Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1919-05-10

ceru and Assnts the csst theseof - -
pai1 by the corporation.
ARTICLE X.
The board OF directors may ~ ooy
regular meeting Of the board. Or -
any special meeting called for ~
purpose. adopt such by-iawu. rOtoo
and regulations not Inconsistent VIII
these articles an II shall deem nec~Ds
ssry and advisable for the carrytnG On
OF the business OF the corporation %
any OF the several departments or
branches OF said business; such bye
laws, rules and regulations 10 be Sub.
ject 10 revision. change or repeal by
the stockholders In annual meeting ~
at any special meeting called for the
purpose.
ARTICLE Xi
No real estate belongings 10 this coz.
poration shall be sold or conveyed *.
ccpt upon the order and under the d.
rection Of tho board OF directors. All
convcyanccs Of real property made by
the corporation shaft he executed ny
the president and countersigned by the
secretary with an Impression OF tho
corporate seal attached. II the corpof-
alton has a seal: and all releases OF
mortgages. liens. judgments or other
claims that are required by law 10 be
made OF record may DO executed by
the president. tho 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 tho Indebtedness OF the corr
poration exceed two thirds (a-a) Of the
paid-up capital stock.
ARTICLE XIII.
Tho private property OF the stock
holders OF this corporation shall be
exempt from execution for tho debts
OF the corporation.
ARTICLE XIV.
On the sfst day Of December Of each
year the board OF director shall cause
a complete inventory OF the corpora
TONS property to be taken and shah
ascertain the profit and loss for the
year ending on that date.
ARTICLE XIV.
The board OF directors shall employ
e manager to have charge of tho busi-
ness affairs Of the corporation. and
may employ such other agents and
employees as II 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: ssid manager. agents and
employees. however. being at all times
subject TO the control OF said board.
and subject TO removal or dismissal
by said board ut any time for cause.
Sat n boa III
compensations OF said manager. agents
and employees.
said manager and agent Of the cor.
poration shall be stockholders in the
corporation. and may be Officers or
directors thereof.
Tho board of directors shall not havSs
power to appoint or employ any man
ager. agent or employee OF the corpora
ton for a period longer than. or ritz.
ming beyond, the term OF office Of the
directors themselves.
ARTICLE WI.
The corporation shall at all times
have lion upon the stock held by any
stakeholder for any indeb,endness ON
aty account OF said stakeholder 10 tho
corporation.
ARTICLE XVII
subject To revision OF their action bv
any general or special meeting OF the
stockholders. the directors shall by
bylaw, npportion the earnings OF the
corporation in such manner. in ac
coruahce with law. ns they may deem
best FOR the conservation Of the inter.
ests OF the stockholders and patrons
or the corporation. And the profits o.
net earnings OF the corporation shall
he distributed 10 those entitled there
TO- at such times and in such manner
as the bylaws shall. in accordancs
with the statutes. prescribe.
ARTICLE XvII.
This corporation shall have a corpo-
rate seal. which shall be a circular disc
containing 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 NIX.
The corporation may amend its ar
ticles OF incorporation by majority
vote of the stockholders at any regu-
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 %
paid-up capital at the time the amend.
ment is adopted.
ARTICLE NN.
Following are the names and places
OF residence Of the persons forming
this corporation. and said persons are
hereby appointed and constituted d.
rectors OF the corporation until the
next annual meeting OF the stockhold-
crs following the date hereof. and until
their Successors are elected ana quail
fed: Ben J. Hnnfeld. Martin Kunkel.
Charles II. Edel b. II. Determan. Henry
Rifle, A. n. stalker Haverhill. Iowa:
William F. StaIzer. b. G.. Lowing. ].
II. Holdgrafcr Marshalltown. Iowa,
r. 8.
And the following named E"rscns
are hereby appointed and conststutcd
tho officers OF this corporation. each
for the office set forth opposite his
name. until the next annual meeting
of tho directors following the date
hereof. and until their successors are
elected and qualified.
y. RI. Determnn--Prcsident
Martin Kunkel--vice president.
A. II. Stalzer---Secrctary
Henry Piilc--Troasurer.
In witness whereof we have hereunto
set our hands this a4th day OF March.
1919.
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