The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-02-16
ARTICLES OF INCORPORATION OF SARGENT
- A : .

ARTICLES OF INCORPORATION OF SARGENT
LAND COMPANY.
We, the undersi gned for the purpose of form
Visions IL Tte OF s CHAPTER
OF Minnesota 1904, and the acts amendatoIy
corporate and do hereby adopt the following
Articles OF Incorporation
ARTICLE l.
The of this corporation shall be the
The general nature of it's business shall be
Leasing, improving, selling and dealing in lands:
tenements and hereditaments and the doing OF all
things necessary incidental to the things
above specified.
The principal place Of transacting said bust
ness shall be at the City OF Minneapolis IN
....s ARTICLE H. --s.t =
The time for the commencement Of this cor
poraton shall be the twentieth day Of Febru.
ary A. D. 1906 and the period of continuance
OF this corpora ton shall be thirty (So) years.
ARTICLE III.
ration shall be One Hundred and Eight Ihousano
Dollars (s1os ooo. which shall be paid In: ,d IN
times as the Board of Directors may from time
to time direct
The highest amount of indebtedness or ha a.'s
ity to which this corporation shall at any time
be subject shall be the of one hundred
thousand dollars S sS1qG;s1qG'' v
The names and places Of residence OF the Per- per
forming this 10 for
Michigan Russell NJ Bennett Of Deephaven,
Minnesota; Alfred F. PsDury Fred b. sn nGS,s
and Carleton C. Pillsbury. all OF Minneapolis
ARTICLE vi. ..-r-.s t1 -. .
The names of the hrst Board Of Directors s,s ct
Bennett Edmund ! L 8nsSstt N slfrsd F.
hssuly charles s. psb1sg s.
Carleton G. Pnlsbury and Frank H. Carleton al ton:
Tss shall be the sad sa s
John s. PIlsbury. The first secretary and
treasurer shall be the said Russell NJ Bennett Ben IT.
management Of ts affairs shall be vested in, n.
board Of ten directors and In presdens. NC
president secretary and Isl ro apd s to e
appointed By the Board Of DireetorS , Ssid i,s d
oess ant ne rst
Dscember 1905, at which time. and on every
succeeding first Tuesday Of December Ca tn
q said to BE- BEL hela at the
spois, or such other place as the board Of d.
rectors may direct. Immediately after the cleo
Sf s' he
aron, thei: number or from the stocssolders o. OF
ss Any Of
Of directors or any stakeholder Of the CORPORA
Of on president and vice president which offices
s not be d BY Of the sh
bold their respective Offices until their success.
crs have been duly elected and shall! enter upon
their duties. In case of vacancy in the board
shall be eauea within forty i've as, days there
after and new director elected to I'LL such va
saney in the manner hereinafter provided. In
case Of vacancy in the office OF president, vice
ssa:s rss ssls' or removal the
said corporation, when the board OF DIRECTORS Is
olled as herein above, provided, shall fill such e
Vacancy. Regular and special meetings of the
directors and stockholders may be held at such
dimes and under such rules as may be prescribed
ee is Of the Board Of Directors and the
stockholders Of said corporation shall be held at
nenpolis. Minnesota. en- the second Tuesday Of
May: A: D. 1906 at ten and eleven o'clock IN IN
represented at any meeting Of the Board Of Di:
1 s ann eS suck of
ARTICLE VII.
The capital stock Of this corporation shall be
1e s9 ssses % T 6sars 5
ARTICLE VIII.
No sale, assignment, transfer, hypothecation
pledge Or other disposition of any stock in this
purpose until there has first been endorsed upor
the stock certificate to be affected by such sale
sfSsE the tr Of
majority of the Board of Directors Of such cor
poration, sitting ss a board, to such sale as
ARTICLE TX.
No mining Lease or n interest
sold. assigned Or transferred. nor shall an!
real estate any interest therein owned by thi
1eased for period longer than one year. excep
upon the affirmative vote of the holders of sew
Of the capital Stock Of the corporation actual!
issued and outstanding. given at a regular o
special meeting Of the stockholders.
ARTICLE X.
The title to the properties belonging to thi
corporation having been, prior to the ransfe
thereof to the corporation, vested in yarou
interests therein, and such owners having bee
at the time Of such transfer to the corporation
divided into two general classes, to-wit, tn
he,rs-at-law. assigns and devisees of George A
Pillsbury and Margaret s pillsbury, his wife
constituting the class known ''The Pillsbur
Heirs who owned collectively an equal one
NJ. Bennett and John M Longyear. consttutin
the other of said classes, who owned as tenant
in common the other undivided one-half of al
said properties; and this corpora ton having bee
formed, by mutual agreement of all said owner
Of both classes, for the more convenient ha nc
I ing the desire and Intention Of
matters pssve to said oper HeSe shall
main and be maintained in the future in sal
It is hereby established as the perpetual an
undertaking rule of this corporation that one
half Of the entire board of directors of 'thi
elected to represent each of said two classes {
former owners so that, long as the who
number of directors shall be ten,~ FIVE director
and five only, shall be chosen by the stockholt
of this corporation from the nominees {
and five directors. and five only, shall be chose
by such stockholders from nominees of said Bel
nett and said Longyear, constituting the @oths
class. - ,zs@.a- D..
In vacancy shall in said boar
of directors, such vacancy shall be filed by
nominee of the class by which the directt
whose retirement caused such vacancy was nom
mated: and until this article shall be altered
abrogated by the vote Of the stockholders
this corporation hereinafter provided, IL
equal division numerically of said board
directors shall be strictly maintained. so tn:
said 'tPillsbury Heirs and their successors
interest shall always be represented upon Il
board Of directors of this corporation by on
half of the full authorized number Of director
and said Bennett and Longyear, and their SUI
cessors in interest," shall always be Representa-
upon said board by one-half of the full autflo
lied number Of directors. and no amendme
of these articles of incorporation shall be ma,
changing the number Of directors, except to
even number q.
ARTICLE XII
Article K. of these articles cannot be altere
amended abrogated except by the vote
ninety (30) per cent Of the shares Of the capit
stock of this corporation actually issued al
outstanding, any other article be altere
amended or abrogated except by the vote
seventy-iye (75) per cent of the shares Of t
cSAltll stock of this corporation, actually issu
aHI outstanding, the every case to