Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1917-11-03
ARTICLES OF INCORPORATION.


under and by virtue Of Chapter 1, Title
3. 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.
I Article Two.
This corporation Is organized IN &C
cordance with the cooperative plan
authorized In Section 1871 r of Title
Q, Chapter I, Of the Supplemental Sup
piement 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 period OF twenty
years therefrom. with the right OF re-
newal, unless sooner dissolved by a
three-fourths vote Of its stockholders.
Article -Four.
Tho capital stock authorized shall be
twenty thousand dollars ($20,000.00),
,[lyided into shares Of twenty -hve dol
liars ($26.00) each. and all stock sub
scribed shall be paid II 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, ana all kinds Of farm produce,
machinery, twine, oils. wagons. bug
gies. and all kinds Sf farm implements,
coal, tile, lumber, brick, and all kinds
Of butldir material, real estate and
personal property Of all kinds, and to
deal in the above mentioned articles on
commission or otherwise.
Article Six.
Tho affairs Of this corporation shall
be conducted by q 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.
b. 1918, the following shall act AZ d.
rectors: ]. n. Packer, H. H. Schafer,
L. n. Afmbrecht, r. =. Wantz. J. r.
Howard, q. W. Dunn.
Article Seven.
Tho board Of directors. Immediately
following their election and on the
same day, shall organize az board by
electing 4 president and Arst vice pres
ident and . secretary and treasurer
1xVIU bu1Vu8 SACAA 0"A AAASAAA~SS'
Article Eight
In an elections Of this corporation,
each stakeholder shall be entitled to
but one vote, and an absent stock
holder may send his vote by mail, and
tho same shall be opened and read IN
such meeting, and shall be equivalent
to vote Of each Of the stockholders
30 signing. providing such absent
stakeholder has been previously noti-
ned 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 stockholder may
send In a written ballot, signed by him,
such ballot TO contain the names Of the
persons for whom he desires to vote
for the ONCE OF directors.
Article Nine.
Par. 1, The net earnings OF this COR
poration shall be apportioned as fol-
lows: The board of directors at the
close Of the years business shall first
set aside 10 per cent of the net profits
Of this corporation for the year as a
reserve fund until such reserve fund is
equal to 80 per cent of the paid up
capital stock of this association.
Par. .. Five per cent Of the net
EARNINGS Of this association shall next
be 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-
cational apportionments have been
made, II there be sufflcient net profits
remaining, the directors shall next
pay s per cent on the paid up capital
Of this association.
Par. 4. II there be a remainder when
the amounts provided In paragraphs /,
3 and have been compiled with, it
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 net
earnings as his sales and purchases to
and from this association are to the
total amount Of sales and purchases
from and to this association by mem
bers thereof, and the wages of all en-
ployees shall be considered as sales or
purchases to and from this association
and shall be included in arriving at
the total business of this association,
and said employees shall receive their
pro rata share OF dividend al herein
provided on. the wages received by
them, the same rs II they had bought
association.
Article Ten.
The board Of directors shall close the
books Of this association at least once
! In each twelve months and shall make
distribution Of profits as provided in
article ..
So Article Eleven.
~ The president may call meeting Of
the stockholders at any time he sees
pivYot anu si1ss; DC Sc pen Inc
request Of q majority of the board Of
directors. or upon written request Of
ten stockholders, presented to the
prsstdent.
Article Twelve.
Private property OF the members Of
this association shall be exempt from
liability for the debts Of this associa-
ton.
3 Article Thirteen.
THE indebtedness OF this association
Shall not at any time exceed the sum
~ two-thirds Of it, capital stock
Il rs Article Fourteen.
These articlos may be amended by a
majority vote of the, stockholders at
~ regular stoctholders' meeting or
1k ~ Gpecial ockhoIdersi meeting
S0Slla1 tor that purposeS provided ten
ElnSGs NotlCo N WnslnE mn Doen