Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1911-10-12
Articles of Incor.
poration of the
Farmers Savings Bank
Gray, Iowa
ARTICLE I

i
The name of this Corporation shall
be FARMERS SAVINGS BANK"
and its place of business shall be in
Gray, Audubon County, Iowa.
ARTICLE ii
The object of this Corporation is
to transact the usual business of
Savings Bank under the provision of
the acts referred to in the above
Preamble and it hereby takes unto
itself any and all powers, and
accepts all the duties and obligations
prescribed and imposed by the laws
of the State of Iowa as above refer
red to and the provisions of Chapter
Twelve (12), Title Nine 90 of the
Code of Iowa and all acts of the leg
islature amendatory thereto that
have been heretofore or that may
hereafter be enacted for the govern
ment and control of savings bank.
ARTICLE III
The amount of capital stock of this
corporation is Ten Thousand ($10,-
100000 Dollars divided into shares of
One Hundred ($100.00) Dollars each,
all of which is fully paid up In cash.
ARTICLE "
The existence of this corporation
shall begin on the date the Secre-
tary of State issues his certificate
of incorporation, and shall continue
fifty years thereafter; and the cor
poration may commence the trans
action of business when a certificate
of the Auditor of State shall have
been issued authorizing it to do so.
ARTICLE V
Sec. 1. The affairs of this corpor-
alton shall be conducted and man
aged by a board of Seven ca direc-
| tors, who shall be elected from the
stockholders at the annual meeting
of the corporation and shall hold
office for the term Of one year, and
until their successors are elected
and qualified and have accepted
office.
Sec. 2. Any vacancy in the Board
of Directors shall be filled by the re-
naming members of the Board at a
regular or special meeting held with
in thirty days after vacancy occurs,
and the person so appointed shall
hold office until the next annual
meeting of the stockholders.
| ARTICLE vi
Sec.- 1. The annual meeting of the
stockholders shall be held at the
office of the corporation on the First
Monday in January of each year be-
ginning with the year 1912 at which
time the stockholders shall elect a
Board of Directors and transact
such other business as may lawfully
come before them.
Sec. 2. Special meetings of the
stockholders may be called by the
President, Vice-President or by ma
jority of the members of the Board
of Directors, or by the holder or
holders of majority of the stock of
the corporation. Ten (10) days no
tice of the time and place of such
meeting shall be given by the Cash
Ter, or the person or persons calling
such meeting, by mailing a notice in
writing to each stakeholder, directed
to his address as shown upon the
books of the corporation, which no
tice shall state the object of the
meeting; and no business other than
that named in the notice shall be
transacted at such special meeting,
unless all the stock of the corpora
ton shall be represented, and no OBJ
lection shall be made by any stock
holder to the transaction of business
other than that named in the notice.
L oCC. d. ne NOtiuS dt SlUCh-
holders 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.
Sec. A. Until the first annual meet
ing of the stockholders the follow
ing named persons shall be the Di-
rectors of the corporation:
/ I fal,
E. c. Rice, Gray, Iowa.
]. F. Liken, Gray, Iowa.
F. r. Mclaughlin, Manning, Iowa,
Z. H. Steere, Audubon, Iowa.
August Kienast, Audubon, Iowa.
o. s. WEIGH, Manning, Iowa.
ARTICLE VII
Regular and special meetings of the
Directors may be called and held as
shall be provided by the Bylaws of
| the corporation.
ARTICLE VIII
Until the first meeting of the
Board of Directors, held after the
annual meeting of the stockholders,
the following named persons shall
be the officers of the corporation:
Louis Groteluschen, President,
Gray, Iowa.
]. F. Liken, Vice-President, Gray,
Iowa.
E. C. Rice, Cashier, Gray, Iowa.
ARTICLE TX
Sec. 1. All deeds, mortgages and
instruments 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
Vice-President and attested by the
Cashier with the corporate seal at
tached thereto.
Sec. 2. Releases of mortgages and
other liens held by the corporation,
and satisfaction thereof, may be
made, executed and acknowledged by
the President or Vice-President or
Cashier of the bank.
Sec. 3. All other written instru-
ments which may be made by the
corporation shall be executed by
such officers or agents as the By
Laws may designate.
ARTICLE X
Sec. 1. The shares of the corpor-
alton shall be issued only upon full
payment of the 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 stockholders shall be
signed by the President or Vice
President and attested by the Cash
Ter and have the corporate seal af-
fixed thereto.
ARTICLE XI
The private property of the stock
holders shall be exempt from cor
porate liability, except 10 the ex-
tent and In the manner provided by
the constitution and laws Of the
State.
ARTICLE XII
The Board Of Directors may, by a