Iowa state bystander. [volume] (Des Moines, Iowa) 1894-1916, 1896-05-29
Notice of incorporation.

Notice is hereby given that the MCLEAN
Arms Company has been organized as a cor
poration under and by virtue of the laws oil
iowa for pecuniary profit.
The name OF corporation is the 'McClean
Arms Company and its principal place for trans
acting business is at Des MONIES, Polk county,
Iowa.
ness to be transacted by this company is the
manufacture and sale of fire arms including
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 useful in the transaction of its business.
Sec g. The capital stock shall be S2O0, 900
Preferred, and $4,000. Common stock, which
shall be divided into 5000 shares of 800 each.
and when issued shall be fully paid and nom
assessable.
The preferred stock shall be entitled to q
first lien upon the assets OF this corporation in
any distribution thereof, and also to prefer
ence in dividends, provided, however, that
when the nst profits are sufficient to pay per
cont per annum on all stock issued, then all The
capital stock preferred and common) shall
share equally Snd 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 l. The preferred stock shall be sold at
par 800 shares may be sold at once and issued
on payment therefor.
600 shares of preferred and 900 shares of
common stock are TO be issued to S. n. Nc
Clean in payment for all patents now Issued or
therefor. and appliances thereto, and the re
manning 500 shares OF preferred stock shall not
be sold either in whole or in part except upon a
vote OF twothirdS OF the preferred STOCK sold
and issued. The board of directors may fix
the time and conditions OF payment on sub
scriptiops to the preferred capitnl stock.
Sec. 8. 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 1t shall have the power Of renewal
as provided by statute.
Sec. g. The affairs of this corporation shall
be managed by board of directors OF not less
than three nor more than seven stock holders
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 corpol alton in DeS
MoineS Iowa, on the first Thursday after t he
first Monday OF June, each year, at 3 p. NJ,
and they shall hold their Office until their sue
cessors are elected and qualified. Each share
OF stock issued shall be entitled to q vote. The
directors shall elect from their own number
president, vice president, secretary and treas
lrer, who shall perform the duties required OF
them by the board of directors Until the first
annual meeting of the corporation the follow
ing named persons shall constitute the board
of directors aud officers, to wit; President,
Thos II. Gault; vice president, w. q. Mont
gCmery: secretary, w. d. Condit; treasurer,
s. n, MCLEAN.
Sec. I. The highest amount Of Indebtedness
to which this corporation shall at at time sub
iected shall not exceed two-thirds OF it's capital
stock issued,
Sec. s. The private property of the stock
holders snail be exempt from lhe depts OF thls
corporation.
9Sec. 9. The articles OF incorporation may be
amended at any annually meeting ofthe corpo-
ration, or at any special meeting called for that
purpose by vote of three fourtils of the capt
tai stock issued.
Sec 10. The board OF directors shall have
the power to adopt by laws and make all need
full rules and regulations for the management
OF the affairs OF the corporation.
Signed this Goth day of February, 1896.
w. @. MONTGOMERY,
s. N. MCCLELLAN,
w. ID. CoNDIT,
THOS H. GAULT.