Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1911-01-25
ARTICLES OF INCORPORATION
Of the
MINNESOTA SlLO COMPANY.

F&shH5 E5ds OF SO0
MINNESOTA SILO COMPANY.
We, the undersigned, do hereby associate
ourselves for the purpose OF forming cor.
poration under the laws of the State of
Minnesota and to that end do certify and
declare as follows
ARTICLE I.
Section 1. The name of this corporation
shall be NNESOTA SILO COMPANY.
Section g.. The general nature of the bust
ness of this corporation shall be to do manu-:
cement slabs and blocks for silos, sewers,
water-tauks, culverts and other construc-
'uons: to buy, own and operate factories,
Offices, stores and shops for the manufacture
OF said goods and wares and the sale of the
same; to buy own and sell such real and per-
sonal property as may be necessary In the
do and perform any and all acts and things
necessary to the successful transaction of the
business of said corpor alton.
ness Of this corporation shall be the City of
Wilmar. County of kandiyohi, State of
Minnesota.
ARTICLE II. .-.--..
The time of the commencement of this cor
poration shall be the 26th day of January,
1871, and the period Of duration shall be
1911. ~
ARTICLE III.
The names and places of residence of the
persons forming this corporation are: J. Emil
Nelson and Lewis Johnson. both of the City
If Wil1mar, in the County of andiyohl and
se1 Iie Wisconsin u and e. ]: Wahl Of St. Pau,
Minnesota.
ARTICLE ~.
1>.,> uo~.~~~oao% rs +1,io oo~.
poratiOn and the management OF its affairs
shall be vested in a board of five directors all
Of whom shall be stock holders IN this cor
poration. The said board OF directors after
the one herein named and provided for shall
| be elected annually by the holders of stock in
| this corporation at its annual meeting to be
corporation in the City of Willmar, Mime
| sofa at ten O'Clock on the second Wednesday
of January of each year commencing with
| the year 1912. Notice Of said meeting shall
| be by mail ten days prior to the said date
unless such notice is waived in writing by all
| of the holders of the stock of this corpora
| ton. Said board of directors, except the
one herein named shall be elected and hold
Office for the term of one year and until their
successors are elected and shall have quail
| fed.
| ton shall be President, Vice President,
Secretary and Treasurer and such other
officers as its bylaws provide Said
of directors Immediately after the an
nual meeting of the stockholders each
year. Said officers shall be holders OF stock
| in this corporation and shall hold their re-
pective Offices for one year and until their
successors are elected and sh all have qualified.
| Any two of said Offices except the Office OF
President and Vice. President may be held by
! the same person.
| Section =. When any vacancy shall occur
in said board of directors or in any office OF
the unex pired term by the rem aiming direc'
tors at meeting of said board. A maj GRITTY
| Of said board shall constitute a quorum for
| the transaction of business.
Section +. The following named persons
| shall constitute the first Board of directors
Of the corporations: ]. Emil Nelson: A. o.
Forsberg, Lewis Johnson, all of Willmar
Minnesota, Jacob Johnson of BAYFIELD, Wis.
consin and E. J. Wahl of St. Paul, MINI
The first officers of this corporation shall be
J.. Emil Nelson, President; Jae OBJ Johnson.
Vice President; Lewis Johnson, Secretary and
Treasurer. The said officers and the first
board Of directors of the CORPORATION above
named shall hold office until the first annual
meeting of the stock holders to be held on
| the second Wednesday OF January in 1912.
ARTICLE
Section I. The amount OF capital stock OF
| this corporation shall be One Hundred and
| Fifty Thousand ($l5O,OOO) Dollars which
| shall be paid in such manner and at such
times and in su b amounts as the Board OF
Direct ors shall d:termine and direct from
| time to time.
Section 2. The number of shares of this
| corporation shall be Fifteen Thousand u.s.
| OOO) and the par value thereof shall be Ten
| ($1O) Dollars per share. OF said capital
| stock Five Thousand $4,000 shares may be
preferred stock and the remainder comm on
| stock.
| Section 3. The holders of such preferred
| stock shall receive from the net earnings OF
| the corporation a six per cent annual divi.
| dend before any dividends are paid upon the
| common stock.
Such preferred stock shall be subject to re.
| demption at the option of the corporation
! at any time after two years from the first
day of January, 1912, upon the payment Of
| Ten ($lO) Dollars per share and all dividends
| due on the same.
| Section +. The holders Of said preferred
I stock shall not be entitled to vote at stock.
holders meetings of the corporation nor to
participate in profits beyond it's fixed annual
dividend of six per cent.
| ARTICLE VI.
| The highest amount of indebtedness or
liability of which this corporation shall at
any time be subject shall be Fifty Thousand
| ($5O,OOO) Dollars.
| IN WITNESS WHEREOF, we have here
unto set our hands and seals this 18th day
| of January, 1911.
| 7. EMIL NELSON, (SEAL)
JACOB JOHNSON, (SEAL)
E. ]. VAIL, (SEAL)
LEWIS JOHNSON. 'SEAL)
IN THE PRESENCE OF
| 7. A. GIANTVALLEY,