Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1905-06-15
ARTICLES OF INCORPORATION
OF The
COMMERCIAL SAVINGS BANK, or AUDUBON.
IOWA.

OF THE
COMMERCIAL SAVINGS BANK, or AUDUBON.
iowa.
The persons whose names are subscribed
hereto. and all other persons who shall be
come stockholders of this corporation, here
by associate themselves together body
corporate and organize and create a corpor-
alton under Chapter / of Title TX of the
Code of Iowa, and adopt the following Ar
ticles of Incorporation for the government
of such association: ~
ARTICLE |.
NAME AND PLACE OF BUSINESS
The name of the corporation shall be
Commercial Savings Bank" and its place
of business shall be In the city OF Audubon,
County Of Audubon and State of Iowa.
ARTICLE III.
BUSINESS
The general nature of the business to be
transacted by this corporation shall be that
of savings bank. conducted under the pro
visions of Chapters 10 and IL of Title TX of
the Code of Iowa and acts of the legislature
amendatory thereof; and this corporation
hereby assumes and takes to itself all and
banks by the laws of Iowa. and accepts all
the duties and obligations imposed thereby.
ARTICLE III.
CAPITAL STOCK
The capital stock of this corporation shall
be seyentyhve thousand dollars ($75,000 00)
and shall be divided into shares of one hun
dred dollars (Sl00 each, and shall be fully
paid before the corporation begins the
transaction of its business.
ARTICLE Nv.
DURATION
The existence of this corporation shall be-
gin on the date the Secretary of State issues
his certificate of Incorporation, and shall
continue fifty years thereafter; and the cor
por alton may commence the transaction of
business when certificate of the Auditor of
state shall have been issued authorizing 1t
to do so. It's corporate existence may be
terminated at any time by three-fourths
vote of the stockholders at any regular or
special meeting called for that purpose, in
conformity with the articles of incorpora-
ton and in accordance with the provisions
OF the statute.
. ARTICLE V.
BOARD OF DIRECTORS AND OFFICERS
SECTION The affairs of this corporation
shall be conducted and managed by board
of five directors, who shall be elected from
the shareholders at the annual meeting OF
the corporation, and shall hold ONCE for the
term of one year, and until their successors
are elected and qualified and have accepted
office.
SECTION Amy vacancy in the board of
directors shall be filled by the remaining
members of the board. and the persons so
appointed shall hold office until the next an
nual meeting of the stockholders.
SECTION 3-The board of directors shall
elect president and vice-president from
It's M DerS duu snail also eject Cashier
from the stockholders, woo may or may not
be member of the board of directors, and
who shall also act as secretary of the cor
poration. 1t may also elect and employ such
other oficers and clerks as may be neces-
sary o the transaction of its business, and
shall fix the compensation of all officers and
employees.
ARTICLE vi.
ANNUAL AND SPECIAL MEETINGS OF
STOCKHOLDERS.
SECTION 1.-The annual meeting of the
stockholders shall be held at the office of the
corporation on the Srd of January of each
year, beginning with they ear 1906, at which
directors and transact such other business
as may lawfully come before them.
SEC. Especial meetings of the stockhold
president, or by majority of the members
of the board of directors. or by the holder
or holders of majority of the stock of the
corporation, Ten QO) days notice of the
given by the cashier, or the person or per-
sons calling such special meeting, by mail
ing notice in writing to each stakeholder,
directed to his address as shown upon the
books of the corporation, which notice shall
state the object of the meeting, and no bust
ness other than that named in the notice
shall be transacted at such special meeting,
unless all OF the stock of the corpor alton
shall be represented and no objection shall
be made by any stockholder to the transac-
ton of business other than that named in
the notice.
SEC. 3-The voting at all stockholders
meetings shall be by ballot, and each share
of stock represented by the holder thereof,
or by his proxy duly authorized in writing,
shall be entitled to one vote.
ARTICLE VII.
PROVISIONAL DIRECTORS
Until the first annual meeting of the stock.
holders, the following named persons shall
h be the direc tors of the corporation:
Asmus BoySen, Gray, Audubon Co., Iowa,
G. Keller Leet, Aurora, Illinois,
Ida L. Leet, Audubon; Iowa,
- Rosa l.. Thompson, Bradford, Illinois.
A. f. Beason, Audubon, Iowa,
c. f. BRENNAN, Audubon Iowa.
Jens Werner, Audubon, Iowa.
ARTICLE VIII.
ANNUAL MEETING OF BOARD OF
DIRECTORS
The annual meeting of the board of direc-
tors shall be held on the 3rd day of January,
1905, and Immediately following the adjourn
ment of the annual meeting of the stock
holders, at which time it shah elect presi-
dent, viCe-president and cashier, and may
elect or employ such other officers, clerks
and employees as shall be deemed necessary
for the transaction OF the business of the cor
poration. Until the first annual meeting of
the board or directors, the following named
persons shall be the officers of the corpora
ton:
President. G. Keller Leet. Aurora, Illinois,
Vice President, O. E. BRENNAN Audubon,
Iowa,
AhllCJE la.
EXECUTION AND ACKNOWLEDGMENT
OF WRITTEN INSTRUMENTS
SECTION All deeds, mortgages and IN
struments in writing affecting real estate
which shall be made by the corporation,
shall be executed and acknowledged in the
name of the corporation by the president or
yice-president and atteSted by the cashier,
with the corporation seal thereto afixed.
SEC, 2-ReleaseS of mortgages and other
liens held by the corporation, and satisfac-
ton thereof, may be made. executed and &C
knowledged by the president, vice president
or cashier of the bank
SEC g. All other instruments which may
be made by the poration shall be executed
by such officersor agents as the bylaws may
designate.
ARTICLE X.
CERTIFICATES OF STOCK
SECTION 1.-The shares of stock of the cor
poration shall be issued only upon full pay
ment ofthe sums represented by them, and
shall be transferable only by assignment
upon the books of the corporation.
SEC. 2.-The certificates of stock issued to
the shareholders shall be signed by the pres
ident or vice-president and attested by the
cashier, and have the corporate seal affixed
thereto.
ARTICLE XII.
INDEBTEDNESS
This corporation shall not contract or
incur any debt or liability. except for depos-
IT'S and the necessary expenses of managing
and transacting its business, and obligations
with which to paw deposits.
ARTICLE XII.
EXEMPTION OF PRIVATE PROPERTY
The private property of the stockholders
shall be exempt from corporate liability, eX-