St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-03-12
ARTICLES OF INCORPORATION.

The undersigned hereby associate themselves
and agree to become a corporation under and by
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 the following
articles of interpretations:
ARTICLE I.
The name of the corporation shall be the
"German-American Building association. The
general purposes of said corporation and the
general nature of its business shall be the rails
ing of funds to be loaned to it's members; to
build houses; satisfaction of mortgages and
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 the
County of Ramsey and State Of Minnesota.
ARTICLE II.
The said corporation shall commence on the
18th day of March, A. D. 1885, and contn ue for
the period of thirty years.
ARTICLE III.
The amount of capital stock of this
corporation shall be two million dollars
$4,000 0O), divided into forty thousand,
(4O0OO) shares of fifty dollars (S5O) each, to be
paid in monthly installments of twenty-five cents
per share, at such times and under such regula-
tiOus as Guc uHOCJ, UuI Sdiu COIpO-
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
stallments, assessments, dues or fines for which
he or she shall become liable in such manner as
prescribed in the by laws.
ARTICLE v.
Any person, co-partnership, company or cor
poration, capable by law of contracting except
building associations or associations of like ma
ture to this may hold stock in this association,
but none save persons upwards of twenty one
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 are as follows.
viz: F. Driscoll, Jr., H. j.. McAfee, Henry
Henly, William H. Harris, j. W. Shepard,
Charles w. Clarke. Edwin F. Kenrick, B. P.
Gray, A. H. Hornsby, A E. Clark, Charles A. b.
Weide, A. W. Trenholm, A. NJ. Schnell, Ed
ward E. 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 Class--A. NJ. Schnell, Henry Henly, F.
Driscoll, Jr., E. F. Kenrick and A. H. Hornsby
Second CIdss-Frank b. Farwell II. j. Nc
Afee, B. P. Gray, A. E. Clark and Charles A. B
Weide.
THird Cldss-Charles W. Clarke, J.. W.
Shepard, A. w. Trenholm, Edward Il. Scribnei
and William II. Harris, who shall serve as such
until hair oil taH nm al ia
as herein provided; and until the first election
Edward E. Scribner shall be President; n. j.
McAfce, Vice President; J. W. Shepard, Score
tary. and William Ii. Harris Treasurer.
ARTICLE TX.
The government of the Association and the
management of its affairs shall be vested in a
Board of fifteen (5) Directors, all of whom
mus be stockholders.
ARTICLE X.
Said Directors shall be divided into three classes
of five 90 each the first class shall hold Office
for one year, second class for two years and
the third class for three years, and at
each annual meeting there shall be
elected five directors, whose term of Office shall
be three years, or until their successors are
elected and qualified.
ARTICLE XI.
The Board Of Directors shall elect annually a
president, vice president, secretary ana treasurer
from their own number, and al attorney from
their own number or shareholders of the associa-
ton 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 KILL
The bylaws OF this association may be
adopted, altered amended at 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-thirds vote Of the members voting
shall be necessary to make changes.
ARTICLE XIV.
When within thirty (35) years the shares
Of stock then outstanding shall have reached
their par value from payments thereon and
profits accrung thereto, the Directors shall with
out delay discharge all liens on the property of
members who are 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 the
same properly declare the corporation dissolved.
Witness our hands and seals at ST. Paul. Min
nesota, this 26th day Of February A. d. 1885.
r DRISCOII. JR tSeall