled by the remaining
members of the Board.
At the first meeting of the Board OF ID
rectOrS after the annual meeting OF the STOCK
holders, the Board of Directors shall elect {
President, Vice-President, Treasurer, Secre
tary and Attorney, from their own humble
or from among the stockholders, and thu
term of office of each shall be one year or un
til his successor is elected and qualified. Al
vacancies among the officers shall be hllet
by the Board of Directors at the next meeting
of said Board,
| The Board Of Directors shall have full
power to transact and manage the affairs o
duties of officers said corporation, 1mpos'
reasonable fines, assessments and dues upo1
| it's members, regulating the subscription, ISSUE
and transfer of stock and the management
and investment of its funds, and generally t.
adopt all measures necessary to carry out TIT
objects of this corporation, not inconsisten
with the articles of Incorporation.
Until the annual election in 1886 the follow
ing named persons shall act as the Board Q
Directors, tO-wit: Henry s. Judson, Patr1cl
A. Mccarthy, Stephen A. Flaherty, Edwin
O'Brien, Eugene W. Randall, James A. John
And until said eiestion the following
named persons shall be the officers OF sale
II HENRY III S. JUDsoN, President.
EDWIN P. O'BR1EN, Vice President.
JAMES A. JOHNSON, Treasurer.
PATRICK A. MCCARTHY, Secretary.
STEPHEN A. FLAHERTY, Attorney.