The Ward County independent. [volume] (Minot, Ward County, N.D.) 1902-1965, 1918-03-07
copAa7NEash,p AGREEMENT.

to a partnership for the sole and only pur-
pose of selling Minnesota state Prison
in the state of Montana, under contract
to be procured from the Warden Of the
Minnesota State Prison, and that said
partnership is limited to the transaction
Of the business hereinbefore set forth, and
will engage in the conduct OF no other
business.
The name under which said copartner-
ship win operate and conduct its business
pany," and its principal office, main office
and the place at which its business shall
be transacted shall be Minot, Ward Coun-
i ty, North Dakota.
said business, Martin Aakrann shall be
chief executive of said Company, and
/ shall be termed and styled President, and
upon him shall be conferred in the con-
| duct of said business the powers solely
exercised by the presidents of corpora
tons, and it shall also be proper for him
to use the designation General Manager.
and his acts as such agent OF the CO.
partnership shall have the same force
and effect as acts usually performed by
! Presidents or Geenral Managers Of cor
porations, subject to all the limitations
hereinafter noted
| President and under such designation
shall have the power conferred upon the
said Martin Aakrann as President when
the said Martin Aalirann should for any
! inbefore set forth. The said L. NJ Duo
shall act as Secretary and Treasurer OF
said copartnership and under that desig-
nation shall perform all the duties usually
performed in connection with the office Of
| Secretary and Treasurer of corporations
| in this State, and shall keep a record Of
all meetings held by the copartnershp
and shall be the custodian Of all moneys.
notes. contracts and other valuable papers
! and assets Of the copartnership.
! Martin Aakrann agrees to act for the
contracting agent and it is mutually
! agreed that he is to receive a salary Of
One Hundred and no-100 ($100.00) Dollars
| per month and his actual expenses in
the copartnership. provided, that when tho
| business is on paying basis and the
earnings are sufficient So to do. the said
Martin Aakrann shall RECEIVE One Hun
dred Fifty and no-100 t$150.00) Dollars
per month and his travelling expenses
when out for the copartnership.
None Of the other partners shall receive
any saalry until the business increase de-
! mands their active services and when
they do give their time and services to
| the Company. they shall receive such sal
airy as may be reasonable and may be
agreed upon between the parties hereto at
such time.
! 1t is further stipulated and agreed that
L. NJ. Due, designated as Secretary and
| Treasurer of the copartnership. shall have
all credits and accepting or rejecting any
! and all contracts negotiated by the CO.
! partnership, in other words. that as to the
| extending of credit on entered into con-
! tracts his Judgment shall be final. and
| such contracts shall not be binding upon
the copartnership until approved by him,
the lines of credit shall not be extended
by the copartnership until approved by
him.
In consideration Of the foregoing pow
ers delegated to him by the said copart
nership. the said L. NJ. Due agrees to
permits, provided that wherever he ad
vances money to said copartnership, or
arranges for credit on behalf Of said CO.
partnership. the other two members Of
Aakrann, agree to execute to the said l..
NJ. Due, their joint note covering two
thirds of the amount so advanced or
credit SO provided as collateral, to the CO.
Due on account thereof. and it is further
| provided that as to said sums SO advanc-
/ ed or credit SO allowed by the said L. NJ.
| Due collateral shall be given by the CO.
| partnership to him in the shape Of farm
| ers' paper or agents paper Diapers mean
| ing notes held by the copartnership jim
an equivalence to One Hundred Twenty
| five and no-10o ($l25.0o) Dollars OF such
collateral paper for each One Hundred
| ($100.00) Dollars so advanced and loaned
to the said copartnership in money or
understood and agreed that any sum or
sums SO advanced to the copartnershfp
is not copartnership assets. but liability
to the said L. n: Due. the same as to any
other creditor OF said copartnership.
1t is further agreed that whereas the
! said L. M. Due will be absent portion Of
| the season OF 1918, that Ed Christensen OF
Aiinot. North Dakota, shall act as his
tracts and shall have authority to reject
| or approve any credit extended on con-
| tracts entered into, as the agent Of the
said l.. N. Due. during his absence. with
! he ma
! hereby given
It is also provided that all profits and
losses Of said copartnership, after paying
| the salary hereinbefore provided for to
! the said Martin Aakrann and after pay
| ing the expenses of said copartnership.
shall be divided equally between the three
books shall at all times be kept and main
| tanned showing all the transactions of the
CO. partnership.
It is further provided that this co-part::
day Of December. 1918 and that thereaf-
ter may be dissolved by the express will
of any partner at any time.
1t is further provided that no capital
| has been contributed in said business by
any OF the partners. excepting the con-
tract with the Minnesota State Prison for
the handling of said machinery. which
| contract is contributed jointly by all the
partners and that each partner agreed to
advance his pro rata share Of any nee
essary expense money to conduct the bus
mess OF the cOpartnerShlp during the
season Of 1918 II said sum is advanced by
the said l.. NJ Due to reimburse him as
to such pro rata share so advanced in ac-
cordance with the provisions hereof,
should the profits not be sufficient SO to
do.
Any and all business transactions,
which may at this time and in the future
result in expenditure of money and finan-
cial liability to the COMPANY must be
the Company, or to his agent. Ed. Chris.
Jensen, and approved by them. This will
not apply to actual travelling expense OF
salary Of the President or General Man
ager, when he is on the road in or for the
interest of the Company.
Dated at Minot North Dakota, this
second day Of November 1917
JOE HODGINS.
MARTIN AAKRANN.
L. M. DUE.
State Of North Dakota, County Of Ward
ss.
On this 18th day Of December, 1917, be.
fore me a Notary Public. within and fol-
said County and State personally appear.
ed Joe Hodgins and Martin Aakrann
known to me to be the persons named ir
and who executed the foregoing instru.
ment