St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-09-17
A RTICLEs OF INCORPORATION @
~ tho Standard Ruildin0 AcsOoiotion

A RTICLES OF incorporation OF
n the Standard Building Association.
The undersigned, in order to become cor
poration under and by virtue of the laws OF
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-
Gil al place of business shall be in the City of
St. Paul. i'll the State OF Minnesota.
SECTION 2.
The general nature of the business of this
corporation shall be the accumula ton of
funds paid in monthly from its shareholders,
and the loanng of such funds on real estate
and other security approved by its directors.
to its members, to 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 ny corporations of similar
character in this stale.
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. ID. 1891 and continue for
a period of thirty t3O) years thereafter.
SECTION 4.
The capital stock of this corporation
shall be two million (S2, 000,000) dollars, di-
vided into ten thousand 100000 shares OF
each.
The same to be paid into the treasury in
monthly in StallmentS of one (S1.00) dollar
Oh each share at 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 (Sl00,000) 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.
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 G. Peil,
James Fenstermaker. John c. Horrigan,
Swan A. Ponthan, William Bickel, Thomas
Berrisford, John McCabe, Richard A. Walsh
and John M. Mcclellan, all residing at ST.
Paul, Minnesota.
SECTION z
The government of the corporation and
the management of its affairs shall be vested
in a board of nine i9) directors. each OF
whom shall be stockholder and the same
shall be elected at the regular monthly meet
ing OH the first Monday i'll September in
each year.
said directors shall be divided into three
classes of three (3) each; the first class shall
hold Office for one year: the second class fol-
two years, and the third class for three years
| or until their successors are elected and quail
! fled
Until such annual meeting in September
1892 the names of the first board of directors
! are:
First Clsss-John McCabe, Swan A. Pom
| than and William BickeL
Second Class-James Fenstermaker Johr
| Horrigan and Anthony G. Peil
Third Glass - William ROdger, John M
| Mcclellan and Thomas Berrisford, who shall
serve as such until their successors are elect
| ed and qualified as herein provided; and un
| til the first election.
William Rodger shall be president; Johr
| c. Horrigan. vice president; John M. McLel
Ian, secretary and William Bickel, treasurer
SECTION 3.
At their first meeting after an annual eiec
| ton the board of directors shall elect presi
dent, secretary and treasurer from their owl
number; vice president, and an attorney
from the shareholders, and the term of Office
of each snail be one year, or until his success
| sor is elected and qualified.
Vacancies may be filled by appointment o.
a majority of the directors at any regular di
| rectors meeting.
Each stakeholder at any stakeholder meet
ing, and each director, at any directors meet
ing shall have only one vote. and that mus
| be given personally.
SECTION 10.
When within thirty 600 years the shares
of stock then outstanding shall have reached
their par value from payments thereon anC
| profits accruing thereto, the directors shall
| without delay, discharge all liens on thu
! 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 thu
members entitled to the same. properly de
clare the corporation dissolved
Witness our hands and seals at ST. Paul
Minnesota, this 18th day of September, A
| d. 1891.
ANTHONY G. PElL, TSeal.1
| John MCCARE fiscal