Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1919-04-26
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paid by the corporation.
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paid by the corporation,
.ARTLCIE X.
The board OF 6ireetorsssf at any
regular meeting o. the board, or at
any special meeting called for the
purpose. adopt such bylaws. rules
and regulations not incpnsistent with
these articles as. ii shah deenr necee-
sary and advisable for the carrying on
OF the business ofithe .SorporatioA or
any OF the several departmentSs or
branches OF said business: such" by
laws, rules and regulations to be sub
ject to revision, change or repeal by
the stockholders in annual meeting or
ut any, special meeting vailed for the
purpose.
ARTICLE nj
No real estate belonging to this Coz
poration shall be sold or conveyed eN-
cept upon the order and under the di
rection OF the board of directors. All
| ccnveyances OF real property made by
the corporation shall be executed by
the president and countersigned by the
secretary with an impression of tho
corporate seal attached. II the corpor-
alton has a seal: and all releases Of
mortgages. liens. Judgments. or other
claims that are required by law to pe
made of record may be executed by
the president. the vice. president or the
| secretary Of the corporation.
ARTICLE XII.
On the vote Of a majority of the d.
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 (2-S) Of the
paid-up capital stock.
ARTICLE NIL
Tho private property Of the stock
holders Of this corporation shall be
exempt from execution for the debts
OF the corporation.
ARTICLE XIV. t
On the 3lst day Of December Of each
year the board Of director shall cause
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 XIV.
The board Of directors shall employ
manager to have charge Of the bust
ness affairs Of the corporation, and
may employ ouch other agents and
employees as 1t 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 and
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
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.
power to appoint or employ any man
oyer, agent or employe Of the corpora
ton for a period longer than, or run
directors themselves.
ARTICLE XVI.
The corporation shall at all times
have lien upon the stock held by any
stakeholder for any Indebtedness on
ary account Of said stockholder to the
corporation.
ARTICLE XVII.
Subject to revision Of their action by
any general or special meeting OF the
stockho holders. the directors shall, by
bylaw. apportinn the earnings Of the
corporation in such manner. in ac-
cordancs with law, as they may deem
best for the conservation Of the inter
testss Of the stockhoIdA.. snd patrons
flthe onSporauon. And the profits or
net earnings OF the corporation shall
be distributed to those entitled there
i = - a..
as the bylaws shall. in accordance
with the statutes. prescribe.
ARTICLE XVIII.
| This corporation shall have 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 XIX.
The corporation may amend its ar
ticles Of incorporation by a majority
vote Of the stockholders at any regu-
lar stockholders meeting, or at any
special stockholders meeting called
for that purpose on ten daye' 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 XIX
Following are the names and places
| OF residence of the persons forming
! this corporation. and said persons are
hereby appointed and constituted d.
| fectors Of the corporation until the
next annual meeting of the stockhold-
ers following the date hereof, and until
their successors are elected and auali-
| fed: Ben j. Hanfeld, Martin Kunkei.
| Charles H. Edel. B. H. Determan, Henry
| Rifle, A. II. Stalzer, Haverhill, Iowa;
| william F. Stalzer. B. G. Lolwing, J.
H. Holdgrafer. Marshaiitown. Iowa,
r. s.
| And the following named persons
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 Gualified.
p. H. Determan-President.
Martin Kunkel-Vfce president.
A. H. Stalzer-Secretary.
| Henry Pille-Treasurer
In witness whereof we have, hereunto
set our hands this oath day Of March.
| 1919.
Ben j. Hanfeld,
William f. Stalzer, ].
4 ,yarxir,s KunkA1 - Fie