The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1920-07-29
First Pub. July 29-2t)
Articles Of Incorporation of
Verne Steward Company.

Know all by these presents that we,
the undersigned, Verne Steward Alice H.
Steward S. G. Harwood. Oke Dahlberg, of
the village of Princeton, state of Minnesota,
have and do hereby associate ourselves to-
gether and for corporation under and
pursuant to the provisions of chapter fifty
eight (5S) of the general statutes of Mime
sofa of 1913 and amendments thereto, and
for the aforesaid purposes have and do here
by declare. adopt and agree to the follow
ing articles OF Incorporation
Article l.
The name Of the corporation shall be Verne
Steward Company.
Article II.
The general nature of the business and the
purposes for which the corporation is formed
are to grow, buy, sell and store agricultural
products buy sell and manufacture machin-
and improve farm lands and other kinds of
real property; to manufacture and sell logs,
lumber and lumber products of all kinds and
to do ali other business essential incidental
to the purposes above expressed.
Article III.
The principal place of business of the cor
poration shall be the village of Princeton,
state Of Minnesota.
The time of commencement of the corpora
ton shall be August LIST, 1920, and the corpora
ticn shall continue for period of thirty years
thereafter.
Article v.
The amount of capital stock of said corpora
ton shall be One Hundred Thousand and no.
100 Dollars (s1000 .O0), which shall be divid-
ed into two hundred fifty {25O) shares of pre-
ferred stock of One Hundred Dollars $500 OO)
each, and hundred fifty (750) shares Of
common stock of One Hundred Dollars $780,
0o) each, to be issued and paid for as called
for by the board of directors, in a manner to
be determined by them.
The holders of said preferred stock shall be
entitled to receive during each fiscal year out
OF the net earnings of the company. preferen-
tial cumulative dividends at the rate of eight
percent per annum, payable annually on the
first Monday in May Of each year. with semi
annual or quarterly nstallments if the by
laws SO provide. After the payment of said
preferential cumulative dividends of eight per
cent for any fiscal year to the holders of the
preferred stock, any further amount declared
in dividends for said year shall be paid to the
holders of the common stock. No dividends
shall be declared upon the common stock I'M
less all the cumulative dividends for previous
years and all accrued instalments, if any, for
the current year the preferred stock shall
Holders Of the Preferred stock ResS sha
company be entitled to be paid in full the
par value of their preferred shares and the
dividends accumulated and unpaid thereon, be-
fore any amount shall be paid to the holders
If the common stock.
Said preferred stock shall be subject to re-
demption at any time after two years from
the issue thereof, at such time times and
in such manner as the board OF directors shall
determine, upon paying to the holders of such
stock the par value thereof and accumulated
dividends and premium of five percent of
Each share of the common stock shall be
entitled to one vote at stock holders meet
ings.
Article vi.
The highest amount of Indebtedness to
which said corporation shall at any time be
obligated shall be Fifty Thousand Dollars
50,000.O0).
ARTICLE VII.
The government of the corporation anu
he MANAGEMENT of its affairs shall be vested
a board of four directors. The first board
directors shall be Verne Steward, Alice H.
toward, S. G. HARDWOOD and Oke Dahlberc.
of Princeton, Minnesota, who shall hold
their offices until the first annual meeting of
the stock holders of the corporation, and until
their successors elected and qualified Said
board of directors shall also be stock holders
and shall be elected at the annual meeting of
the stock holders of the corporation. and shall
hold office for one year and until their sue
cessors are elected and qualified. The board of
directors o,s shall hold an annual meeting at
Monday in April of each year. Immediately af-
ter the annual meeting of the stock holders
and at the same place.
Article VIII.
The annual smeeting of the stock holders
shall be held the third Monday in April
of each year. at ten o'clock a. m. (10:0o a.