Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1914-03-18
LEGAL NOTICES
ARTICLES OF INCORPORATION O..
I The AMERICAN MORTGAGE
q SECURITIES COM

ARTICLES OF INC CORPORATION o,
The AMERICAN MORTGAGE
q SECURITIES COM
PANY. *
Know All Men By THESE Presents:
Ihat we, A. NJ. Cloud, F. c.
Waples, H.. E. Henderson, Robert
Barr. w. N. Wolcott. Charles T.
Ransier, J. II. Trewin, Geo. w. Dun.
nam, h. q. PERKINS. Jonn Mangolu,
George Spangler, FRED y. Blair, c.
K. weir, r. u. Fleming, ]. +. Ora
nam, ana Il. d. Graham, all residents
OF the state OF Iowa. DO hereby in
corporate ourselves ana other per
sons who may associate themselves
with us as stockholders into body
corporate, under the provisions OF
Chapter /, Title TX OF the Code of
iowa and amendments thereto, and
cor that purpose have ADOPTED the
following Articles OF Incorporation:
RTICLE
The name OF this corporation shall
be american Mortgage 4 Securities
Company and its principal place of
business shall be at Manchester,
Iowa. !
54 ARTICLE II. j
This corporation snail possess and
may exercise all the powers, rights
ana privileges granted to- corpora
tons for pecuniary profit under the
provisions Of Chapter Of Title TX
Of the Code OF Iowa and all amend
ments thereto now in force or here
after enacted.
ARTICLE III.
The general nature Of the business
of this corporation shall be on its
own account, and for others, to loan
and invest money, purchase and sell
notes, mortgages, corporate stocks,
including stock OF this corporation,
and corporate bonds, and
other securities and evidences of in.
debtedness; to borrow money and
give therefor its notes, bonds or
other evidences Of Indebtedness, and
secure the same by mortgages on
its property or otherwise; by vote of
its board of directors to guarantee
the payment Of such notes, bonds,
mortgages. or other securities as
may be sold by it.; to issue debenture
bonds at such times and in such
amounts, and to draw such rate OF
interest as may be ordered by the
board Of directors, which bonds shall
be secured by the actual transfer OF
real estate securities equal to the
par value of said bonds, and to be
first liens upon unencumbered real
estate worth at least twice the
amount loaned thereon; to hold,
purchase, sell, or transfer real and
personal property, and to act for
others in the purchase, sale, renting,
or management thereof.
s y ARTICLE w.
The authorized capital stock OF
this corporation is 5000, 10000, divid.
ed into shares of $4,000 each, all of
which shall be common stock. The
corporation may begin business when
at least one-half Of the authorized
capital stock shall have been sub
scribed and paid for. All stock shall
be fully paid when issued, and shall
be 8 worcestershire: The remaining
authorizes capital stock of the cor
poration and any increase of capital
stock thereof which may hereafter be
authorized sha" be sold at not less
than par, in such amounts and upon
such terms and conditions as may
be prescribed by the board Of direct
ors. but each stakeholder shall have
the exclusive right to subscribe for
and take an amount thereof equal to
the proportion which the stock then
held by him, bears to the then out
standing stock of the corporation, for
a period OF ten days after the author
ization of such sale by the board of
directors, notice Of which authoriza-
ton shall be given to each stock
holder by letter addressed to said
stockholder at his post office address,
as shown by the books Of the corpor-
alton, and stamped and deposited IN
the post office at the principal place
of business of the corporation.
II any stakeholder, does not exer-
else his right to take his proper
tionate share Of said stock, within
the period Of time herein fixed, he
shall be deemed to have waived the
same, and the stock may be sold to
any other person or corporation, or
the board of directors may purchase
such stock for anH on behalf of this
corporation. 80 5. "
At the time of the issuance to him
of any certificate of stock OF This
corporation, each stakeholder shall
by the acceptance thereof be deemed
to have executed and delivered to the
secretary of the corporation con-
tinuing option, during the period OF
the life OF the corporation, said op-
ton to be renewed with any renewal
of the franchise Of this corporation,
to purchase all Of his said stock at
and for the price, and upon the
terms as follows to-wit:
Such price and terms as the said
stakeholder may at any time offer to
sell, any or all of the said. stock at
and for, to any persons Or corpora
ton, and when any such sales shat
be proposed to be made by any stock
holder, the stakeholder and the pur
chaser shall join in statement to
the secretary Of the corporation
signed by them, setting forth the
price and terms upon which it is
proposed in, good faith to sell and
to buy said stock, and the corpora
ton shall have the exclusive priv
lege Of purchasing said stock at the
fprice and on the terms on which II
| is so proposed to sell said stock fol
period of twenty days after receiv
| ing such statement. Any sale o.
| transfer of any stock made in viola
| ton hereof shall be invalid.
| This corptl aticn shall have lie1
,ron the stock of any holder there
OF for the amount Of his indebted
ness and liability to the corporation