Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1914-03-04
LEGAL NOTICES

.|LEGAL NOTICES
j ARTICLES OF INCORPORATION {
THE AMERICAN MORTGAGE
& sEcURiTIEs COM
Know All Men By These Presents
| Inat we, A. M. Cloud, F.
NAPLES, H. E. Henderson, kobel
Barr, W. N. Wolcott. Charles +
Ransier, J. II. Trewin. Geo. w. Dur
ham, +. &. PERKINS. John Mangolt
George Spangler, Fred b.. blair, {
r. weir, r. r. fleming, J. F.. Grd
ham, and K. u. Graham, all resident
of the state Of Iowa, DO hereby i1
corporate ourselves and other pei
sons who may associate themseIve
with us as stockholders into a bod
corporate, under the provisions o
Chapter 1, Title Tx OF the Code o
Iowa and amendments thereto, AM
for that purpose have adopted tn
Following Articles OF Incorporation:
/ y E ARTICLE /. Z.
The name Of this corporation shall
| be American Mortgage d Securitie
Company. and its principal place 0
business shall be at Manchester
Iowa. s n
:..z ARTICLE II. = .....
This corporation snail possess ant
may exercise all the powers, rights
ana privileges granted to corpora
tons for pecuniary profit under th'
provisions of Chapter 1 Of Title TX
OF the Code Of Iowa and all amend
ments thereto now in force or here
after enacted. In -
EEK ARTICLE III. e,
The general nature Of the business
Of this corporation shall be on its
own account, and for others, to loa1
and invest money, purchase and sci
notes, mortgages, corporate stocks
Including stock Of this corporation
municipal and corporate bonds, and
other securities and evidences of in
debtedness; to borrow money and
give therefor its notes, bonds OF
other evidences OF indebtedness, anC
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. &
ARTICLE Nv.
The authorized capital stock Of
this corporation is 3z00,O00.O0, divid-
ed into shares OF $1,000 each, all Of
which shan be common stock. The
may begin business when
capital stock shall have been sub
scrbed and paid for. All stock shall
be fully paid when issued. and shall
De worcestershire. The remaining
authorized capital stock of the cor
poratien 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 authorize
ton shall be given to each stock
holder by letter addressed to said
stakeholder 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.
If 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 AMI on behalf of this
corporation.
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 a con-
tinuing option, during the period of
the life Of the corporation, said OPP
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 shall
be proposed to be made by any stock
holder, the stakeholder and the pur-
chaser shall join in a 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 privi-
lege of purchasing said stock at the
price and on the terms on which 1t
IS SO proposed to sell said stock for
4 period of twenty days after receiv-
ing such statement. Any sale or
transfer of any stock made in viola,
tion hereof shall be- invalid.
This corpt 1atit.n shall have lien
unon the stock of any holder there
of for the amount of his indebted.
ness and liability to the corporation
and this lien shalt not be discharg.
ed by any assignment or transfer OF
the stock, unless the board of di'
rectors by resolution waive the
lien. and authorize the transfer.
ARTICLE v.
This corporation shall begin bust
ness as soon as the certificate of In
corporation shall be obtained from
the Secretary Of s. te and shall un.
I 3 :