New Ulm review. (New Ulm, Brown County, Minn.) 1892-1961, 1896-03-25

ARTICLE FIRST.
The name Of this association shall be
| 1.-THE NEW ULM SAVINGS AND LOAN AssO-
CATION OF New Ulm, Minnesota, and its
principal place Of business shall be N
the city Of New Ulm, Minnesota.
The general nature Of its business and
object will be to accumulate fund, by
the saving of the members thereof, and
to loan out Of said fund to the members
only, and to do the general business Of q
local building and loan association, as
prescribed by the laws Of the State OF
Minnesota; also the purchase and hold
ing of and sale Of real estate taken on
forfeiture foreclosure and otherwise, and
70 make such other investment Of its
funds as may be deemed advisable by
the Board of Directors.
ARTICLE SECOND.
The said association shall commence
on the second day of April 1896 and
shall continue for period of thirty
years.
ARTICLE THIRD.
The amount Of the capital stock shall be
Five Hundred Thousand Dollars divided
into Five Thousand shares of One Hun
dred Dollars each, to be paid in in INSTALL
ments, of such amounts, at such times,
and under such regulations, as may be
prescribed 10y the bylaws of the associa-
ton, but it shall not be necessary for all
OF said stock to be subscribed to enable
the SAID association to transact business
or go into operation.
ARTICLE FOURTH.
The hi CHEST amount of indebtedness or
at any time be subject, over and above
It's liabilities to its members on their
shares Of stock, shall he no greater than
ten per cent of its paitl-up capital. .
ARTICLE FIFTH.
The names and places of residence of
the persons forming said corporation are
as follows :--Willibald Eibner; Conrad H.
Dirks; Jacob L. Schoch: Paul Voss;
Christ +. Ruemke; Albert Steinhauser;
William Koch; Frank H. Behnke; An
drew J. Eckstein; Jacob Klossner j.;
Ernst Wicherski and William pfaender
Jr., all of New Ulm, Minnesota.
ARTICLE SIXTH.
The management of the business and
the government Of the corporation shall
be vested in its Board of Directors and
officers
ARTICLE SEVENTH.
The Board Of Directors of the corpo-
alton shall be composed OF twelve mem
oers thereof, who shall be elected by the
stockholders at the annual meeting and
said directors shah hold their offices for
three years and until their successors are
elected,
The names of the first Board of Di-
rectors are as follows -Willibald Eib-
ncr, Conrad H. Dirks, Jacob L. Schoch,
Paul Voss, Christ F. Ruemke, Albert
William Koch, Frank Fl.
Bchnke, Andrew J. Eckstein, Jacob
Klossner Jr., Ernst Wicherski and Will
liam Pfaender Jr. The. first four of the
directors above named shall hold their
offices until the annual stockholders G.
lection IN 1897; the next four abnve
named shall hold their Offices until the
annual stockholders election in January
1898, and the last four directors above
named shall hold their offices until the
annual stockholders election in january
1893. All vacancies in the offices of Of
iicers or directors shall he filed by the
Board of Directors. ..... .....
ARTICLE EIGHTH.
The Board of Directors, at their first
meeting after each annual election shall
elect a President, a Vice President, Sec
rotary, Treasurer and Attorney from "a
mong their number.
ARTICLE NINTH.
The officers of this association shall be
President. Vice President, Secretary,
Treasurer and Attorney. all of whom
shall he stockholders. The names of the
first officers of this Association shall be
as follows -. .s>. .-.-> i. i
... Andrew j. Eckstein, President
William Koch, Vice President.
William Pfaender Jr., Secretary.
Jacob Klossner Jr., Treasurer.
Albert Steinhauser, Attorney.
The first officers of the Association
shall hold their respective offices until
their successors are elected and have
qualified at the annual election of direct
ors in 1897.
ARTICLE TENTH.
The funds accumulated by the Associ-
alton shall be loaned to its members in
such sums, upon such security, and upon
such terms, and in such manner as may
be prescribed by the Bylaws; or said
funds may be used to retire the I'M
pledged shares of stock, and the direct
ors shall have authority to enforce the
withdrawal Of the same or their canceIla-
ton at any time in such form and man
ner.as may be prescribed by the By laws.
ARTICLE ELEVENTH.
The annual meeting Of the stockhold-
crs shall been the first Thursday after
the first day il January in ach-year,
in the year 1897,
to- elect directors and to tran