The Cook County news-herald. [volume] (Grand Marais, Cook County, Minn.) 1909-current, 1922-11-02
Certificate
Incorporation
The TOfte
Company

For the purpose of forming and be-
ing a corporation under and by virtue
OF Chapter So of the Revised Laws
acts 15 'tH the and &n
signed do hereby declare that they do
hereby associate to gether and agree
upon the following certificate Of incor-
pOration:
The name Of this corporation shall
be THE TOFTE COMPANY" and it's
principal place of business shall be
TOfte, Minnesota.
The general nature of the business
of this corporation shall be the buying,
selling and dealing in real estate and
personal property and building of cot
ages, homes and other buildings; buy
ing and selling of merchandise at re-
tail or wholesale; operation of hotels;
operation of fisheries, canneries, devel
opment OF water power; borrowing and
l.aning of money and alt things Incl
dental thereto in carrying out the Dur-
poses of the corporation.
ARTICLE II.
The period of the dura ton Of this
corporation shall be thirty 800 years.
ARTICLE III.
The names and residence of the in
cOrporatorS are: Theodore O Furlund,
Lillian Quinn, Frances Carlson and J.
NJ. Sundecn, all residing at Duluth,
Minnesota, and Fl. O. Engelsen, resd-
ing at Tofte, Minnesota.
ARTICLE ".
The government of this corporation
and the mana cement of it's affairs shall
he vested in IL board of five directors,
to be elected from the stockholders,
and the following officers, to be chosen
the stoc kholtlers of said corporation, to-
wit President, Vice-preSident, Secre-
tlry and treaSurcr; any two of said Of
fees may be held by the same person
with the exception Of the offices of
president and vice-president.
The directors shall be elected by the
stockholders by ballot, each stakeholder
being entitled to cast as many ballots
the first Tuesday after the first Monday
in June in each and every year during
the life Of this corporation, beginning
with the year 1923. Said officers and
year from the first Tuesday after the
first Monday in June OF each year, and
until their successors shall be elected
and qualified, provided, however: that
until said officers are elected the fol-
lowing named persons shall act as the
first board of directors: Theodore O.
Furlund, H. O. Engelsen. J. NJ. sun
deem Lillian Quinn and ana FRANCES me Garl
ing named persons shall be the officers
Of said corporation: Theodore O. Fur
lund, President; H. O. Engelson, Vice
and ar Treasurer; the hoard of directors
shall have full power to adopt all rules
and regulations and pass bylaws de-
fininS the duties of officers of said cor
pOratiOn, and the salaries Of all officer:
shall he fixed by the board Of directors
at any meeting thereof.
ARTICLE V.
The number of shares of capital
stock Of said corporation shall be ten
thousand U0,0OO) shares. and the par
value of each share shall he the sum
of ten dollars (Si0.0W; the stock OF
said corporation shall be paid for eth
err in property, money or services, as
the board Of directors shall determine
and said stock shall be subscribed for
at such times and in such amounts as
may he prescribed by said board of di-
rectOrs.
ARTICLE vi.
The highest amount Of Indebtedness
or liability to Which-Said corporation
shall at any time be subject shall he
one hundred thousand dollars (S1on,-
600 O0).
ARTICLE VII.
Said corporation may commence doing
business upon the publication of it's ar
ticles of incorporation.
IN WITNESS WHEREOF, We have
hereunto set our hands and seals this
9th day Of October, 1922.
THFDDORE Q: FURTTND tScan
!. NJ. SUNDEEN (SeaD
LILLIAN QUINN (SeaD
II. O. ENGELSEN (SeaD
FRANCES CARLSON (Se;l)
Signed, Sealed and Delivered
in Presence of
Raymond ZieSmer.
Harvey Hoshour.