St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-03-13
ARTICLES OF INTERPRETATION.

The undersigned hereby associate themselves
ana agree to become corporation under and bv
virtue of the laws of the State of Minnesota in
such cases made and provided, and to that end
nave adopted, agreed to and signed the FOLLOWING
articles of incorporation:
ARTICLE l.
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 its members: to
oulld 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, aud cont.n ue for
the period Of thirty years.
ARTICLE Ill
The amount of capital stock of this
corporation shall be two million dollars
| ($2,000OOO), divided into forty thousand,
| (40,0O0) shares of fifty dollars (S50) each to be
paid in monthly installments of twenty-five cents
| per share, at such times and under snch regula-
lions as the bylaws may direct; but said corpo-
ration may go into operation and transact bust
ness whenever one hundred thousand dollars
| (S1OO,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 fines for which
| he or she shall become liable in such manner as
prescribed in the by laws.
ARTICLE V.
Any person, partnership, company or cor
poration, capable by law of contracting except
building associations or associations of a like
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 time incur
is fifty thousand dollars $3.50, 000).
ARTICLE VII.
The names and places of residence of the
persons forming said corporation are as follows.
viz: F. Driscol, Jr., II. j. McAfee, Henry
Henly, William II. Harris, j. W. Shepard,
Charles W. Clarke. Edwin F. Kenrick B. P.
Gray, A. II. 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 CIaSS-A NJ Schnell, Henry Henly F.
Driscoll, Jr., E. F. Kenrick and A. Ii. Hornsby.
Second CiasS-Frank B. Farwe H. j. Nc
Afee, B. P. Gray, A E. Clark and Charles A. B.
Weide
Third Cass-Charles W. Clarke, j. W.
Shepard, A. W. Trenholm, Edward E. Scrbner
| and William H. Harris, who shall serve as such
until their successors are elected and qualified
as herein provided and until the first election
Edward E. Scribner shall be Presidents H. j.
McAfee, Vice President; j. W. Shepard, Secre-
tary, and William H. Harris, Treasurer.
ARTICLE TX.
The government of the Association and the
management of its affairs shall be vested in a
Board Of fifteen Q5) Directors, all of whom
mus be stockholders.
ARTICLE Y.
Said Directors shall be divided ntothree classes
of five (5) each; the first class shall hold office
for one year. second class for two years and
the third class for three years, and ut
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
president, vice president, secretary and treasurer
from their own number, and an attorney from
their own number or shareholders of the associa-
ton, whose terms of office shall be one year, or
until their successors duly elected and quail
fed.
ARTICLE MI.
At said elections such stakeholder or director
shall have but one vote, and that must be given
personally. Vacancies may be filled by appoint
ment of majority of the directors at any regular
meeting.
ARTICLE XIII.
The bylaws of this association may be
adopted, altered or amended at any regular meet
ing of the stock holders:
Provided, first, That alterations or amendments
shall have been submitted in writing and read at
the two regular meetings Immediately preceding,
and two-thrds vote of the members voting
shall be necessary to make changes.
ARTICLE XIV.
When within thirty (30) years the shares
of stock then outstanding shall have reached
their par value from payments thereon and
profits accruing thereto the Directors shall with
out delay discharge all liens the property of
members who 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 Goth day of February A. d. 1885.
+. DRISCOLL. JR. lSeal.t
II. j. McAFEE. Seal.
HENRY HENLY. lSeal.