New Ulm weekly review. [volume] (New Ulm, Minn.) 1878-1892, 1888-03-14
STATE OF MINNESOTA,
COUNTY OF BROwN.

and the doing of all things pertaining to-
or proper for the conducting ana management of
the business ofa cooperative building and loan
society.
Article 4.-The said corporation shall commence
on the 18th of March. A. D. 1888, and continue
for the period of thirty years.
Article The amount of capital stock shall he
limited to and Is fixed at the sum of five hundred
thousand (500000) dollars, divided into five thous
and $1,000 shares OF one hundred (1Oo) dollars
each and each share shall be paid in monthly in
stallments of fifty cents. ut such times ana 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 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
i5000) dollars.
Article THE names and places of residence of
the persons forming this corporation are as fol-
W. Il: Heideman Alexander Berghold
Jos. A. Ecksten Fred Pfaender
Peter Scherer William Brust
T. Il. Roos Jacob Klossner, Jr
+. G. PAIL A.. C Ochs
William Hummel Chas. Stuebe
All of the aforesaid residing in the City of New
Ulm, Brown County, Minnesota.
Article S-Ths corporation shall he 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
|
board of directors shall organize Immediately after
each annual election of directors by choosing fl ON
| their OWL number President Vice President
Secretary and Treasurer, and the persons SO chos-
en- 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 attorney
| for this corporation whose term of office shall he
one year.
Amy vacancies in said board of directors and
officers sh IL be filled by said board at any regular
/ n into c1,e1 t,olI
| 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
til said election G. w. H Heideman shall be pres
ident, Alexander Berghold vice president, Fred
Pfaender secretary, and E. G. PAIL shall be treas
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 tWehty-one years and upwards. Minors aud
others may hold stock by guardian 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 shores of stock at any time. No person
shall become stakeholder who has not previously
paid his admission fee to be fixed in the bylaws
and the payment of such fee and one months dues
shall make him member.
The acceptance of a certificate of stock by any
member shall be considered as binding him to thu
!. 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.
guatons OF this corporation.
| Article 10.--The board of directors NAV make
such regulations in regard to the manner and form
of subscribing for stock aud the issuing transfer
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 nav any
installment, dues or fines for which he shall become
liable, in such manner as the bylaws may pre-
scribe.
Every stakeholder shall be entitled to one vote
only, irrespective of the number of shares he NAV
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 conditions as may be prescribed by
the bylaws.
Article 11.-Whenever within thirty (3O) wears
each share Of the capital stock of this corporation
of any series thereof shall become worth par or one
hundred 900 dollars, every holder of said stock
who has borrowed thereon shall receive for each
share thereof said sum of one hundred dollars less
| any sum he may then said corporation and the
said series of stock shall then determine
The board of directors shall thereupon also can
eel and discharge of record all mortgages given to
secure loans upon stock of said maturing series
provided, the conditions of such mortgage have
been fully complied with, and they shall also return
to the mortgagors all papers connected with such
loans.
Article 12.-The annual meeting of the stockhol-
ders shall be held on the first Thursday of May in
each year, commencing in the year 1882 to elect
said twelve directors for the several terms as pre-
scribed and to transact any other business of this
corporation; other stated and special meetings
may be held at such times and places the bylaws
may prescribe. Att any and all regular meetings
the said stockholders shall have the power to pass
bylaws defining the duties of officers of this cor.
poration; for the imposing of reasonable fines dues
and assessments upon its members regulating the
subscription upon the issue and transfer of stock
and management and investment of its funds. loans
to the members the general regulation of the bust
ness OF this corporation and generally to adopt all
necessary to carry out the objects of this
corporation. Seven members shall constitute a
quorum at all meetings of the stockholders
In witness whereof we have hereuntO set our hands
! and seals this 2lst day of February, A. D. 1888.
SIGNATURES.
G. W. H. Heideman (seal) Jos. A. Eckstein seal,
Alexander Berghold (seal,) Chas L. Roos seal
Chas. Stuebe (seal0 A. c. Ochs (seal
William Brust (seal) Jacob Klossner Jr seal
p. G. PAIL @eal) VIM. Hummel seal
Fred Pfaender tseal.) p. Scherer Seal
STATE OF MINNESOTA,
il COUNTY OF BRoWY %.
. On this 21st day of February, A. D. 1885, before
me, Notary Public within and for said county
personally appeared " w. ii. HeIdeman, Jos. A
Eckstein, Peter Scherer, c. L. Roos, D. G. PAIL
William Hummel Alexander Berghold, Fred Pfaen.
der, William Brust, Jacob Klossner Jr., A. c. Ochs
and Chas. Stuebe, to me known to be the persons
described in and who executed the foregoing in
strument, and acknowledged that they executed
the same as their free act and deed.
WILLIAM PFAENDER
4 O.. 81 Notary Public, MINI
4 OFFICE OF REGISTER DEEDS,
Brown County Minnesota.
i hereby certify that the within instrument was
filed in this Office for record the Dist day of Feb
1uary A. D. 1888, at O. clock P. NJ, and was duly
recorded in Book l of incorporation on pages 19l
to 1876.
4 A. J. GRIMMER,
; Register of Deeds
STATE OF MINNESOTA,
!, Department of State.
hereby certify that the within instrument was
filed for record in this Office the 23rd day of Feb
ruary A. D. 1888 at 8 O'Clock P. NJ and was duly
recorded IN Book I OF interpretations ON page 372
I'll. MATTSON,
Secretary of State