St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-05-03

| A RTICLES OF INCORPORATION OF THE
n Seventh Street Building Association = The
undersigned in order to become a corporation un-
der and by virtue of the laws of the State of Min
nesota, in such case made and provided, have
adopted and signed the following articles of in
| corporation:
be the Seventh Street Building Association, and
its principal place of business shall be in the City
| of st. Paul in the State of Minnesota
Section ii. The general nature of the business
of this corporation shall be the accumulation of
| funds paid in monthly from its Shareholders. and
the loaning of such funds real estate and other
securities approved by its directors to its MEM
| bers, to be used by them in buying building and
| improving their homes, and in other investments
authorized by law and satisfactory its directors;
also She doing of any business naturally appertan.
ing to its principal objects aforesaid that now is
or may be transacted by corporations of similar
| character in this state. All said business to be
done on the mutual building society plan.
Section Ill Said corporation shall begin on tho
2Sth day of April A. d. 1885, and continue for the
period of thirty (SO) years thereafter
Section ". Capital stock of this corporation
shall be two million dollars, divided into forty
thousand shares of the par value Of fifty dollars
each.
The same shall be paid into the treasury in
monthly instalments of twenty-five cents on each
share at such times and under such regulations
its bylaws may direct; said stock after the first
subscription, shall be issued in successive series
at such times and in such amounts as the board
of directors may determine Said corporation
may go into operation and transact business when
ever one hundred thousand dollars of said stock
shall have been subscribed or taken. The direct
may retire and cancel, under rules established
by the bylaws, ANY unpledged shares three or more
years old, the same to be taken pro rata, as near
as may be, from the Oldest outstanding SERIES
Section v. The highest amount of indebted
ness to which said corporation shall at any time
be subject shall be fifty thousand dollars.
Section vi. The names and places of residence
OF the persons forming said corporation are as
follows, viz: S. S. Stokes, ]. p Gribben, Henry
T. Goodenow, G. V. Bacon, Osmon Lunn C. T.
Rittenhouse, Lucien Warner, w. R. sherwood
D. D. Trudgen, John J. Ellis. Robert Wellisch
| w. f. Myron, w. b. Robinson, f. c. Mcfarland
e; c; Long, William Hamm, C. N. Lund, John
H. Harris, II. Sahlgaard,. James NJ Curtis
CHRISTIAN Brandt, all residing at St. Paul Mime.
sofa.
Section VII. The government of the corpora
uon and management of its affairs shall be
vested IN board of twenty-one directors each of
whom shall be stakeholder, and the same shall
be elected by the stockholders at their regular
monthly meeting in May of each year
Said directors shall be divided into three classes
OF seven each. The rst-class shall hold office for
one year, the second class for two years and the
third class for three years; and at each annual
meeting there shall be elected seven directors
whose term of Office shall be three years, or until
their successors are elected and qualified.
Until such annual meeting in May. 1886, the
names OF the first board of directors are
FIRST ClassmLucien Warner John H. Harris,
Robert Wellisch, sE D. Trudgen, E. c.. McFar.
land c. NJ. Lund. w. B. Robinson
Second Class-E. c. Long, John J. Ellis w r
sherwood, Christian Brandt William UsmTn
James NJ. Curtis, w. F. Myron.
Third Class. S. Stokes, G. v. Bacon James P.
Grlbben Os1non Lunn, Charles E. Rittenhouse
III, Sahlgaard, Henry P. Goodenow
Who shall serve such until their successors
are elected and qualified as herein provided: and
until the first election in May, 1856 James p Crib.
ben shall be president, Osmon Lunn, vice presi.
dent, 5. 5. Stokes, secretary, Charles E. Ritten-
house, treasurer, and Henry P. Goodenow at
torney.
Section VIII At their first meeting after an an.
nual election the directors shall elect president
vice president, secretary and treasurer from their
own number and also an attorney from their own
number or from the shareholders of the associa-
ton, and the term of Office of each shall be one
year. or until his successor is elected and quail
fed. Vacancies may be filled by appointment by
majority of the directors at any regular direc
ors meeting.
Section TX. Each stakeholder, at any stock
holders meeting, and each director, at any direc-
tors meeting, shall have vote only, and that
must be given personally.
Section X. When within thirty years the shares
OF stock then outstanding shall have reached their
par value from payments thereon and profits ac-
cruing thereto the directors shall without delay
discharge all liens on the property of the members
VINO are borrowers, return all papers and secur-
ltes to the proper persons, dispose of all the cor
porote property and after distributing the assets
among the members entitled to the same, to prop
erly declare the corporation dissolved.
Witness our hands and seals at Saint Paul Min
nesota, this 2sth day of April, A D. 1885.