Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1917-10-13
ARTICLES OF INCORPORATION.

We. the undersigned. do by these
presents associate ourselves together.
under and by virtue OF Chapter /. Title
8. OF the Code Of Iowa and the laws
amendatory thereto, and do adopt the
following articles OF Incorporation:
Article One.
The name of this corporation shall be
the Farmers Cooperative Company
of Clemens" and its principal place Of
business shall be at Clemens, Marshall
county, Iowa.
Article Two.
This corporation is organized In &C
cordance with the cooperative plan
authorized in Section 1871 r l of Title
9, Chapter I, of the Supplemental Sup
plement Of the Code of Iowa.
Article Three.
This corporation shall commence bus
mess on the date Of issuance OF its
charter by the secretary of state. and
shall continue for a period Of twenty
years therefrom. with the right Of re-
newal. unless sooner dissolved by a
three fourths vote of It's stockholders.
Article Four.
The capital stock authorized shall be
twenty thousand dollars ts20.0oO.oo),
divided into shares Of twenty five dol
lars (s25.oO each. and all stock sub
scribed shall be paid in at the call Of
the board of directors.
Article Five.
This corporation shall have the right
to buy and sell and deal in grain. live
stock. and all kinds of farm produce,
machinery, Irvine. oils, wagons, bug
gies, and all kinds Of farm implements.
coal, tile, lumber brick, and all kinds
of building material, real estate and
personal property of all kinds. and to
deal in the above mentioned articles on
commission or otherwise.
Article Six.
The affairs Of this corporation shall
be conducted by a board of six direct
ors, who shall be elected annually by
the stockholders. and until the first an
nual meeting, first Monday in June. A.
\. 1913 the following shall act as di
rectors: J. II. Packer, Fl. II. Scnafer,
l.. III. Armbrecht, r. E. Wantz, J. r.
Howard, C. w. Dunn.
Article Seven.
The board Of directors, Immediately
following their election and on the
electing a president and first vice pres
ident and secretary and treasurer
from among their own members.
Article Eight.
In all elections Of this corporation,
each stockholder shall be entitled to
but one vote. and an absent stock
holder may send his vote by mail. and
the same shall be opened and read in
such meeting, and shall be equivalent
to a Vote Of each of the stockholders
so signing. providing such absent
stakeholder has been previously noti-
fled in writing and by the secretary Of
the cause, motion or resolution upon
which such vote Is taken, and copy
of same is forwarded with and attached
to the vote so mailed by him: pro-
vided, however that at annual elections
Of officers any absent stakeholder may
send in written ballot, signed by him,
such ballot to contain the names OF the
persons for whom he desires to vote
for the Office OF directors.
Article Nine.
Par 1. The net earnings Of this cor
poration shall be apportioned as fol-
lows: The board OF directors at IN.
close of the years business shall first
set aside 10 per cent Of the net profits
of this corporation for the year as q
reserve fund until such reserve fund Is
equal to so per cent of the paid up
capital stock of, this association.
Par. 2. Five per cent of the net
earnings Of this association shall next
he set aside and made part Of an ed
ucational fund, to be USED as provided
by law under the direction Of the board
of directors.
Par. 3. When the reserve and edu-
cationai apportionments have been
made, II there be sufficient net profits
remaining. the directors shall next
pay 8 per cent on the paid up capital
of this association.
Par. A. If there be remainder when
the amounts provided in paragraphs !
| 2 and have been complied with, II
shall be distributed as follows: Each
shareholder making sales or purchases
from or to this association shall receive
his proportionate share OF the remain
ing net earnings to be computed as FOL
lows: Each shareholder shall receive
such proportion of the remaining ne,
! g ..-..-,e-. Z, 9. hi. sales and purchases Il
land from this association are TO TINS
total amount Of sales and purchases
i q