St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-12-22

N ICLES OE OC
IL the Northwestern Building Society of
st. Paul, Minimize, 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 thirty four (34). of the General
Statutes, and of the acts and parts of acts
supplementary thereto and amendatory
thereof, do hereby associate ourselves and
become incorpola ted, by adopting and sign
ing the following ARTICLES of Incorporation:
corporation shall De 1.-THE Northwestern
Building Society of st. Paul, Minn.'
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 to 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. 3. The principal place of transactlng
the business of said corporation shall be the
city of st. Paul, in the county of Ramsey
and state of Minnesota.
Article I.-Section 1. The time of the
commencement of this corporation shall be
the 18th 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 1. The amount of the
capital stock of this corporation shall be
81, 200, 600, which shall be paid i'll monthly
lnstallments OF twenty-five cents on each
share.
Sec. 2. This corporation may go into oper-
alton and transact business whenever $50
600 of said stock shall have been subscribed
for
Sec. 3. The stock of this corporation may
be issued i'll successive series, as the bylaws
provide, but no stock shall be issued subse-
quent to the year 1912.
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 regulations to be provided by the by
laws.
Sec g. 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
poratlon shall at any time be subject is the
sum of $50, 600.
See. 2. This corporation may borrow
money for the purpose of carrying out its %,
Jects, to the amount not exceeding S2o,ooO
at any one time.
Art. V.-Section 1. The names and places of
residence of the persons forming this society
for incorporation are as fOllows: Hagbarth
Sahlgaard, Frank S. Haupt, r. Leslie Ware,
James E: Trask, Howard F. Ware, Harry Il.
hawthorn, c. B. Gardner, L. H. Henschel,
Henry r. Curtis Charles w. Jones. F. G.
Warner, Peter NJ Kerst. all residing at the
city OF ST. Paul, Ramsey county, Mimi.
Art. yL-section l., The government O.! OF
this corporation and the management of its
affairs shall be vested in a Board OF nine d.
rectors, each of whom shall be stakeholder,
and the following officers, viz: President,
Vice President, Secretary, Treasurer and At
torney. The term of Office Of the Directors
shall be three years.
Sec. q The Board of Directors shall be di-
vided into three equal classes, and three Dl-
reetors 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 10 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 Di-
rectors are: First class, +. S. Haupt, Henry
G. Ingersoll and Henry X. Curtis; second
class, Hagbarth Sahlgaard, F. q. Warner.
Howard F. Ware; third c-<,sS, Peter nj. kerst.
James E. Trask, r. Leslie Ware.
See. 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 Sahlgaard shall be the President;
F. S. Haupt shall be the Vice President; r.
Leslie Ware shall be the Secretary; Peter NJ.
Kerst shall be the Treasurer; James E. TIask
shall be the Attorney.
Sec. u. 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 Sd. 1889, at
1880 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