Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1914-02-25

:: - = :
estate worth at least twice tn
amount loaned thereon; to hold
purchase, sell, or transfer real an,
personal property, and TO act 70;
others; in the purchase. sale, renting
or management thereon. VIZ q r
: ARTICLE W S5..s-
r. The authorized canital, stock. 8
! this corporation is 5000 100000, divid
ed into, shares Of 500. 90 each, all o
4 Which shall be common stock. The
: Ecorporation may begin business Wller
= at least onG-half Of the authorized
capital stock shall have heell sub
scribed and paid for% All stock shall
be fully paid when issued, and shall
y be worcestershire. The remaining
. authorized capital stock Of the cor
: poration and any increase of capital
stock thereof which may hereafter. be
authorized shan. 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 shan have
the exclusive right to subscribe for
and take an amount thereof equal to
the proportion which the stock Their
held by him, bears to the then out.
standing stock of the corporation, for
lperiod OF ten days after the author
cation of such sale by the board Of
!irectcrs, notice of which authoriza-
lion shall be given to each stock
1older by letter addressed to said
stockholder at his post office address,
| rs shown by the books of the corpor.
| nd 70 opl ;to5 ;,,
| he post office at the principal place
| If, business of the corporation.
| It any stakeholder does not eXer.
Else his right to take his proper
Tomato share OF said stock, within
he period of time herein fixed, he
shall be. deemed to have waived tht
same, and the stock may be sold tts
my other person or corporation, OF
the board Of directors may purchase
such stock for AMI on behalf of this
corporation. j5 Nzl4g7@ b y
At the time Of the issuance to hin
IT. any certificate of stock Of this
corporation, each Sstockholder shall:
~ the acceptance thereof be deemed
20 have executed and deliyered-eto tht
secretary of the corporation con-
inuing option, during the period of
he life of the corporation, said OPP
ion to be renewed with any renewal
IT the franchise OF this corporation
o purchase all Of his said stock al
md for the price, and upon the |
%,srms as follows to-Wit:& h i}:..a y
Such price and terms as the said |
'tockholder may at any time offer to |
sell, any or all of the said stock a,
md for. to any persons Or corpora, /
ion, and when any such sales shall
e5 propose to be>mades by any stock:
holder, the stakeholder and the pur.i
chaser. shall joinEin a statement tc
tho secretary Of the corporation,
igned by them, setting forth the
,rice and terms upon which, it is
proposed in good faith to sell and
20 buy said stock, and the corpora:
ion shall have the exclusive priv.
eye sef purchasing said stock at the
rice and %on the terms on which it
S so proposed to sell SAID stock for
,Dsrioa ofatWenty days after receiv-
,ng SUCH statement. Any sale or
ransfei' of any stock made in viola
ion hereof shall be invalid.
This cPrpC1alicn shall have a lien
mon the stock OF any holder there;
If for the amount of his indebted.
less and liability to the corporation
md this lien shall NOT be discharg-
d by, any assignment Or transfer of
he stock, unless the q board of di::
'ectors by resolution waive the
len. and authorize the transfer. i:
ARTICLE ~.
This corporation shall begin bust.
.ess as soon as the certificate Of in
corporation shall be obtained from
he Secretary OF State and shall, I'M
ess sooner dissolved by a two
.hirds vote OF the stock issued, en-,
,ure for a period Of twenty years, [,
nd shall possess the power of re-
1ewal and Of perpetual succession. +
. ARTICLE. VI.
The private property of the stock. /,
lolders of this corporation. shall be
exempt from corporate debts.
It i. ARTICLE VII.
less fthis corporation shall at nc
ime exceed itwo-thirds of the amount
# the capital stock then, issued.
= ARTICLE VIII.
The affairs of this corporation /,
hall be conducted by a board Of
leyen directors, or such, other num-
'er not fewer than three as may. be
determined by the stockholders by
esolutron or bylaw. The board OF !
!irectors shall elect from their mum.
'er a president and a first and a
econd vice president and shall also
lect a secretary and treasurer.
Who may be the same person, Meth: r
r of whom need be stockholder
The board of directors shall have Z
'ower to appoint and employ all \
UGH officers, agents and employees
t the corporation as it may. deem \
ecessary for the transaction Of its f.
usiness,7 comforting on each author
ty and power as the board may
eem proper and necessary. The
GARD of directors or the executive
ommittee are authorized to fix the
of all officers, agents
r employees Of the corporation and
'royide by bylaw Or resolution there.
Dr. and empower the different Off +
srs to engage employees and as.
istants for transacting the business
T the corporation. The board ct T.
irectors may also delegate any or
II Of it's powers to an executive
ommittee OF not fewer than three
# its members, and such powers,
then exercised by such executive :,
ommittee shall have the same force
nd effect as though exercised by
he board OF directors.
The board of directors or the ex.
cutive committee may specially auth
rize any person or corporation tic
.pld in his or its own name or in II
hs or its own name as trustee, in
rust for this corporation, the title
0 any realty, mortgages, notes, Sc
or other property owned BY Ia
his corporation, Or any interest
lwned by itsin any such property
nd to authorize such persons or :
corporation to contract for the 1:
ale of such property and to convey &
he title thereto on the order of the !
,oard of directors OR Of the executive
Ommittee .nroYillinr ahnWaYer.. that |