St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-04-18
SEVENTH

u.
The government of this association and the
management of its affairs shall be vested in
Board Of fifteen Q5) Directors, each one of whom
shall be stakeholder 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 an annual election
the Board OF Directors shall elect a President
wee President, Treasurer, Secretary and Attor-
ney from their own number, and the term of Office
of each shall be one year or until his successor ia
elected and qualified
Vacancies may be filed 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 airs of said eornora.
ton, to pass bylaws, defining the duties of the
ohcers OF said corporation, imposing reasonable
hnes, assessments and dues upon its members
regulating the subscription, issue and transfer OF
stock and the management and investment of its
f. Is and generally to adopt all measures neces
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 D
rectors, to-wit: Henry Orlemanu, Mark d. Flower
A. w. Schwabe, r. D. Czeikowitz Peter Thauwald
j. C. Nolan, Patrick O'Halloran p NJ Kerst
August Hammer, o. E. Holman, E. F. Krahmer
William F. Bickel. w. A. McManigal A Nc
Gugan, 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
- ". III,
EIGHTH.
The stockholders OF said corporation shall con-
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 as he NAV
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 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 a stakeholder be entitled to
vote unless he has been such stakeholder for al
least sixty days Immediately preceding such cleo
ton. Any member of said incorporation may ba
allowed to withdraw therefrom Mt such time and
in such manner may be prescribed by the BY
laws.
NINTH.
The funds accumulated by said association
shall be loaned out to its members in such sums,
upon such security, such terms and in such
manner as may be prescribed by the Bylaws.
TENTH.
When at any time within thirty 900 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
snail receive lOr edcn snare INereOI SAID sum OF
fifty (50) 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 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
1885, to elect fifteen (15) 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 we have hereunto set our
hands and seal this Seventh day of April, A d.
1885.
iol;. -.