Cresco plain dealer. (Cresco, Howard County, Iowa) 1913-1945, 1916-06-23
Articles Of Incorporation Of the Farm
ers' Creamery Company.
ARTICLE 1


ducts. and doing anything necessary and
incidental to and connected with such bust
ness, including the renting, buying and sell.
ing Of personal property or real estate,
necessary for the conducting of such bust
ness.
ARTICLE III.
The name Of the corporation shall be the
FARMERS CREAMERY COMPANY" and
its principal place of business shall be
Cresco, Howard County, Iowa.
ARTICLEIV.
vote on all matters that may come before
be thelcor poration. No additional vote shall
cast on account of his having an additional
mum Der ofshares.
ARTICLE v.
The apital stock of this corporation shall
not exceed the sum of $l5,OOO.OO and shall be
raised in shares of two dollars each, which
stock shall not be transferable except to
farmers Such transfers of stock must have
| the approval of a majority Of the Board Of
Directors and all such transfers and APPROX
ais entered upon the Secretary's books.
ARTICLE VI.
on the LIST day of May, 1916, and shall con-
tinue for twenty years with right ofrenewal
but may be dissolved by threefourths vote
Of stockholders present at any annual or
special meeting called for that purpose.
ARTICLE VII.
The private property Of the stockholders
shall be exempt from liza bility for the debts
of ths corporation.
ARTICLE VIII.
The highest amount of Indebtedness for
which this corporation, at any time, shall be
LIABLE shall not exceed two-thirds gifts cap
ital stock. 1t being understood that milk or
cream furnished for manufacture shall not
constitute an Indebtedness but shall be prop
which, less expenses, shall belong to the
patrons.
ARTICLE IN.
The officers of this corporation shall con-
sist ola President, Vice-President, Secretary,
Treasurer and Five Directors and said
Off cers shall constitute the Board of Direct
ors and five of them shall constitute a
quorum for the transaction of business.
ARTICLE.X Y.
preside at all meetings of the corporation
and Board of Directors.
ARTICLEXI.
1t shall be the duty Of the Secretary to
keep record of all proceedings of the cor
poration, to draw and sign all checks or
drafts for money to be paid by the Treas
urer, and perform such other duties as the
Board of Directors may require him to per-
form.
ARTICLE XII.
1t shall be the duty of the Treasurer to re-
ceive all money belonging to the corpora
ton and Fay all checks and drafts on him
for money signed by the Secretary and
make a report of the financial condition OF
the corporation at each annual meeting:
also make such report at any special meet
Ing when called for by majority Of the
Board Of Directors and he shall give bonds
in such sum and with sureties as meet the
approval of the Board of Directors.
ARTICLE NIL.
The President shall have the power to call
special meetings of the stockholders at such
times as he deems advisa BILE, and upon writ
ten request of five members 1t shall be his
duty 10 call special meeting, which special
meeting shall be called by publishing notice
thereof in the local papers, therein designat-
III z the date OF said meeting thereof to be
not less than three days after the date of
publication.
ARTICLE XIV.
The Board of Directors sha have gener al
management and SUPERVISION OF the busi-
ness and affairs of the cor poraton and shall
meet as often as the interest OF the corpora a.
ton may require. Due notice of special
meetings of the Board OF Directors to be
given by the President or Secretary. The
30 .rd of Directors shall act for and in the
name of the corporation and all acts and
orders of the Board of Directors, under the
power delegated to them by these articles.
shall have like force and effect as though
they were the acts and orders of the major
ity of the corpo. alton at any meeting, and
said Board of Directors shall have power 10
make bylaws and regulations concerning
the mana cement of the affairs ofthe corpor-
alton. subject to the modification by the cor
poration at any annual or special meeting.
ARTICLE Nv.
The annual meeting of the corporation
shall be held on the first saturday in Feb
ruary in each year when officers shall be
elected by ballot for ensuing year.
ARTICLE XVI.
All designations of officers shall be made TO
the President or Secretary and all vacancies
occurring by resignation or otherwise shall
be filled by appointment by Board Of Direct
ors until the same is filled by the corpora
ton at any annual or special meeting
ARTICLE NNlI.
The Board of Directors may allow others
than stock holders to become patrons OF the
creamery upon such terms and conditions as
may be deemed advisable, subject TO proper
discrimination in favor of stockholders OF
the Company.
ARTICLE XNllI.
The Board of Directors shall nave he
power 10 deduct i've per cent. from the gross
amount or receipts of sale OF dairy products
from riihe 10 time belonging to the stock