Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1897-04-15

ton thereto, and to such other papers
as shall be required or directed to be
sealed, and to keep a record of the
proceedings of all meetings of the
stockholders. and of the board of direc-
tors, and TO safely and Systematically
keep all books, papers, records and
documents belonging to the corpora
ton, or in any wise pertaining to the
business thereof, to sign all orders for
the payment of claims allowed by the
board of directors.
The principal duties of the treasurer
shall be to keep and account for all
moneys, credits and property, of any
and every nature, Of the corporation,
which shall come into las hands, and
to keep an accurate account of all mon
eys received and disbursed, and proper
vouchers for 4:sneys disbursed, and to
render such accounts, statements and
inventories Of moneys received and
disbursed, and of money and property
on hand, and generally of all matters
pertaining to this Office as shall be re-
quired by the board of directors
The board of directors may provide
for the appointment Of such additional
officers as they may deem for the best
interest of the corporation.
Whenever the board of directors may
so order, the Offices of secretary and
treasurer may be held by the same
person.
The said officers shall perform such
additional or different duties as shall
from time to time be imposed or re-
qulred by the board of directors, or as
may be prescribed from time to time by
the bylaws.
Article Sixth. Only persons holding
stock according to the regulations of the
corporation shall be members Of it, and
the stock of this corporation shall be
sold only to such persons as rent light
or power service from it, selling one
share and only one share of stock for
each incandescent light rented, and
twenty shares for one arc light, and
twenty shares for every horse power
that shall be rented from this company.
Article Seventh. This corporation
shall at all times hold its unsold stock
for sale to resident freeholders of the
cities of Grand Rapids and Centralia,
who rent light or power from it, to an
amount equivalent to the rental service
of such purchaser as expressed in Ar
ticle sixth, until all its treasury stock is
disposed Of.
Article Eighth. This corporation
shall never declare a dividend greater
than eighteen per cent. per annum to
it's stockholders. When the earnings
exceed that amOsi 4tFthe surplus shall be
placed in a sinking fund for future re-
construction and repairs, or the rental
charges shall be reduced so as to lessen
the earnings, as the board of directors
may determine.
Article Ninth. These articles may be
amended by resolution setting forth
such amendment or amendments
adopted at any meeting Of the stock
holders by vote of at least two-thirds,
of ali the stock of said corporation then
outstanding"
ARTICLES OF INCORPORATION.
eve. the undersigned residents of
Wood county, hereby subscribe for and
agree to take the number of shares of
stock of the Twin City Electric Light
and Power company "a corporation now
about to be organized) set opposite our
respective signatures at the par value
five dollars a share.
And we, and each Of us, hereby fur
ther agree to rent from said corporation,
as soon as the same is fully organized
and ready to furnish light and power,
as many incandescent lights, Or their
equivalent in power or arc lights, as we
have subscribed for shares of stock, in
said corporation.
And we further agree that if at any
time we cease to rent as many lncan-
descent lights, or their equivalent in
arc lights or power, as we hold shares
of stock in said corporation then we
hereby severally agree to sell and trans
fer such surplus stock as we severally
may hold to said corporation at par,
and for valuable consideration to us
in hand paid we hereby severally give
and grant to said corporation the right
and option to purchase such surplus
stock as we may severally hold at par
at any time within ninety days after we
have served on said corporation writ
ten notice of our desire to sell or dis
pose of such surplus stock or at any
time within ninety days after said cor
pofation shall serve notice on us, OF
either of us, of fits desire to purchase
such surplus stock.
No liability shall be incurred by the
subscribers by virtue of this agreement
to take stock and rent lights or power
until two thirds Of those now using
electric lights in the cities of Grand
| Rapids and Centralia have subscribed
for stock in said corporation according
to the foregoing terms. And no assess
ment on stock shall be made for the
purposes of constructing an electric
light and power plant until two thirds
of the stock subscribed shall vote in
favor of such assessment and construc.
ton.
Dated at Grand Rapids this 9th day
of April, a. d. 1897