Morris tribune. [volume] (Morris, Minn.) 1880-2000, 1885-07-01
ARTICLES OF Incorporation
- OF THE -
M O IL Ks I -
Loan and Building
ASSOCIATION"

ASSOCIATION"
by virtue of the laws OF the State of Min
nesota, in such case made and provided,
the undersigned have adopted and eXecut-
ed the following
ARTICLES OF INCORPORATION:
ARTICLE I.
The name of this corporation shall be the
"MORRrS LOAN AND BUILDING ASSO-
CATION" and its place of business shall be
in the village of Morris, county or Stevens,
and State of Minnesota.
ARTICLE II.
The general purpose of said corporation,
and the general nature of the business, snail
be the accumulation of funds paid in mostly
by its shareholders and the loaning of such
funds on real estate or other securities APP
proved by its Directors, to It's members, 1or
the purchase "Of real estate. building OF
houses, satisfaction of mortgages and other
instruments authorized by law; also the Pur-
chase, holding and sale OF real estate taken
on forfeiture, foreclosure or otherwlse, ana
in which said association may have any IN
terest and any ether business naturally per-
tanning to it's principal object as aforesaid.
ARTICLE III.
The said corpo alton shall commence bust
ness on the eighth day of June, y. ID. 300,
and shall continue for period of thirty
years, and the first monthly meeting shall
| take place on the third (3d) Monday IN June,
| a. d. 1885.
ARTICLE ".
| The CAPITAL stock of this corporation shall
| be two hundred and fifty thousand dollars,
| ($25O, OOO) divided into five thousand (?,0OO)
shares of fifty dollars $500 each, to be paid IN
| in monthly inStallments of tWynty- hVe C35)
| cents per share, at such times and under such
regulations as may be prescribed by the by
l laws; but said corporation may go into oper-
| alton and transact business whenever one
hundred Q00) shares of said stock shall nave
| been subscribed for and taken.
| The Board of Directors shall have power 10
| issue said shares from time TO time, as tney
may decide by resolution, and shall have
| power in their discretion to retire the un-
| pledged shares of any series OF stock OF TINS
| association, at any time after the third year
| from the date of the issue of said stock, and
enforce the same in such manner as may be
| prescribed by the bylaws.
ARTICLE V,
| The highest amount of Indebtedness which
| said corporation shall at any time incur shall
| be one-fourth of the stock actually subscr1b-
| ed for and taken,
| ARTICLE VI.
| The names and places of residence of the
persons forming said association are as fol-
| lows, to-wit: Patrick A. Mccarthy, Henry
| Fiaherty, Eugene w. Randall, James A
Johnson, all or Morris, county OF Stevens
| Minnesota.
| ARTICLE VII.
| The government of this association and the
! management of it's affairs shall be vested in
! a Board of Directors of not less than three Is
| and not more than fifteen Q5i, who shall al
be stockholders, and the same shall be elect
| ed annually by the stockholders at their an
nual meeting on the first Tuesday after the
first Monday in June of each year after the
year 1885. Vacancies occurring In the Boarc
| = cIo1 no
members of the Board.
| At the first meeting OF the Board OF III
rectors after the annual meeting OF the STOCK
holders, the Board of Directors shall elect {
| President, Vice-Presdent. Treasurer, Secre
tary and Attorney, from their own number
or from among the stockholders, ana the
term of office of each shall be one year or un
til his successor is elected and qual1fed. Al
| vacancies among the officers shall be tillec
by the Board of Directors at the next meeting
of said Board.
| The Board of Directors shall have full
power to transact and manage the affairs O
| said corporation, to pass bylaws, define the
duties of officers said corporation, impose
| reasonable fines, assessments and dues upOr
its members, regulating the subscrlptlon,lssu
and transfer of stock and the management
and investment ofits funds, and generally tt
adopt all measures necessary to carry out the
objects of this corporation, not inconsistent
with the articles of incorporation.
| Until the annual election in 1885 the follow
ing named persons shall act as the Board Q
Directors, to-wit: Henry S. Judson, PatricE
| A. Mccarthy, Stephen \. Flaherty, Edwin L
O'Brien, Eugene W. Randall, James a. John
| And until said eiestion the following
named persons shall be the officers of sale
II HENRY GNSSRfiYYNs S. JUDsoN, President.
| EDWIN ?. O'BR1EN, Nicc-President.
| JAMES A. JOHNSON, Treasurer.
PATRICK A. MCCARTHY, Secretary.
| STEPHEN A. F'LAHERTG, Attorney.
| ARTICLE VIII.
NO person shall become a stockholder who
| has not obliged himself to comply with the
| articles of incorporation and the bylaws OF
| said association. Said stock may become
! forfeited for neglect or refusal on the part OF
| the holder thereof to pay any 1nstallment
assessment, dues, interest, premium or fines
| for which he shall become liable, and in such
manner as the bylaws shall prescribe. In
! annual or special meetings of the stockhold-
| ers each share of stock subscribed for and
| taken shall be entitled to vote. Such vote
may be cast by proxy.
| allowed to withdraw therefrom at such time
and in such manner as may be prescribed by
| the bylaws
ARTICLE TX.
| 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.
ARTICLE X
| At any time within thirty 500 years that
| each share of the capital stock shall become
worth par or fifty dollars t$50l, every holder
| of said stock who has not borrowed thereon
| shall receive for each share thereof the said
| sum offifty dollars $500, 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 dis
charge of record all mortgages given to Sc
| cure loans upon stock of said maturing series,
| provided the conditions of said mortgage
| have been fully complied with; and they
shall also return to the mortgagor all pa
| pers connected with said loan.
ARTICLE NJ.
| The Board of Directors of said association
| shall have power in their discretion to issue
or to Withhold the stock thereof and said stock
may be issued in annual or semi-annqal
series.
In witness whereof we have hereunto set
our hands and seals this eighth day of June,
A. ID. 1885.
PATRICK A. MCCARTHY, [sEALl
EDWIN u. OBRlEN, SEAL
STEPHEN a. FLA HERTT, (sEAL!
HENRY S. JUDSON, SEAL
EUGENE w. RANDALL, SEAL
JAMES A. JOHNSON. SEAL]
Signed, sealed and delivered in presence of
JOHN j. PIMM and NJ. p. MORRIS,
STATE OF MINNEsoTA,] IS
County of Stevens, 90
BE it known, that on this 18th day of June,
A ID. 1885 DnrSonally nppaared before the