Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1920-05-06
ARTICLES OF INCORPORATION

scribed, hereby associate ourselves
into a body corporate under the
provisions IL Chapter /, Title TX of
the Code of Iowa, and acts amend
atory thereof, particularly Sections
/ 1641-rl 1641-420, inclusive; assum-
ing all the powers, rights and priv
ileges granted bodies corporate, and
all the duties and obligations impos-
ed by said statutes, and being bound
thereby, adopting the following art
icles of Incorporation, to-wit:
Article 1.
The name of this corporation
shall be the Audubon Cooperative
Exchange.
Article III.
The principalAp place of business of
this corporation shall be Audubon,
Audubon County, Iowa.
Article III.
The purpose of this corporation is
to operate for the mutual benefit of
its shareholders on the basis of
truth, justice and economy. The
general nature of the business shall
be buying, selling and general CO.
operative handling of grain, coal,
lumber, livestock, and all other farm
produce and supplies: also the OPP
Grafton of -four and feed mills and
the purchase and sale of products
thereof; also to act in the capacity
of a general commission house to
purchase, erect, operate, maintain,
and control warehouses, elevators,
mills and buildings of every descrip-
ton, and to retain, sell, convey,
lease, mortgage, cucumber and i'm
.nI, knhe hui Is.,nx
personal, property as the business of
the corporation may require; also
to prepare and publish. such state
ments, bulletins or periodicals, and
do all other acts, not contrary to. the
statutes of the state, which shall be
necessary, to the proper carrying
out of the purposes herein stated.
Article Nv.
The time of commencing business
for this corporation shall be the
date the Secretary of State issues to
it a certificate of incorporation, and
it shall continue for a period of
twenty years from said date.
Article V.
The authorized capital stock of
this corporation shall be seventy-five
thousand dollars ($75, 000.00) di-
vided into seven hundred and fifty
shares Of par value of one hundred
dollars 5000 each, to be paid in, in
money or in property or in both, in
such manner, at such time, and in
such amounts as the board of direct
ors shall order, subject, however, to
the approval of the Executive Coun-
Gil of the state. Not less than
twenty-five thousand dollars
$25, 000.00) of said capital stock
shall be subscribed and paid for at
the time of the commencement of
business of the corporation; the re-
mainder of the said capital stock to
be subscribed and paid for as the
board of directors may hereafter
provide. Said shares of stock are
transferable on the books of this
corporation, but no stakeholder
shall at any time own or have inter-
est in more than ten shares of stock
of said corporation. No stockhold-
err shall have more than one vote in
conducting the affairs Of the corpor-
alton.
Article VI.
The annual meeting of this cor
poration shall be held on the last
Tuesday in January of each year.
Until the first annual meeting the
following shall be the board of di-
rectors of this corporation.
]. ]. Ruhs, Audubon.
w. ]. Callow, Audubon.
Ed Hansen, Ross
Chas. Layland, Audubon.
A. B. Mendenhall, Audubon.
B. J. Black, Audubon.
Will McLeran, Audubon.
f. B. Thomas, Audubon.
F. l.. Anderson, Ross.
The following shall be the officers
of this corporation until the next
annual meeting:
B. ]. Black, President.
VIII McLeran, Vice-President.
Z. b. Thomas, Secretary.
F. l.. Anderson, Treasurer.
Article VII.
The affairs of this corporation
shall be managed and controlled by
a board of nine directors, including
the officers, elected by and from the
stockholders, for such terms and at
such times and in manner provid-
ed by the bylaws hereto. The
same to hold office until their sue
cessors are elected and qualified.
Article VIII.
The corporate seal shall be a cir
cular disc containing the name and
address of the company in the outer
circle, and in the center, the words
corporate SEAL" with the year of
organization.
> Article TX.
The stock of this corporation
shall be worcestershire.
Article X.
The private property of the stock
holders of this corporation shall be
exempt from execution for the debts
OF the corporation, as provided by
the laws of the state of Iowa.
Article Nj.
This corporation shall have pow
er to borrow money from time to
time on the vote of a majority of
all the board OF directors at any
regular or special meeting, but at
no time shall the amount of indebt-
edness of the corporation exceed
two-thirds (23) Of the paid up cap
ital stock.
Article XII.