New Ulm weekly review. [volume] (New Ulm, Minn.) 1878-1892, 1888-03-07
articles of Incorporation
of the
New UIm Building and Loan Association.
STATE OF MINNESOTA, |


COUNTY OF BROWN %.
Know all Men by these Presents:
That the undersigned do hereby associate them
selves and agree to become a corporation under
and by virtue of the laws of the State of Minne-
sofa in such case made and provided, and for that
purpose have adopted, agreed to, signed and exc
cuted the following articles of interpretations:
Article 1.-The name of this corporation shall be
the, ssNew Ulm Building and Loan Association
Article 2-The principal place of business of
this corporation shall be and is in the City of New
Ulm, in the County of Brown and State OF Mime
sofa.
Article 3.-The object of this corr oration and
general nature of its business shall be the accumu-
latiOn OF fund of money from monthly cOntribu-
tions of it's members, fines premiums on loans
and profits on investments, and the loaning of
such funds to its members upon such terms and
securities and in such manner as may be pre-
scrbed by its Laws; also the buying, selling,
holding, owning and transferring of real and per-
sonal property, real estate and other securities.
bonds, notes and other evidences of indebtedness,
and the doing of all things pertaining to, necessary
or proper for the conducting management of
the business Off cooperative building and loan
society.
Article 4.-The said corporation shall commence
on the 18th of March, a D 1883, and continue
for the period of thirty years.
Article 5-Fhe amount of capital stock shall be
limited to and is fixed at the sum of five hundred
thousand (5OO.OO0 dollars, divided into five thous-
and $4,000 shares of hundred (10O) dollars
each, and each share shall be paid in monthly in
stallments of fifty cents, at such times and under
such regulations as the bylaws may direct. 1t
shall not be necessary. however, for all of said
stock to be subscribed to enable the said corpora
ton to transact business or go into operation.
Article 6.-The highest amount of Indebtedness
or liability which this corporation shall at any
time be subject to or incur shall be five thousand
l5,O00) dollars.
Article THE names and places of residence of
the persons forming this corporation are as fol-
lows:
W. H Heideman Alexander Berghold
Jos. A. Eckstein Fred pfaender
Peter Scherer William BrGst
G. L. Roos Jacob Klossner, Jr
E. G. PAIL AC Ochs
William Humme Chas Stuebe
All of the aforesaid residing in the CITY of New
Ulm Brown County, Minnesota.
Article S-This corporation shall be managed
and governed, its business transacted and all of
its affairs arranged by board of twelve directors,
all of whom shall be stockholders, who shall be
elected by ballot at the stockholders annual
| meeting of this corporation, and they shall hold
their offices for three years and until their
successors are elected and qualified Said
board of directors shall organize Immediately after
each annual election of directors by choosing from
their own number President, Vice President,
Secretary and Treasurer, and the persons so chos-
shall be the officers of this corporation for the
term of one year and until their successors are
elected and qualified Said board of directors
shall also have the power to appoint an attorney
for this corporation whose term of office shall be
one year.
Any vacancies in said board of directors and
officers shall be filled by said board at any regular
Office until the next annual election of directors
when vacancies in said board shall be filled for
| the unexpired term. Said board of directors so
organized as aforesaid shall have full power to
adopt all rules, regulations and bylaws which
may be necessary in the discharge of their duties
and for the government of said board and this
corporation not inconsistent with law and these
articles of incorporation.
Until the first annual election of corporation
directors, the persons forming this association for
incorporation, shall be the directors thereof. IN
d ii oil \ CHI
! ident, Alexander Berghod vice president Fred
Pfaender secretary, and f. G. Pahl shall be treas.
urer. Provided that at the first election of direct
ors held hereunder, four directors shall be elected
for three years, four for two years and four for
one year, and thereafter four directors shall be
| elected annually for three years.
Article 9.-The stockholders of this corporation
shall be residents of the United States of the age
| of twenty-one years and upwards. Minors and
others may hold stock by guardian or trustee, but
| shall not be allowed to vote. Such guardian or
| trustee may however vote in their stead. No
| stockhOlder shall be entitled to hold more than
| fifty shares OF stock at any one time No person
shall become a stockholder who has not previously
paid his admission fee to be fixed in the by-laws
and the payment of such fee and one months dues
| shall make him member.
| The acceptance OF certificate of stock by any
| member shall be considered as binding him to the
| punctual payment of the membership fees, dues,
| installments assessments, fines, premiums, etc.
as he may become liable for them and that he will
| comply with the charter, by. laws, rules and re-
| guations of this corporation.
/ Article 10-The board of directors may make
such regulations in regard to the manner and form
of subscribing for stock, aud the issuing transferr
ing and retiring the same as to them shall seem
most proper, but such regulations may be altered,
modified or changed as the bylaws may direct, and
said stock may become forfeited for neglect or re.
fusal the part of the holder thereof to pay any
installment dues, fines for which he shall become
liable, in such manner as the bylaws may pre-
| scribe.
Every stockholder shall be entitled to one vote
only, irrespective of the number of shares he ma,
/ hold, and such vote cannot be cast by proxy. Any
member of said corporation may be allowed to with
draw therefrom upon such terms and in such man
ner and on such concitions may be prescribed BY
i the bylaws.
Article 11.-Whenever within thirty (s0) year.
each share of the capital stock of this corporation
of any series thereof shall become worth par or one
hundred goo dollars, every holder of said stocI
who has borrowed thereon shall for eacf
share thereof said sum Of hundred dollars, les
any sum he may then owe said corporation, and tn,
said series of stock shall then determine.
The board of directors shall thereupon also can