St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-07-02
A RT1cLEs OF INCORPORATION OF

II the Spring Park Building Association,
of st. Paul, Minn.-We, the undersigned. for
the purpose of becoming incorporated under
and by virtue of the laws of the state of Min
nesota, as provided by title two (2), of chap
ter thirty four (34), of the General Statutes,
and OF the acts aand prts of acts supplement
tary thereto and amendatory thereof, do
hereby associate ourselves and become in
corporated, by adopting and signing the fol-
lowing articles of Incorporation:
Article l.-Sectlon l: The. name OF this
corporation shall be 1.-The Spring Park Build
ing Association of st. Paul. Mimi"
Sec. 2. The general nature of its business
shall be the loaning or advancement of
funds accumulated from the monthly con-
tributions of its stockholders to such of its
members as may desire to anticipate the ulti-
mate value of their shares for the purpose of
assisting them to become the owners of real
estate and to construct buildings thereon
under the mutual building society plan.
Sec. 3. The principal place of transacting
the business of said corporation shall be the
city of st. Paul, in the county of Ramsey and
state of Minnesota.
Art H.-Section /. The time of the com.
mencement of this corporation shall be the
22d day of June in the year one thousand
eight hundred and Lightweight. A. d.
Sec: :. The period Of its existence shall
be thirty years.
Art III-Section l. The amount of the
capital stock of this corporation shall be ST.
600, 1000, which shall be paid in monthly in
stallments of twenty-five cents on each
share.
Sec. 2. This corporation may go into oper-
alton and transact business whenever S40,-
600 Of said stock shall have been subscribed
for
Sec. 3. The stock of lhis corporation may
be issued in successive series as the bylaws
provide but no stock shall be issued subse-
quent to the year 1913.
Sec. 4. Stockholders may withdraw from
the corporation upon terms to be fixed by the
bylaws.
Sec 5. The board of directors of this cor
poration may retire unpledged shares of stock
three or more years old, by paying to the
holder the withdrawal value thereof, less the
amount of just charges remaining unpaid
under the regulations to be provided by the
bylaws.
Sec 6. Stockholders in this corporation
shall be subject to such fines for defaults in
their duties as may be provided by The by
laws.
Art IV.-Section 1. The highest amount
of indebtedness or liability to which said
corporation shall at any time be subject is
the sum of $4,000.
Sec. 2. This corporation may borrow
money for the purpose of carving out its OBJ
jects 10 the amount not exceeding S25, 200
at any one time.
Art V-Section 1. The names and places
of residence of the persons forming this as
ISOLATION for Incorporation are as follows:
Mahlon d. Miller. Howard f. Ware, Newton
r. Frost. Fred'k b. Jerrard, Robert C.
Hine, Edward B. Graves, George H. Vernon,
E. p Morgan, G. B. Gardner, Joseph w.
Henderson, j. A. SwensOn, A. L. Alness,
Michael F. Sweeney, H. n. Hodgman and II.
W. Hemminghouse, all residing at the city
of st. Paul, Ramsey county, MINI.
Art VI.-Section /. The government of
this CORPORATION and the management of its
affairs shall be vested in board of nine di-
rectors, each of whom shall be a stock
holder, and the following officers, viz:
Treasurer and Attorney. The term of office
of the directors shall be three years.
Sec. 2. The Board of Directors shall be
divided into three equal classes, and three
directors shall be elected annually. Members
having but one year to serve shall belong to
the first class, members having two years to
serve to the second class, and members hay
ing three years to serve to the third class.
Sec. 3, The annual meeting of the stock
holders for the election of Directors shall
take place on the last Friday in January of
each year. beginning with 1889.
Sec. 4. The names of the first Board of
Directors are: First class II. w. Hemming-
house, Fred'k B. Jerrard and II. n. Hodg-
man. Second class, Howard F. Ware, Mich
ael F. Sweeney and A. L.. Alness. Third
class, Mahlon D. Miller. Newton r. Frost
and Robert C. Hine.
Sec. 5. The officers of this corporation
shall be elected annually by the Board of Di-
rectors from among themselves at the first
ing of the stockholders. Until such meeting
and until their successors rave been duly
elected and qualified the following named
persons shall be the officers of this corpora
ton:
Mahlon D. Miller shall be the President;
Newton r. Frost shall be the Vice President;
Howard F. Ware shall be the Secretary
A. l.. Alness shall be the Treasurer. Robert
G. Hine shall be the Attorney.
Sec. 8. The first monthly meeting of this
corporation shall be held in room 10, Frost
block, No. 2S East Fourth street, st. Paul,
Mimi. on Tuesday, July 3, 1888, at 8 O'Clock
p. m.
Art VII-Section l. The capital stock of
this corporation shall be divided into 10000
shares of the par value of $50 each.
In witness whereof, we have hereunto set
our hands and seals this 22d day of May,