St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-04-23

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n the Minnesota Canal Company.
We the undersigned, for the purpose OF
forming corporation under and by virtue or
Title one %. Chapter thirty-four (34), OF the
General Statutes of Eighteen Hundred and
Seventy-Eight 1s7S) of the State of Mime
sofa and the acts amendatory thereof. do
hereby associate ourselves together, and do
adopt and sign the following Articles of In
corporation:
The name of this corporation shall be THE
Minnesota Canal Company the general
nature OF Its business shall be the cOnstruc-
ton and maintenance of system OF canals
and improved waterways for navigation.
manufacturing and other uses aud purposes
in the State of Minnesota; the principal
place of trarsacting its business shall be the
City OF Duluth, i'll the State OF Minnesota
ARTICLE II.
The time of TIE commencement of this
corporation shall be the twenty ninth day of
April. A. d. 1899, and the period Of its con-
tinuance shall De fifty = (2 q years.
The amount of the capital stock of this
corporation shall be two million (2000 0U0)
dollars, and the same shall be paid i'll at such
times and in such amounts as the Board Of
Directors may determine.
ARTICLE ".
The highest amount of Indebtedness or liza
bility to which this corporation shall at any
time be subject shall be Seven Hundred and
Fifty Thousand (S75o000) Dollars.
ARTICLE Y.
The names and places of residence Of the
persons forming this Association for incor-
pOration are as follows:
Henry Curtis Spalding, residing at Duluth.
Minnesota.
Flavius j. Barber. residing at Chicago, Hi
nois
Milton Weston. residing at Chicago, Hi
noiS.
A. c. Martin, residing at Chicago. Illinois.
Perclval Steele, residing at Chicago, Hi
nois
Frank F Davis, residing at Minneapolis,
Minnesota.
S. III. Meek, residing at Chicago, Illinois.
ARTICLE VI.
The government of this corporation and
all arrangement of its affairs shall be vested
IN Board of Directors, composed Of seven
persons, each of whom shall be a stakeholder
in said corporation.
The persons named in Article V hereof
shall! be and constitute the first Board of Di-
rectOrs, and shall serve as such until the first
annual meeting of the stockholders herein
after provided for or until their successors
are duly chosen and qualified.
On the first Monday i'll September, A. D.
1893, and annually thereafter, there shall be
held regular meeting of the stockholders,
and at such meeting seven Directors shall be
elected three to serve one year. three to
serve two years, and one to serve three years,
or until their successors are duly elected and
qualified.
At such election each stakeholder shall be
entitled to one vote for each share of his
stock which may be cast in person or by
proxy.
Within twenty-four hours after each an
nual meeting of the stockholders there shall
be an annual meeting of the Board of Di-
rectors, at which meeting the Directors shall
elect from their own number President
Vice President Secretary and Treasurer to
serve one year. or until their successors are
duly chosen and qualified. The Board of Di-
reeIors shall also appoint such other officers
or agents as they may find necessary for the
proper transaction of the company business,
such officers or agents to be subject, both as
to term and tenure of Office to the pleasure
of the said Board. Until the first meet
ing of the Board OF Directors herein provided
for and until their successors are duly chosen
and qualified. Henry Curtis Spalding shall
serve as President, Milton Weston as Vice
President Frank F. Davis as Secretary, and
A. c. Martin as Treasurer of this corporation.
Vacancies in office or in the Board of Di-
rectorS may be Tiled by appointment of a
majority of the Board of Directors for the
unexDired term, at any meeting OF the said
Board called for that purpose
ARTICLE VII.
The number of shares in the capital stock
of this corporation snail be forty thousand
10000, and the amount OF each of said
shares shall be fifty $500 dollars
In witness whereof, we have hereunto set
our hands and seals on this tenth day Of
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