The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1920-08-05
First Pub. July 29-2t)
Articles of Incorporation of
Verne Steward COMPANY.

First Pub. July 1926
Articles of Incorporation of
Verne Steward Company.
Know all men 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;
pursuant to the provisions of chapter fifty
eight (58) of the general statutes of Mime
sofa of 1918. 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 I.
The name of the corporation shall be Verne
Article II.
The general nature of the business and the
purposes for which the corporation is formed
products; buy. sell and manufacture machin-
cry. merchandise and supplies; to cultivate
and improve farm lands and other kinds of
real property; to manufacture and sell logs,
to do all other business essential or 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 1st 1920, and the corpora
ton 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 ($1O0. 100000, which shall be divid-
ed into two hundred fifty (250) shares of pre-
ferred stock of One Hundred Dollars $500 OO)
each, and seven hundred fifty (750) shares Of
common stock of One Hundred Dollars (S100.-
O0) each. to be issued and paid for as called
for by the board of directors, in 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 installments 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
shall be declared upon the common stock un-
less all the cumulative dividends for previous
years and all accrued installments, if any. for
the current year on the preferred stock shall
| holders of the preferred stock shall.
in of liquidation dissolution of the
company, be entitled to be paid in full the
i par value of their preferred shares and the
dividends accumulated and unpaid thereon. be-
| fore any amount shall be paid to the holders
! of 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 a premium of five percent of
the par value thereof.
| 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
tod rho1 l1 n@1l-
| $3.50, 000.00).
The government of the corporation and
the management of its affairs shall be vested
of directors shall be Verne Steward, Alice H
Steward. S. G. Harwood and Oke Dahlberg.
all of Princeton Minnesota, who shall hold
their offices until the first annual meeting of
the stock holders of the corporation. and until
their successors are elected and qualified. Said
board of directors shall also be stock holders
the stock holders of the corporation, and shall
T.. hold office for one year and until their sue.
cessors are elected and qualified. The board OF
| directors shall hold annual meeting al
eleven o'clock a. M Oil 100 mr., on the third
Monday in April of each year, Immediately af
ter the annual meeting of the stock holders
and at the same place; 49,,
| Article VIII.
| The annual meeting of the stock holders
shall be held on the third Monday in Apri
OF each year, at ten o'clock m. 0O:O0 a
n.y., at the principal place of business of the
corporation or such other place as the direc
tors shall designate, at which time the board
| of directors shall be elected from their number
| In testimony whereof have hereunto sci
our hands this goth day of July, 1920.
VERNE STEWARD,
ALICE H. STEWARD,
/ OKE DAHLBERG.
| S. G.. HARDWOOD.
Signed, sealed and delivered in presence Of
| f.. L. MCMILLAN,
RUFUS p NORTON
State of Minnesota, County of Mile Laos.
On this goth day of July. 1920. before me
a notary public. within and for said county
personally appeared Verne Steward. Alice H
to me known to be the same persons described
in and who executed the foregoing articles O
incorporation, and they each acknowledge
that they executed the same as their free &C
/ Notary Public, Mile Laes County. Minnesota
! My commission expires April 10, 1924.
i (Seal.)
State of Minnesota, Department of State.
I I hereby certify that the within instrument
was filed for record in this office on the 24tl
and was duly recorded in book K4 of incorpora
tions on page 265.
i JULIUS A. scHMAHL.
Secretary of State.
4. 61o7s.
Office of Register of Deeds.
County Of Mile Laos. State Of Minnesota s
4 I hereby certify that the within instrument
was filed in this office for record on the 2Stl
4, day of July, A. d. 1920, at o'clock p. M, ant
4 was duly recorded in book 'B'' of incorpora
A. G. osTERBERG.
By H. l. BERGH. Deputy. 'S'
fE y