St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-04-17

SEVENTH.
l. The government. of this association and the
management of its affairs shall be vested in a
Board of fifteen Q5) Directors each one of whom
shall be and the shall be elected
annually by the stockholders at their annual meet
ing on the hrst Tuesday after the third Monday in
each year after the year 1885.
AT their FIRST meeting after an annual election
the Board OF Directors shall elect President,
vice President, Treasurer Secretary end Attor-
ney from their own number, and the term of office
OF each shall be one year until his successor is
elected and qualified.
Vacancies may be filed by the appointment of a
majority of the Directors at any regular meeting
The Board of Directors shall have full power to
transact and manage the affairs of said corpora
ilon, TO pass bylaws defining the duties of the
oihcers OF said corporation, imposing reasonable
| fines, assessments and dues upon its members
regulating the subscription, issue and transfer of
stock and the management and investment of its
funds, and generally to adopt all measures neces-
sary 20 carry ont the objects of this corporation
not inconsistent with the articles of incorpora-
ton.
Until said officers shall be elected the follow
ing named persons shall act as the Board of Di-
rectors, to-wit: Henry Orlemanr, Mark D. Flower
A w. Schwabe r.. d. Czeikowitz, Peter Thauwald
j. G. Nolan, Patrick OHalloran, p NJ. Kerst,
August Hammer, o. K. Holman, e. f. Krahmer
William +. Biekel, w. A. Mechanical, A. Nc
Guigan, J. G. Donnelly.
| And until said election, the following persons
shall be the officers of said corporation: A. W.
Schwabe president; Henry orlemann. vice presi-
dent p. NJ. Kerst treasurer; William f. Bickel
secretary; O. q. Holman, attorney.
EIGHTH.
The stockholders Of said corporation shall con.
sist of persons Of twentyone years of age and up
wards. Minors and others may hold stock by
guardian or trustee, but shall not be allowed to
! vote. No person shall become a stoekholder who
has not previously obligated himself in writ
ing to punetualy pay the monthly dues,
| instruments or assessments on the shares of
stock for which he may subscribe, and all fines,
| dues premiums and interest on loans, as he may
| become liable for them, and to comply with the
Articles of incorporation and Bylaws of safdsas-
| ISOLATION Said stock may become foffeitedq for
| neglect or refusal on the part of the holder
| thereof to pay any installment assessment, dues
interest premiums or fines, for which he shall be-
come liable, in such manner as the Bylaws shall
prescribe. Every stakeholder shall be entitled TO
shares he may hold, and such vote cannot be cast
by proxy, nor shall a stakeholder be entitled to
vote unless he has been such stakeholder for at
least sixty days Immediately preceding such elec-
ton. Any member of said incorporation NAV be
allowed to withdraw therefrom at such time and
in such manner as may be prescribed by the By
laws.
NINTH.
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.
TENTH
When at any time within thirty (3O) years each
| share of the capital stock of this corporation
shall become worth par fifty (50) dollars, every
holder Of said stock who has not borrowed thereon
shall receive for each share thereof said sum of
fifty (50) dollars, 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 discharge of record
all mortgages given to secure loans upon stock of
said maturing series, provided the conditions of
said mortgages have been fully complied with,
and they shall also return to the mortgagors all
papers connected with said loan.
ELEVENTH.
The Board of Directors of said association shall
have power in their discretion 10 issue or to with
hold the stock thereof, and said stock may be is
sued in annual or semi-annual series
TWELFTH,
The annual meeting Of the stockholders shall be
held on the first Tuesday after the third Monday
in April in each year. commencing in the year
1885, to elect fifteen 15) Directors for the ensuing
year and to transact any other business of said
association. Besides any other meetings may be
held at such time and place as may be prescribed
blythe Bylaws.
In witness whereof we have hereunto set our
hands and seal this Seventh day of April, A. d.
1888