Cresco plain dealer. (Cresco, Howard County, Iowa) 1913-1945, 1916-10-20

The private property OF stockholders Of
shall be exempt from debts
Of the corporation.
ARTICLE VIII.
The highest amount of Indebtedness or liza
bility to which the corporation may subject
itself at any one time shall not exceed two
then outstanding.
ARTICLE IX.
The affairs Of this corporation shall be con-
Quoted by board Of not less than nine d.
rectors, the first OF whom Except those who
serve until the first annual meeting OF the
shall be chosen at the first an.
nual meeting OF the stockholders, from
among the stockholders The first board Of
directors elected as herein provided shall
draw lots to determine which one shall
serve term Of one year, which ones shall
serve of two years, and which ones shall
serve term Of three years; and at the sec
ond mountaineering, or at special meeting
called for that purpose, the successors OF
those members of the board who drew one
year terms shall be elected for a term Of
three years, and at the third annual meeting
of the stock holders, or at q special meeting
held for that purpose, the successors ofthose
Of the board who drew two year
terms shall be elected FIR three year term
and at ca CHI annual meeting thereafter or a
special meeting called for that purpose, sue
cessors OF those members of the board whose
terms ex pire In that calendar year shall be
chosen for q term of three years, but In all
cares directors shall serve until their sue
cessors have been elected and have qualified
as required by law, or by the bylaws of this
but 4 director may be removed
from Off :for cause by a majority vote Of
all the stockholders, at any legally called
meeting thereof and The stockholders may,
at such meeting, choose a successor for any
member Of the board so removed, and the
director so chose shall serve out the uneX-
PRED term of the one whose place he has
been chosen to fill. Any director removed
from Off ce as herein provided shall cease to
be a director or officer of the Corporation
forthwith. The board Of directors shall have
general management and over sight OF the
business of the corporation, and may choose
a manager or managers for the better con-
Quoting OF the business of the corporation
and may also choose such assistants as may
be deemed necessary to assist the manager
or mana gers chosen, and they may deter
mine the compensation of all officers and
employees; they may also dismiss any and
all employees of the corporation whenever
they deem 1t to be for the best interests of
the corporation They shall choose from
among their number n president of the cor
poration, a vice-president, a secretary and a
tr easurer, but the secretary and the treas
urer may be one person and the duties of
these offices performed by the one person,
If the board of directors deem 1t to be the
best interests of the corporation to SO order
and provide. The powers and duties OF the
officers shall be as defined and specified in
these articles and in the bylaws Of this cor
poration and by the statues of the state.
ARTICLE Y.
No stock holder In this corporation shall be
permitted TO own at one time more than
fifty shares of it's stock, and all applications
for stock shall be subject to the approval or
rejection of the board of directors; and no
titled to more than one vote; 1t being the
power to all stockholders Irrespective OF the
number Of shares held by them.
Novotng by proxy shall be allowed upon
any proposition, resolution or motion, nor In
the election or removal of officers, nor upon
any measure concerning the business or af-
fairs of the corporation. No person shall be
permitted to vote upon any motion, resolu-
ton or proposition concerning the affairs Of
the corpor alton, nor to vote at an election of
Off GERS or to remove an officer or director,
except such person is stakeholder in the
corporation. of record on the books of the
secretary.
ARTICLE Nj.
The annual meeting of the stock holders of
the corporation shall be held at Cresco,
Iowa, on the Second Saturday of February
of each year, beginning in the year 1917.
Notice ofsuch meeting shall be given by the
secretary mailing to each stockholder Of
record on the books of the corporation to his