Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1914-03-11


and this lien snail not be discharg
led by any assignment or transfer Q
the stock. unless the board Of d
rectors by resolution waive tn
lien, and authorize the transfer.
ARTICLE W. IN; 81
This corporation shall begin bust
ness as soon as the certificate of in
corporation shall Ae obtained from
the Secretary OF s. te and shall, un
less sooner dissolved by a two
thirds vote OF the stock issued, en-
dure for period Of twenty years
and shall possess the power OF re
newal and of perpetuai succession
ARTICLE VI
The private property Of the stock
holders Of this corporation shall bt
exempt from corporate debts.
ARTICLE VII.
The aggregate amount of indebted
ness o fthis corporation shall at M
time exceed two-t thirds of the amount
Of the capital stock then issued.
ARTICLE VIII.
The affairs OF this corporation
shall be conducted by a board Of
eleven directors, or such other mum
Der not fewer than three as may be
determined by the stockholders By
resolution or bylaw. The board OF
directors shall elect from their mum
Der a president and a first and a
second vice president and SHAH also
elect a secretary and a treasurer,
who may be the same person, Meth
er of whom need be a stakeholder
The board of directors shah have
power to appoint and employ all
such officers, agents and employees
of the corporation as it may deem
necessary for the transaction of its
business, comforting on each author.
Ity and power as the board may
deem proper and necessary. The
board Of directors or the executive
committee are authorized to fix the
compensation OF all officers, agents
or employees Of the corporation and
provide by bylaw or resolution there
for and empower the different Off
GERS to engage employees and 4 as
Of the corporation. The board Of
directors may also delegate any or
all Of its powers, to an executive
committee of not fewer than three
of its members, and such powers,
when exercised by such executive
committee shall have the same force
and effect as though exercised by
the board of directors.
The board of directors or the ex-,
ecutiye committee may specially auth
orize any person or corporation to
hold in his or its own name or in
his or its own name as trustee, in
trust for this corporation, the title
to any realty, mortgages, notes, Sc
or other property owned by
this corporation, or any interest
owned by it in any such property,
and to authorize such persons or
corporation to contract for the
sale Of such property and to convey
the title thereto on the order Of the,
board Of directors or Of the executive.
committee, providing however, that.
the stockholders Of this corporation
may at any annual meeting or spe-
cial meeting duly called for that
purpose by two-thirds ,of the stock,
present and voting, limit, define or
prohibit such delegation of power by
It's directors or executive committee.
ARTICLE TX. "
All instruments affecting the title
% any real estate or. any interest
herein, and all instrum ents which
nay be required to be, or may be
entitled to be made matter Of record,
shall have the corporate seal affix-
ID thereto, and shall be executed for
md on behalf of the corporation by
he president and secretary or
he president and treasurer thereof.
All notes and bonds Of the corpora
ion shall be executed in the name
# the corporation by the president
md secretary or the president and
treasurer as such officers of the
corporation IN. &C Certificates of stock.
;hau be executed In the name of the
corporation by the president and be
lttested by / the secretary or the
reasprer. All checks and drafts
hall$be signed by the president or
he secretary or the treasurer. All
ther contracts or agreements or
writings with reference to the tran
action Of business Of the corpora
ion shall be executed by the presi-
ent or secretary or treasurer, in
he name of the corporation, or by a |
pecial5 agent of said corporation,
whose powers and authority shall be I!
efined by resolution OF the board of |
irectors or executive committee.
ARTICLE K.
The directors or this corporation
h oh !, III t1xs NV q |