Iowa state bystander. [volume] (Des Moines, Iowa) 1894-1916, 1896-06-05
Notice of Incorporation.

Notice is hereby given that the McClear
Arms Company has been organized as a cor
soration under and by virtue OF the laws Oh
iowa, for pecuniary profit.
The name of corporation Is the MCLEAN
Arms Company and its principal place for trans
acting business is at Des Mornes Polk county,
Iowa.
ness to be transacted by this company IS the
weapons of warfare of hill kinds and appliance
and supplies and the purchase, sale or lease, OF
property of every name and nature that may
be lisefulin the transaction Of its business.
Sec. 8 The capital stock shall be 100000
Preferred and 100000. Common stock, which
shall be divided into 5000 shares OF SiOO each,
and when issued shall be fully paid and non
assessable.
The preferred stock shall be entitled to a
first lien upon the assets of this corporation IN
any distribution thereof, and also to prefer
ence in dividends, provided, however, that
when the net profits are sufficient 10 pay per
cent per annum on all stock issued, then all the
capital stock preferred and common) small
share equally and at the same rate IN the pay
ment of dividends.
The common stock may be increased, but the
preferred stock can not be increased.
Dividends are payable semi-annually out OF
net profits of the corporation.
Sec A. The preferred stock shall be sold at
par. 800 shares may be sold at once and issued
on payment therefor
| 900 shares of preferred and 1000 shares of
common stock are TO be issued to s. n Nc
Clean in payment for all patents now Issued or
that NAV be issued to him on IRE arms, supplies
therefor, and appliances thereto, and the re
manning 500 shares of preferred stock snail not
be sold either in whole or in part except upon
vote OF two.thirds of the preferred stock sold
and issued. The board OF directors may fix
the time and conditions of payment on sub
scriptions TO the preferred capitnl stock.
Sec. 5. This corporation may commence
business on the Goth day OF February 1886 and
continue for twenty years unless sooner dis
solved by the vote Of three. fourths of the stock
holders, and it shall have the power of renewal
as provided by statute.
Sec. g. The affairs Of this corporation shall
be managed by 81 board Of directors of not less
than three nor more than seven stock FOLDERS,
who shall be elected by the stock holders at the
annual meeting of the corporation, which is to
be held at the Office of the cOfpOl alton in DeS
Moines, Iowa, on the first Thursday after the
first Monday of June, each year. at 3 p M,
and they shall hold their Office until their sue
cessors are elected and qualified. Each share
OF stock issued shall be entitled to vote. The
directors shall elect from their own number
president vice president, secretary and treas
urer, who shall perform the duties required or
them by the board of directors, Until the first
annual nesting OF the corporation the follow,
ing named persons shall constitute the board
or directors and officers, to wit; Pre- sldent'
Thos. n Ganlt; vice president, W o. Mont
gomery: secretary, w. d. Condit; treasurer,
S, N. Mclean.
Sec l. The highest amount OF Indebtedness
to which this corporation shall at at time sub,
jected shall not exceed two .thirds OF its capital
stock issued
Sec g. The private property of the stock
holders shall be exempt from the debts of this
corporation.
IlSec o. The articles of Incorporation may be
amended at any annually meeting OF the corpo-
ration, or at any special meeting called for that
purpose by vote of three fourths OF the CAPT
tai stock issued.
Sec 10 The board Of directors shall have
the power TO adopt bylaws and make AL need
full rules and regulations for the management
OF the affairs of the corporation.
Signed this goth day OF February, 1896.
w @. MONTGOMERY,
3. N MCCLELLAN,
w. ID. CoNDIT,
THos. H. GAuLT.