The Irish standard. [volume] (Minneapolis, Minn. ;) 1886-1920, 1890-08-23
ARTICLES OF INCoRPoRAT1oK
-of the
FARMERS LOAN AND SAVINGS CO.,

Know all men by these presents. That we the
undersigned 8. Arthur Scott. p o. Bean and J.
Ea4 Of IS s Fss F G oet Geu1
Minnesota. N. Kjeldson. of Ada, Norman
County. Mimi. J. i. Brooks, Of Renville. Rem
vile County. Mimi. J. A. Folsom, OF Minneap-
burg. Allegheney Co., Penn, E. T. o,Brien aud
P. A. Mccarthy. of Morris, Stevens Co.: Mimi,
hereby associate ourselves together to become
porate under and by virtue Of the laws Of the
State of Minnesota and for that purpose, we and
each Of us individually and collectively hereby
adopt and sign the following articles OF incor-
ARTICLE I.
The name of this corporation shall be the
Farmers Loan and Savings Company and its
general office and 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
pOratiOn, shall be the looming of capital, moneys
and funds of ita own and belonging to Others on
first mortgage real estate security and other
good and marketable securities; to own, hold,
sell, convey and dispose of real estate and other
properties. credits and affects taken on fore
closure or forfeiture, to buy, hold. and own such
necessary to conduct and carry on it's business;
to incur and contract Indebtedness and issue,
negotiate sell and dispose of it's corporate and
transfer hypothicate and pledge its real and
personal securities and real estate.
ARTICLE Iii.
The authorized capital stock of this corpor-
alton shall be two hundred thousand (2OO,OO0)
dollars, to be divided into two thousand ,0O0l
shares Of the par value of one hundred tlO0) dol
lars per SHARE and shall be issued and paid up.
as the board OF direct ers may from time to time
order and dett rhine.
ARTICLE Nv.
The highest amount IF indebtedness which
A. LrIl ls.I1~ Zoo
elusive Of the liabilities its capital stock and
exclusive of the liabilities on its corporate or
debenture bonds shall at no time exceed fifty
per cent of the amount OF subscribed capltal;
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
corporate or debenture bonds; said bonds may
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
Of It's affairs shall be vested cd in ma
more than fifteen as may from time to time pc
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 shall hold their office for three years.
termined al first meeting IF said board. The
first board of directors shall consist of ten III
number and be composed of the ten persons
ring in said board may be- filed by the remain
ing members for the unexpired term.
ARTICLE vi.
The officers of this corporation shall be oom-
posed of president. one or more vice presi-
be elected by the board of directors from among
Fthefr number, aud within thirty days after the
annual meeting Of the stockholders for the cleo
ton OF directors Said officers to hold their re,
their respective successors are elected or ap-
pointed and have qualified and taken Office. any
vacancies occurring in any of said offices shall
ARTICLE VII.
clerks or other minor employees shall be stock
holders in order to be eligible to hold Office.
ARTICLE VIII.
Until after the annual stockholders meeting
in the year 1891. the following named persons
shall be the officers Of this CORPORATION. viz;
p. A. Mccarthy, PRESIDENT J. w. Earl, first vice
president: ]. T Brooks, second vice-pres1dent
Edwin J. Kirby, secretary; s. Arthur Scott,
" ARTICLE TX.
The annual nesting of stockholders of this
corporation for the election of members Of the
board Of directors whose term OF office have ex-
2ired 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.
This corporation shall commence business on
! the fourth day of August A. D. 1890, and shall
continue for period of thirty 800 years.
ARTICLE XII.
Tho board of directors of this corporation
| shall have full power to adopt. enact, and er.
Of said corporation. the management of its at.
fairs, its officers and employees aud to change,
alter, repeal, amend and modify the same or any
part thereof and adopt new bylaws.
| 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. ID 1890.
signed sealed and executed In presence Of
| y. SHERWOOD.