The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1924-04-30


We, the undersigned, in order to
form a local Building and Loan As
ISOLATION under Chapter So of the
General Statutes. of Minnesota for
1913, and all acts amendatory thereof
and supplementary thereto, hereby
bind ourselves together and adopt the
following Certificate of Incorpor alton:
SECTION 1.
The name of the Corporation shall
be the Redwood Falls Building and
Loan Association. ra
SECTION 2.
The general nature of the business
of said corporation shall be to aCcumu-
late funds to be loaned to its members
for the acquisition or improvement of
homes and fer such other purposes as
may be authorized by the statues.
SECTION 8.
The principal place of business of
said corporation shall be Redwood
Falls, and the operations OF said COR
poration shall be confined TO Redwood
County and those Immediately con-
ed by law.
OEC11O1N 4.
The said corporation shall commence
on the 1st day of April 1924, and con-
tinue for period of thirty years.
SECTION 5.
The authorized capital stock of this
association shall be 5O0,000.0O Dollars,
divided into shares of the par value
| of One Hundred Dollars ($1G0.00)
,l,1 u 70
bers only at its par value, payable in
cash in full when issued, or by perio
deal installments and dividends, as
provided by law.
Stock which has been paid for in
| full either when issued or by acCumu-
lation of installments and dividends
shall be known as paid up stock.
Stock on which periodic instailments
are being paid shall be known as in
! stallment stock. Paid up stock shall
be entitled to such semi div
idends in cash as the net earnings may
warrant. Installment stock shall be
entitled to semi-annual dividends at
the same rate as paid up stock to be
credited on the principal until such
stock becomes paid up.
SECTION 6.
The highest amount of indebtedness
or liability to which the association
shall at any time be subject, other
than for stock held by it's stockhold-
ers, shah be not more than Twenty
per cent Of its assets.
SECTION Z.
The government of this corporation
and the management of its affairs
shall be vested in Board Of II Direc-
tors, who shall be elected at the regu-
lar annual meeting of the tuesday
succeeding the third Monday of Janu-
airy of each year between the nours of
Two O'Clock P M. and Eight O'Clock
F. M. of the said day. The first Board
of Directors shall consist of the fol-
lowing members:
w. G. Weldon
! VIM. G. M. Smith
Fred r. Ortiz
D. w. Gold
r. A. Cooper
C. H. Baldwin
George A. Barnes
j. NJ Inglis
c. H. Schultz
F. w. Stanton
E. L. Gallea
who shall hold office until the first
annual meeting, and until their sue
cessors are elected and qualified.
SECTION 8.
The names and places of residence
of the incorpOrators are as follows:
Geo. A. Barnes
w. G. Weldon
/ D. w. Gold
R. A. Cooper
Fred r. Ortiz
c. H. Schultz
F. w. Stanton
C. H. Baldwin
E. L. Gallea
VIM. G. M. Smith
j. W. Inglis
j. p Cooper
| o. H. johnson
w. H. Gold 49, 80 ~
l.. j. Kise
Jos. R. Keefe
Bess M. Wilson
August C. Burmeister
all Of Redwood Falls, Minnesota.
IN TESTIMONY WHEREOF, We
have hereunto set our hands and seals
this End. day of February.
Executed in presence of:
W. B. Clement,
c. NJ Gagne.
George A. Barnes (SEAL)
w. g. Weldon (SEAL)
D. w. Gold tSEAL)
R. A. Cooper iSEAL)
Fred R. Orth (SEAL)
C. H. Schultz (SEAL)
F. w. Stanton (SEAL)
C. H. Baldwin (SEAL)
E. L. Gallea (SEAL)
VIM. G. M. Smith (SEAL)
]. w. Inglis tSEAL)
j. P. Cooper (SEAL)
O. H. johnson (SEAL)
w. H. Gold ). tSEAL)
L. j. Kise (SEAL)
Jos. R. Keefe (SEAL)
Bess NJ Wilson (SEAL)
August c. Burmeister (SEAL)
State of Minnesota,
County of Redwood
On this End. day of February 1924,
before me Notary Public in and for
said County, personally appeared: