Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1917-10-27
ARTICLES OF INCORPORATION.

under ana Dy virtue OF SnapteT L, lltle
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 Clemons," and it's principal place Of
business shall be at Clemens, Marshall
county, Iowa.
Article Two.
This corporation Is organized In ac-
cordance with the cooperative plan
authorized in Section 1s41 r Of Title
8. Chapter l, Of the Supplemental Sup
plement Of the Code of Iowa.
Article Three.
This corporation shall commence bus
mess on the date Of issuance of it's
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 (s20,000.Oo),
divided into shares Of twenty dol
lars (s25.0o) 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 indictments,
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 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.
D. 1918, the following shall act as di-
rectors: J. H. Packer, H. H. Schafer,
L. II. Armbrecht, r. E. Wantz, J. +.
Howard, c. w. Dunn.
Article Seven.
The board Of directors, Immediately
following their election and on the
same day. shall organize as a board by
electing a president and first vice pres
ident and secretary and a treasurer
from among their own members.
Article Eight.
In all elections Of this corporation.
each stocllholder 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
stockholder has been previously mott
fed in writing and by the secretary of
the cause motion or resolution upon
which such vote is taken, and a 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 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 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 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
be set aside and made a part of an ed
vocational fund, to be used as provided
by law under the direction Of the board
of directors.
Par. 3. When the reserve and edu-
b,1
made, il there be sufficient net profits
remaining, the directors shall next
pay per cent on the paid up capital
of this association.
Par. T. If there be remainder when
the amounts provided in paragraphs l,
and 8 have been complied 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 men,
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 as herein
provided on the wages received by
them, the same as If they had bought
a., ,,,..,. -: = ~-,-a1 amount from this
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 9.
Article Eleven.
The president may call a meeting of
the stockholders at any time he sees
proper and shall do so upon the written
request Of a majority Of the board Of
directors, or upon written request Of
ten stockholders, presented to the
president.
Article Twelve.
Private property Of the members Of
this association shall be exempt from
liability for the debts Of this associa-
ton.
Article Thirteen.
The indebtedness of this association
shall not at any time exceed the sum
Of two-thirds Of it's capital stock.
Article Fourteen.
These articles may be amended by a
majority vote of the stockholders at
any regular stockholders meeting or
at any special stockholders meeting
called for that purpose. provided ten
days notice in writing has been
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