Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1914-03-18

and this lien shall not be discharg
J ed by any assignment or transfer o
the stock, unless the board Of di
rectors by resolution waive tn
lien, and authorize the transfer. 3
ARTICLE v.
This corporation shah begin bust
ness as soon as the certificate of in
corporation shall be obtained from
the Secretary Of s. te and shall. I'm
less sooner dissolved by two
thirds vote OF the stock issued, en-
dure for q period Of twenty years
and shall possess the power Of re
neWal and of perpetual succession
| ARTICLE vi. s.a ~
The private property of the stock
holders Of this corporation shall be
exempt from corporate debts.
| ..,.- ARTICLE VII. l,3.
The aggregate amount of indebted
ness o fthis corporation shall at nc
time exceed two-thirds of the amount
OF the capital stock then issued.
80 - ARTICLE VIII. q
The affairs Of this corporation
shall be conducted by board OF
eleven directors, or such other num-
Der not fewer than three as may be
determined by the stockholders by
resolution or bylaw The board OF
directors shall elect from their num-
Der president and a first and a
second vice president and shall also
elect a secretary and a treasurer,
who may be the same person, nelth-
er of whom need be a stakeholder.
The board Of directors shall 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 as
sistants for transacting the business
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-
acutive committee may specially auth
orize any person or corporation to
hold in his or its own name or in
his or it's own name as trustee, in
trust for this corporation, the title
to any realty, mortgages, notes, se-
curities, 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
to any real estate or any interest
therein, and all instrum ents which
may be required to be, or may be
entitled to be made matter OF record,
shall have the corporate seal affix-
ed thereto, and shall be executed for
and on behalf Of the corporation by
the president and secretary or
the president and treas urer thereof.
All notes and bonds of the corpora
ton shall be executed in the name
Of the corporation by the president
and secretary or the president and
treasurer as such officers Of the
Certificates Of stock
shall be executed in the name of the
corporation by the president and be
by the secretary or the
treasurer. All checks and drafts
shall be signed by the president or
the secretary or the treasurer. All
other contracts or, agreements or
writings with reference to the tram
saction Of business Of the corpora
ton shall be executed by the presi-
dent or secretary or treasurer, in |
the name of the corporation, or by a |
special agent Of said corporation,
whose powers and authority shall be
defined by resolution of the board OF
directors or executive committee.
- ARTICLE X. Z
The directors Of this corporation !
shall be elected annually by the
at the annual meeting, |
and shall hold office until their sue
are duly elected and quail
tied. The directors and officers OF
the corporation who shall hold Of