St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-09-18
A RTICLES OF INCORPORATION
IA the Standard Ruildino Association

the standard Building Association.
The undersigned, in order to become a cor
the State of Minnesota in such case made and
provided, have adopted and signed the fol.
lowing articles of interpretations:
SECTION /.
The name of this corporation shall be the
Standard Building Association, and its prin-
cipal place of business shall be in the City Of
st. Paul, in the State OF Minnesota.
SECTION 2.
The general nature of the business of this
corporation shall be the accumulation of
funds paid in monthly from its shareholders,
and the loaning OF such funds on real estate
and other security approved by its directors
10 its members, 10 be used by them in buying
building and improving their homes, and in
other investments. authorized by law and
satisfactory TO its directors; also the doing of
any business naturally appertaining TO its
principal object aforesaid. that now is or
may he transacted by corporations of similar
character in this state.
All said business to be done on the mutual
building society plan.
SECTION g.
Said corporation shall begin on the 18th
DAY of October A. d. 1891, and continue for
period of thirty 1907 wears thereafter
SECTION T.
The capital stock of this corporation
shall be two million (S2 COO 0OO) dollars di-
vided into ten thousand 10000 shares of
the par value Of two hundred (S900) dollars
each.
The same to be paid into the treasury In
monthly installments of one (S100) dollar
on each share, al such times and under such
regulations as its bylaws may direct Said
stock after the first subscription shall be
issued III successive series at such times and
In such amounts as the board of directors
may determine.
Said corporation may go into operation
and transact business whenever one hundred
thousand (SlO0,000) dollars of said stock
shall have been subscribed or taken.
The directors may retire and cancel, under
rule established by the bylaws, any I'M
pledged shares four or more years old the
same to be taken pro rata as near as may be
from the Oldest outstanding series.
SECTION 5.
The highest amount OF Indebtedness or
liability to which said corporation shall at
any time be subject shall be fifty thousand
(S50,000) dollars.
SECTION 6.
The names and places of residence of the
persons forming said corporation are as fol-
lows, viz: William Rodger, Anthony @. Peil,
James Fenstermaker. John C. Horrigan
Swan A. Ponthan, William Bickel, Thomas
Berrisford, John McCabe, Richard A. Walsh
and John Nj. Mcclellan, all residing al st.
Paul, Minnesota.
SECTION 7.
The government of the corporation and
the management of its affairs shall be vested
in a board of nine (9) directors. each of
whom shall be a stakeholder, and the same
shall be elected at the regular monthly meet
ing OH the first Monday in september in
each year.
Said directors shall be divided into three
classes of three CD each; the first class shall
hold Office for one year: the second class for
two years, and the third class for three years,
or until their successors are elected and quail
ified
Until such annual meeting in September.
1892. The names OF the first board of directors
are:
First CHISHOLM McCabe, Swan A. Pom
than ana William Bickel
Second Class-James Fenstermaker, John
Horrigan and Anthony G. Peil.
Third Glass - William Rodger. John NJ
Mcclellan and Thomas Berrisford, who shall
serve as such until their SUCCESSORS are elect
ed and qualified as herein provided; and I'M
til the first election.
William Rodger shall be president; John
G. Horrigan. vice president; John NJ. McLel-
Ian. secretary, and William BickeI, treasurer
SECTION s.
At their first meeting after an annual cleo
ton the board of directors shall elect presi-
dent secretary and treasurer from their own
number; a vice president. and an attorney
from the shareholders, and the term of Office
Of each shall be one year, or until his success
sor is elected and qualified.
Vacancies may be filed by appointment OF
majority of the directors at any regular di-
rect0rs meeting.
SECTION 9.
Each stockholdef at any Stockholder meet
ing, and each director at any directors meet
ing shall have only one vote. and that must
be given personally.
SECTION TO-
When within thirty 600 years the shares
of stock then outstanding shall have reached
their par value from payments thereon and
profits accruing thereto, the directors shall,
without delay, discharge all liens on the
properly of members who are borrowers re-
turn all papers and securities to the proper
person, dispose of all corporate property,
and. after distributing the assets among the
members entitled to the same. properly de-
clare the corporation dissolved
Witness our hands and seals at 81, Paul,
Minnesota this 18th day of September A.
D. 1891.