Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1919-05-17

able surcty bonds Tor all OF said OF.
Gers and iscnts, the cost thereof to be
paid by the corporation.
~ ARTICLE X.
The board OF directors may. at any
regular meeting OF the beard. or at
any special meeting called for the
purpose. adopt such by.laws rules
and regulations not inconsistent with
these articles as II shall deem neceH-
sary and advisable for the carrying on
OF the business OF the corporation OF
any pof the several departments or
branches OF said busineas: such by
laws. rules and regulations TO lie sub
jcct To revision, charge or repeal by
the stockholders, In anaIal meeting or
at any special meeting called for the
purpose.
ARTICLE NJ.
No real estate belonging 10 THIS Coz
poration shall be sold or conveyed OK
cept upon the order and under the ui.
rection OF the board of directors. All
corveyances OF real property nude i'r
the corporation shall be executed ny
the president and countcrsigncd by the
secretary with an impression IF the
wi pOiutC Scdi dttdCftu. u WV
alton has seal: and all releases oi
mortgages. liens. Judgments or other
claims that are required by law to, oe
made of record may be executed oy
the president. the vice. president or the
secretary of the corporation.
ARTICLE XII.
On the vote of a majority of the di-
rectors this corporation may borrow
money from time to time for use In
its business: but at no time shall the
amount OF the Indebtedness OF the cor
poration exceed two thirds te-3l Of the
paid-up capital stock.
ARTICLE NH. -.
The private property of the stock
holders of this corporation shaiEsbe
exempt from execution for the debts
Of the corporation. ~
y. ARTICLE XIV.
On the 31st day Of December OF each
year the board OF director shall cause
a complete inventory OF the corpora
tons property to be taken and shall
ascertain the profit and loss for the
year ending on that date.
ARTICLE Ky.
The board of directors shall employ
manager to have charge Of the bust
ness affairs Of the corporation. and
may employ such other agents and
employees as it shall deem necessary to
the efficient carrying on Of its bust
ness and any departments or branches
Of said business that said board may
establish: said manager. agents ana
employees. however. being at all times
subject to the control of said board,
and subject to removal or dismissal
by said board at any time for cause.
Said board shall fix the salaries or
OF said manager, agents
and employees.
Said manager and agent Of the cor
shall be stockholders in the
corporation. and may be officers or
directors thereof 4T
The board Of directors shall not have
power TO appoint or employ any man
ager, agent or employee Of the corpora
tion for a period longer than, or run
ming beyond. the term Of office Of the
directors themselves.
ARTICLE XVI.
The corporation shall at all times
nave lien upon the stock held by any
stakeholder for any indebtedness ON
ally account OF said stockholder to the
corporation.
ARTICLE xvn.
Subject to revision Of their action by
any general or special meeting Of the
stockholders, the directors shall by
bylaw. apportion the earnings Of the
corporation in such manner, in, .ac-
cofdance with law, ~ they may deem
best for the conservation Of the inter-
ests Of the stockholders ana patrons
OF the corporation. And the profits or
net earnings OF. the corporation shall
be distributed to those entitled there
to- at such timex and In such manner
as the bylaws shall. in accordance
with the statutes. prescribe. 3
ARTICLE XVIII.
This corporation shall have corpo-
rate seal. which shall be a circular disc
In the outer circle the name
and address OF the corporation. and in
the center the words corporate seal"
with the year Of organization.
ARTICLE XIX.
The corporation may amend its ar
ticles of incorporation by a majority
vote Of the stockholders at any resn-
lar stockholders meeting. or at any
special stockholders meeting called
for that purpose on ten days notice to
all stockholders. Said power to amend
shall include the power to increase or
diminish the amount OF capital stock
and the number Of shares: provided
the amount OF capital stock shall not
be diminished below the amount of
paid up capital at the time the amend
ment is adopted.
ARTICLE Xxx.
Following are the names and places
OF residence Of the persons forming
shis corporation. and said persons are
hereby appointed and constituted d.
next annual meeting of the stockhold :,
ers following the date hereof, and until
their SUCCESSORS are elected and quail
fed: Ben J. Hanfeld, Martin Kunkel,
Charles H. Edel, B. H. Determap. Henry
Rifle. A. H. Stalker, Haverhill. Iowa:
William F.. .Stalzer. B. 6. Lolwing. j..
H. Holdgrafer. Marshalltown, Iowa.'
r. s.
And the following named Eerscns
are hereby appointed and constituted
the officers Of this corporation. each
for. the office set forth opposite his
name. until the next annual meeting
of the directors following the date
hereof. and until their successors are
elected and qualified. $50
B. H. Determan-President.
Martin Kunkel--Vice president.
A. H. Stalzer-Seeretary.
Henry Pille-Treasurer.
In, witness whereof we have hereuntc
set our hands this Gath day Of March.
1918
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