Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1919-12-24

tFirst Publication, Dec 24.-2t) IS 81
ARTICLES OF INCORPORATION OF
PENN0CK IMPLEMENT COMPANY
i or PENNocK, luNNEsoTA.
IS KNOW ALL MEN BY THESE PRES
ENTS: That the undersigned adult re-
sidents Of the State Of Minnesota, do
hereby make, sign and agree to the fol-
lowing Articles of Incorporation, for the
purpose of forming a corporation under
the Laws of the State of Minnesota,
being Session Laws of 1909, Chapter 81,
and the several acts amendatory thel eof
and supplemental thereto.
49,. ...., ARTICLE L.
The name Of said corporation shall be
Pennock Implement Company.
The words Corporation" "Associa
tion,' and Company" in these Articles
shall be construed to mean the same.
ARTICLE II.
The general nature of the business of
this corporation is and shall be to en-
gage in and conduct general farm i'm
p1ement, live stock buying, selling and
shipping, and manufacturing business
on the cooperative plan, and to that
end to purchase, lease, exchange, hire
or otherwise acquire any real and per-
sonal property, and any rights or privil-
eyes which the corporation deems neces.
sary or desirable for the purpose of its
business; to be and become a party to
any lawful agreement for sharing pro-
fits, cooperative of mutual trade ar
engagements with any person, company,
or corporation that is engaged in SINH
lar or other lines of business, or that is
conducted so as to directly or Indirectly
benefit this corporation.
ARTICLE ILL.,
The location and principal place of
business of this corporation shall be at
Pennock, County of Kandiyohi and State
of Minnesota, and branch offices and de-
partments may be conducted in other
locations.
ARTICLE ".
The period of the duration Of this
corporation shall be Twenty (20) years.
ARTICLE V.
The names and places of residents of
the persons forming this corporation
are:
F. N Anderson of Pennock.
Jens L. Hansen of Pennock
Burger Akerson of Pennock
H. Edman of Pennock.
John F. Lindberg, of Pennock.
John A. Carlson of Pennock.
D. C. Beck of Pennock
a majority of whom are residents of
the County Of Kandiyohi and State of
Minnesota.
ARTICLE VI
Section /. The officers of this corpora
ton shall consist Of five 90 directors,
'pany, and who shall be elected by ma
jority vote of the stockholders present
at the annual meeting of the company,
which shall be held at the principal
place of business on the date fixed in
the Bylaws of the Company.
Section 2. At the first annual meet
ing of the company two directors shall
be elected for three years, two for two
years, and one for year, and they
shall hold office until their successors
qualified
Annually, and Immediately after the
election of directors, or as soon there
after as practicable, the qualified di-
rectorS shall meet and elect from their
number, President, First Vice-Presi-
dent, Second Vice-President, a Secre-
| tary and a Treasurer, who shall serve
in these capacities for one year, or until
their successors have been duly elected.
A majority of the directors shall con-
stitut5 a quorum for the transaction of
all business at the meetings of the di-
rectors.
Section 8. Until the first annual
meeting or until their successors shall
have been duly elected and have quail
! fed, the following persons shall consti-
tute the first board of Directors and
officers of this corporations:
F. N. Anderson, who shall he PreSi-
dent,
D. c. Beck who shall be First VICE
President,
John A. Carlson, who shall be Second
Vice-Fresident.
Jens L. Hansen, who shall be Secre-
tary.
Birger Akerson, who shall be Treas
| urer.
ARTICLE VII.
The highest amount of Indebtedness
or liability to which this corporation
shall at any time be subject, shall not
exceed the authorized capital stock of
the corporation.
ARTICLE VIII.
Section /. The capital stock Of this
corporation shall be Fifteen Thousand
($15, OOO.0O) Dollars, divided into One
Hundred and Fifty C50) shares of One
Hundred (s1O0.OO) Dollars each, which
shall be paid in at such times. and in
such amounts and manner as the Board
Of Directors may determine.
Section 2. No person shall receive or
be entitled to, receive any dividend on
the capital stock of this corporation in
excess of One Thousand (s1,000.00) Dol
lars of the capital stock thereof, and
no person shall be entitled to more than
one vote on any subject at any regu-
lar or special meeting or election of
this corporation, nor to vote by proxy
IN WITNESS WHEREOF, We have
hereunto subscribed, this 18th day Of
December, A. D. 1919.
F. n. Anderson,
D. C. Beck,
John A. Carlson,
Jens L. Hansen,
Burger Akerson,
H. Edman,