St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-12-23

"A the Northwestern Building Society OF
st. Paul, Minn.-We, the undersigned, for
the purpose of becoming incorporated under
and by virtue of the laws of the state Of
Minnesota, as provided by title two (2), of
chapter tnirty-four $50. of the General
Statutes, and of the acts and parts of acts.
supplementary thereto and amendatory
thereof, do hereby associate ourselves and
ing the following ARTICLES of incorporation:
Article l.-Seetlon l. The name of this
corporation shall pe THE Northwestern
Building Society of ST. Paul, MIMI
sec. =. 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 10 anticipate the Ill
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. j. The principal place of transactlng
the business of said corporation shall be the
and state of Minnesota.
Article dissection l. The time of the
commencement of this corporation shall be
the 18TH day of December, i'll the year one
thousand eight hundred and eighty eight,
A. d.
Sec. 2. The period of its existence shall be
thirty years.
Art. III.-Section l. The amount of the
capital stock of this corporation shall be
V-.pVO.OoO, NuiCIl SDdll De Ddlu Ill nlOululN
lnstallmentS of twenty-five cents on each
share.
Sec. 2. This corporation NAV go into oper-
alton and transact business whenever 500
OOO OF said stock shall have been subscribed
for.
Sec. 5. The stock of this corporation may
De issued in successive SERIES as the bylaws
provide, but no stock shall be issued subse-
quent to the year 1919.
See. 4. Stockholders may withdraw from
n l,n tiNAl hx~f hGs
bylaws.
Sec, 5. The Board of Directors of this cor
Poratlon may retire unpledged shares of stock
three or more years old by paying TO the
nolder 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
snail be subject to such fines for defaults III
laws.
Art. IV.-Seetion l. The highest amount of
Indebtedness or liability to which said cor
poratlon shall at any time be subject is the
sum of S23, 900.
Sec. ?. This corporation may borrow
money for the purpose of carrying out its OBJ
JectS, TO the amount not exceeding $50, 900
at any one time.
Art N.-Secuon l. The names and places OF
residence OF the persons forming this society
Tor incorporation are as follows: Iagbarth
Sahlgaard, Frank $. Haupt K. Leslie Ware,
James E. Trask Howard F. Ware, Harry II.
Hummlil, Henry G. lngersoll, John =. Il.
Hanthorn. c. Il. Gardner, l.. H. llensches
Henry r. Curtis, Charles W. Jones, f. g.
warner, Peter NJ. kerst. all residing at the
city OF st. Paul, Ramsey county, Mimi.
Art Nl.-ScctiOn l. The government of
this corporation and the management of its
affairs shall be vested in Board OF nine Dl-
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.
See. 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 10
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 first Wednesday in Septem-
Der of each year, beginning with 1889.
Sec 4. The names of the first Board of Dr.
rectors are: First class, f. $. Haupt, Henry
G. lngersoll and Henry X. Curtis; second
class, Hagbarth Sahlgaard, +. q. Warner,
Howard F. Ware; third class, Peter NJ kerst.
james Il. Trask, X. 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
and until their successors have been duly
elected and qualified, the following named
persons shall be the officers of this corpora
ton:
Hagbarth SGhlgaard shall be the PresidentI
+. s. Haupt shall be the Vice President; &
Leslie Ware shall be the Secretary; Peter Nj
KerSt shall be the Treasurer; james +. Trash
shall be the Attorney.
Sec. 6. The first monthly meeting of this
corporation shall be held in room 10, Frost
block, No. IS East Fourth street. ST Paul,
MINI, on Thursday, January Sd, 1889, al
1880 o'clock p. m.
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'
Der, A. ID. 1883.