The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1924-05-07

State of Min..sSta,
County of Redwossi !
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 amel1datoFy thereof
and supplementary thereto, hereby
bind ourselves together 4nd adopt the
following Certificate Of Incorporation:
SECTION 1.
The name of the Corporation shall
be the Redwood Falls B4ildiiis and
Loan Association.
SECTION 2.
The general nature Of the t,us mess
of said corporation shall be to xccunlu-
late funds to be loaned to its members
for the acquisition or Improvement 9of
homes and for such other pun poses as
may be authorized by the statuess
SECTION 3.
The principal place of business 81
said corporation shall be Redwood
Falls, and the operations Of said cor
poration shall be confined co Redwood
County and those immediateiy con-
tiguous thereto and as further provid-
ed by law.
SECTION 4.
| The said corporation shall Commence
on the 1st day of April 1924, aid con-
tinue for a period of thirty years.
SECTION 5.
The authorized capital stock of this
association shall be 500,000.00 Dollars,
divided into shares of the par value
of One Hundred Dollars ($iG0.00)
each. Stock shall be issued to men,
bers only at it's par value, payable in
cash in full when issued, or by perio-
dical 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-annuai div
idends in cash as the net earnings may
warrant. Installment stock shall be
entitled to semi-annual dividends al
the same rate as paid up stock to be
credited on the principal until such
stock becomes paid up.
SECTION 6.
N The highest amount of indebtedness
I On liability to which the association
I shall at any time be subject, other
than for stock held by it's stockhold
ers, shall be not more than Twenty
per cent of it's assets.
SECTION Z.
The government of this corpol atior
and the management of it's affairs
shall be vested in Board of IL Direc.
tors, who shall be elected at the regu
! Var annual meeting of the Tuesday
succeeding the third Monday of Janu
/ aryAof each year between the hours Of
Two No'clock p NJ. and Eight O'Clock
r.. Nj Of the xaid day. The first Boart
of Dixectors shall consist of the fol
loving nenbers:
wv. G. Weldon
VIM. G N. Smith
Fred Rk Orth
r. "A. CdQter
C. III. Baldwin
George A. Barnes
j. NJ Inglis
c. H. Schultz
F. w. Stanton
f. l.. GalleaN ~ N
who shall hold office until the frs
annual meeting, and until their sue
) cessors are elected and qualified.
SECTION 8.
The names and places OF resldenc'
, of the incorporators are as follows:
Geo. A. Barnes
w. G. Weldon
D. w. Gold - Il
R. A. Cooper a
Fred r. Orth
: c. H. Schultz
7 F. w. Stanton
C. H. Baldwin
. F.. L. Gallea
VIM. G. M. Smith
]. w. Inglis
j. p Cooper
o. H. johnson
w. H. Gold
L. J. kise
Jos. r. Keefe
: Bess NJ Wilson
2 August c. Burmeister
all Of Redwood Falls, Minnesota.
IN TESTIMONY WHEREOF, w
have hereunto set our hands and seal
this End. day of February.
Executed in presence of:
!, w. B. Clement,
c. NJ Gagne.
6 George A. Barnes (SEAL
!, w. G. Weldon (oEAL
8 D. w. Gold tSEAL
r. A. Cooper SEAL
! Fred R. Orth (SEAL
C. H. Schultz (SEAL
F. w. Stanton (SEAL
C. H. Baldwin (SEAL
E. L. Gallea (SEAL
> Wm G. NJ. Smith SEAL
j. w. Inglis tSEAL
j. p. Cooper (SEAL
o. H. Johnson (SEAL
w. H. Gold SEAL
or A