St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-04-19
SEVENTH

SEVENTH
The government of this association and the
| management OF its affairs shall be vested in q
| Board of fifteen 05) Directors each one of whom
shall be stakeholder and the same shall be elected
annually by the stockholders at their annual meet
ing on the first Tuesday after the third Monday in
| each year after the year 1885,
AT their first meeting after annual election
| the Board OF Directors shall elect President
| Vice President, Treasurer, Secretary and Attor-
ney from their own number and the term of office
of each shall be year or until his successor is
elected and qualified.
Vacancies may be filled 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
ton, to pass bylaws, defining the duties of the
officers 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 out 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 Orlemann Mark d. Flower
A. w. Schwabe X. d. Czeikowitz, Peter Thauwald
j. c. Nolan, Patrick oHalloran, p. NJ. Kerst
August Hammer, O. f. Holman E. F. Krahmer
William +. Bickel, 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. e. Holman, attorney
EIGHTH.
The stockholders of said corporation shall COM
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 stakeholder who
has not previously obligated himself in writ.
ing to punctually pay the monthly dues
installments or assessments on the shares of
stock for which he may subscribe, and all fines,
dues, premiums and interest on loans, he may
become liable for them, and to comply with the
Articles of Incorporation and Bylaws of said as
ISOLATION. Said stock may become forfeited 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-
one vote only, irrespective of the number of
shares he may hold, and such vote cannot be cast
| by proxy, nor shall 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
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 may be prescribed by the Bylaws.
TENTH.
When at any time within thirty (30) 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 500 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 TO 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
1886, to elect fifteen G5) 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 may be prescribed
blythe Bylaws.
In witness whereof have hereunto set our
hands and seal this Seventh day of April, A. ID.
1855.