Cresco plain dealer. (Cresco, Howard County, Iowa) 1913-1945, 1916-10-13

ARTICLE v.
| The Corporation shall have the power &c
borrow money and to issue its negotiable
notes, bonds, or other evidences Of Indebted
ness to secure the payment of the same, OF
to evidence same; to mortgage or pledge its
real estate, personal property, and securities
whether Of its own Issue or that Of other cor.
porations, associations or individuals, owned
by this corporation. but no money may be
borrowed, nor evidences ofindebtedness is
sued, nor instruments Numbering the
property Of the corporation executed except
pursuantIto resolutions authorizing such &C.
ton passed by the board Of directors and
entered at length upon the record books OF
the corporation, and no such resolution
shall be considered adopted or passed until
the said resolution shall have received the
affirmative vote of majority OF the entire
board of directors. All evidences ofindebt-
edness, and all instruments ofincumbrance
of property ofthe corporation, In order to
become the binding obligation of this cor
poration, shall have been issued in strict
compliance with the provisi MS herein, and
shall have been signed by the president and
countersigned by the secretary Tor duly APP
pointed secretary pro tempore in case of the
absence or inability of the secretarylto act)
Of this corporation. The corporation shall
have power to fix, declare and pay divi-
dends, asI provided by the bylaws OF this
corporation; to secure the payment of its
Indebtedness in whole or in pait by trust
deed, orIdeeds, mortgages, pledges or assign
ments; to make and perform any contract
authorized by law to further its purposes: to
SELL lease, exchange, incumber and convey
by proper instruments of conveyance any or
all of the property of this corporation, and
to do any and all other acts and things, and
to exercise any and all powers which q nat
ura1 person might or could do, which are
now or may hereafter be authorized by law.
ARTICLE vi.
The capital stock of this corporation shall
be sTwenty five Thousand Dollars, divided
into twenty-five hundred shares, each OF the
par value often (10) Dollars, which shall be
fully Ipaid In cash when issued, and shall be
worcestershire. The amount of the capital
stock with which this corporation may COM
mence business shall be One Thousand Dol
lars, and the remainder of Its stock will be
issued and paid In from time to time as its
board Uof dire ctors may direct. All stock
must be sold for cash which must be paid In
when the stock is turned over to the pur-
chaser, and no stock shall be delivered to
the purchaser until fully paid for In cash, at
not lesslthan par value.
ARTICLE VII.
The private property OF stockholders Of
thisl corporation shall be exempt from debts
of the corporation. f.
ARTICLE VIII.
The highest amount OF Indebtedness or liza
ify N xxybic h fh..n 10
itself at any one time shall not exceed two
then outstanding.
ARTICLE TX.
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
Stockholders) 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 m eeting
called for that purpose, the successors Of
those members of the board who drew one
| year terms shall be elected for q term OF
three years, and al the third annual meeting
OF the stockholders, or at special meeting
held for that purpose, the successors ofthose
members of the board who drew two year
terms shall be elected for . three year term
and at each annual meeting thereafter or q
special meeting called for that purpose, sue
cessors Of those mem bers Of the board whose
| terms ex pife in that calendar year shall be
chosen for 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 by laws OF this
Corporation; but a director may be removed
from office flor cause by majority vote of
| all the stockholders at any legally called
meeting thereof and The stockholders may,
! at such meeting, choose . successor for any
member OF the board SO removed, and the
| director SO chosen shall serve out the unex-
PRED term OF the one whose place he has
been chosen to FILL Any director removed
from Office as herein provided shall cease to
be director or officer OF the Corporation
forthwith. The board Of directors shall have
general management and over sight OF the
business of the cor alton, and may choose
manager or managers for the better con-
Quoting OF the business of the corpora tion
and may also choose such assistants as may
be deemed necessary to assist the manage
or managers 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 it to be for the best interests Of
the corporation. They shall choose from
among their number a president ofthe cor
poration, vice pr sident, 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,
1.-THE board Of directors deem 1t to be the
best interests of the corpora alton to so order
and provide. The powers and duties OF the
officers shall be - defined and specified In
these articles and in the bylaws Of this cor
poration and BY thestatues Of the state
t. ma. ARTICLE X :s-H $40 ,.
sNo stock holder in this cooperation shall be
permftted ito own at one time more than