The Irish standard., 1890-09-06

Ess4 OF Minneapolis. MINI. s
[ss Know men 81 these present.. That we tho
undersigned 9. Arthur Scot. ~ %. Beansand- q.
Y. 0psahl, Of Staple !, County Minaesota
County. MINI: j. IS Brooks 'of Renyilis Rem
willie County. Mimi "a. Folsom, at Minneap-
oils, Hennepin 60 MINI. E.s ] Kirby Of Pttts:
r. a. McCarthy. Of Morris, stevens Co.: MINI,
hereby associate ourselves together to become
Incorporated and do by these presents incor-
state 81 Minneso.a and for that purpose, We and
each OF us individually and collectively hereby
adopt and sign the following articles Of incor-
pOrat1On. is s55s55 s#8 Eie 81
ARTICLE {. /
Farmers Loan and Savings Company and its
general Office aud place of business shall be the
City Of Minneapolis. County Of Hennepin.
state OF Minnesota
ARTICLE II.
The general nature Of the business of this cor
poratton, shall be the loaning OF capital, moneys
ann funds OF It's own and belonging to Others on
first mortgage real estate security and other
sell, convey and dispose of real estate and other
properties. credits and a fleets taken on fore
closure Or forfeiture. to buy. hold. and own such
real estate and personal property as may be
necessary to conduct and carry on its business;
to incur and contract Indebtedness and issue,
negotiate, sell and dispose of it's corporate and
debenture bonds; to SELL assign, mortgage,
transfer. hypOthicate and pledge It's real and
personal securities and real estate.
ARTICLE Ill.
The authorized capital stock of this corpor-
alton shall be two hundred thousand (20O,O0W
dollars, to be divided into two thousand (2,000
lars per share and shall be issued and paid up,
as the board OF direc 0rs may from time to time
order and den rhine.
ARTICLE ".
The highest amount of indebtedness which
this corporation shall become liable for, ex-
elusive of the liabilities on its capital stock and
exclusive of the liabilities on it's corporate OF
debenture bonds, shall at no time exceed fifty
per cent of the amount of subscribed capital;
for the purpose Of increasing the amount of the
loan funds of said corporation, the board of di-
rectOrs may by resolution duly adopted cause to
be issued, ISSUE negotiate, sell and dispose Of its
be issued in series Of such amounts and de-
nominations and from time to time as said board
may determine.
ARTICLE v.
The government If this corporation and the
mana cement Of it's affairs shall be vested in
board of directore of not less than five and not
more than fifteen as may from time to time be
determined, said board shall be divided into
three classes. The term of Office of those of the
first class shall expire in one year, those of the
second class in two years and those of the third
class in three. years and thereafter those Of each
class S, shall hold their office for three years.
termined al first meeting Of said board. The
first board OF directors shall consist of ten ia
number and be composed of the ten persons
forming this corporation, any vacancies occur
ring in said board may be filled by the remain.
ing members for the unexp1red term.
ARTICLE VII. =
The officers of this corporation shall be COM
posed of a president, one or more vice-presi-
be elected BY the board of directors from among
their number, aud within thirty days after the
annual meeting of the stockholders for the cleo
ton of directors; Said officers to hold their re-
spective offices for the term of one year, until
their respective successors are elected or ap-
pointed and have qualified and taken Office, any
vacancies occurring in any of said offices shall
be flied for the unexpired term by said board.
ARTICLE VII.
AL directors, officers and agents. except office
clerks or other minor employees shall be stock
holders in order to be eligible to hold office.
s. ARTICLE VIII.
Until after the annual stockholders meeting
in the year 1891. the following named persons
P. 4. Mccarthy president: j. v: Earl. frst vice,
president: J. T. Brooks, second vice president;
Edwin J. Kirby, secretary; 8. Arthur Scott,
: $500 '''SA ARTICLEIx. .ss
/ The annual Meeting of stockholders of this
corporation for the election of members of the
board of directors whose term or office have ex-
pired and for the transaction OF other business
shall be held at the general Office on the third
Wednesday of September in each and every year
after the year 1890, or as soon thereafter as
practicable.
b ARTICLE x
This corporation shall commence business on
the fourth day of August A. ID. 1890, and shall
continue for period of thirty (s0) years.
ARTICLE XII.
The board Of directors of this corporation
shall have full power to adopt, enact, and en-
force all necessary bylaws for the government
of said corporation. the management of its af-
fairs, its officers and employees and to change,
alter. repeal, amend and modify the same Or any
In testimony whereof. we the incorporators
have hereunto subscribed our names and affixed
our seals at the City of Minneapolis. Minnesota,
this 10th day of July, A. d. 1890.
Signed sealed and executed in presence Of
E.. SHERWOOD, *@ .s
H. Ct. NOBBINs.