St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-12-19

RTTCLES OF INCORPORATION OF
IA the Northwestern Building Society OK
st. Paul, Miun.-We, the undersigned, for
the purpose of becoming incorporated under
Minnesota, as provided by title. two 90, OF
chapter thirty four (34). of the General
Statutes, and of the acts and parts OF acts
supplementary thereto and amendat0ry
become incorpoi ated, by adopting aud sign
ing the following articles of interpretations:
Article L-Section !. The name of this
corporation shall be 1.-THE Northwestern
Building Society of st. Paul, MIMI
Sec. z. 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 ul-
innate 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. 8. 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.
Article H.-Section 1. The time of the
commencement of this corporation shall be
the 29th day of December in the year one
thousand eight hundred and lightweight,
A. D..
Sec. 2. The period of its existence shall be
thirty years.
Art. fII-Section l. The amount of the
S2.U00,000 which shall be paid in monthly
installments of twenty-five cents on each
share.
Sec. 2. This corporation may go into oper-
alton and transact business whenever S50,-
600 OF said stock shall have been subscribed
for.
See. 5. The stock of this corporation may
be issued in successive series, as the bylaws
provide, but no stock shall be issued subse-
quent to the year 1919.
Sec. 4. Stockholders may Withdraw from
the corporation upon terms to be fixed by the
bylaws.
Sec. 8. 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 regulations to be provided by the by
laws
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 /. The highest amount OF
Indebtedness or liability TO which said cor
poration shall at any time be subject is the
sum of $25 900.
See. 2. This corporation may borrow
money for the purpose of carrying out its OBJ
Jects, to the amount not exceeding $4,000
at any one time.
Art. V.-Section /. The names and places Of
residence of the persons forming this society
for incorporation are as follows: Hagbarth
CoiilSdNlu, " l<tslle ware,
James L. Trask, Howard f. Ware, Harry II.
Hummill, Henry G.. lngersoll, John s. (.
HAWTHORN. G.. Is. Gardner, L. II. Henschel,
Henry r. Curtis, Charles w. Jones, F. G.
Warner, Peter NJ. Kerst. all residing at the
city OF ST. Paul, Ramsey county, MINI.
Art. VI.-Section l. The government of
this corporation and the management of It's
affairs shall be vested in Board OF nine Di-
rectors, each of whom shall be stakeholder.
and the following officers, viz A President
Vice President Secretary, Treasurer and At
torney. The term of Office OF the Directors
shall be three years.
Sec. 2. The Board of Directors shall be di.
vided into three equal classes, and three Di-
rectors 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 hav.
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 first Wednesday in Seplem-
Der of each year, beginning with 1889.
Sec. 4. The names of the first Board of Di-
rectors are: First class, II. s. Haupt, Henry
G. Ingersoll aud Henry X. Curtis; second
class, Hagbarth Sahlgaard, #. G.. Warner,
Howard +. Ware; third class, Peter NJ. Kerst.
James Z. Trask, r. Leslie Ware.
Sec. 5. The officers of this corporation
shall be elected annually by the Board OF
Directors from among themselves, at the first
meeting of said Board after the annual meet.
ing of the stockholders. Until such meeting
anu Until tuSil suCceesOIS udfe Dteli Jury
elected and qualified, the following named
persons shall be the Officers of this corpora
ton:
Hagbarth Sahlgaard shall be the President;
L. s. Haupt shall be the Vice President; r..
Leslie Ware shall be the Secretary; Peter M.
Kerst shall be the Treasurer; James E. Trask
shall be the Attorney.
Sec. g. The first monthly meeting OF this
corporation shall be held in room 10, Frost
block, No % East Fourth street. st. Paul.
Mimi, on Thursday, January 3D. 1889, at
7:30 O'Clock p. IN.
Art. VII.-Section /. 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 18th day of Decem.