The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1926-06-18
ARTICLES OF lAceRPoRATll
or TINE
ELY COOPERATIVE
ASSOCIATION.

We, the undersigned residents OF
Minnesota, acting ourselves as in
dividuals, do hereby associate for
the purpose of organizing and in
cooperating a cooperative associa-
ton under the provisions of Chap
ter 1926, Laws of Minnesota for
1928, and to that end we do here
by adopt and sign the following
articles of Incorporation:
ARTICLE 1.
The name of this cooperative
association shall be "Ely Coop
erative Association. The purpose of
the association shall be to conduct
mercantile enterprise on the coop
erative plan. The general nature
of its business shall be the buying
and selling of goods, wares and
merchandise of all kinds and nature
whatsoever, and the establishment
and operation of general grocery
and mercantile business. For such
purposes it shall have power and
authority to purchase and hold,
lease, mortgage, cucumber, sell, ex-
change, and convey such real estate,
buildings and personal property as
the business Of the association may
require: to issue bonds or other
evidences of indebtedness; to join
with other cooperative associations
to form district, state oc national
marketing and service organizations
and to purchase, acquire and mold
stock therein; and it shall also
have power and authority either for
itself or it's individual members and
patrons, to do and perform every
act and thing necessary and proper
to the conduct of its business or
the accomplishment of the purposes
set forth therein or permitted by
the act under which this associa-
ton is incorporated.
The principal place where the
business of said association shall be
transacted is in City of Ely, County
of st. Louis, State of Minnesota.
ARTICLE 2.
The time of commencement of
said association shall be the oath
day of May, 1926, and the period
of it's continuance shall be 80 years
from and after that date.
ARTICLE 3.
The amount of capital stock of
said association shall be $4,000, and
shall be divided into 500 share Of
$1,000 each, and shall be paid at
such time and in such manner as
the bylaws of this association
shall direct, but no share shall be
issued for less than it's par value
nor until the same has been paid
for in cash or its equivalent and
such payment has been deposited
with the treasurer of the associa-
ton. The association may commence
business whenever 20 per cent of
the authorized capital stock has
been subscribed and paid in. and
the amount of the capital stock out
standing shall at no time be dim
inished below 20 per cent of the
amount of authorized capital.
The ownership of capital stock in
this association by any individual
stakeholder shall not exceed the par
value of one thousand dollars;
stockholders shall be restricted to
only one vote in the affairs of the
association; share of stock shall
not be transferable, except with the
approval and consent of the govern
ing board of the association; inter.
est (dividends) shall not be paid on
outstanding or paid up capital stock
of the association in excess Of eight
per cent (83o) per annum, which
Shall be noncumulative; the net in
come of the association, except
such amounts as are required to pc
set aside as reserve fund or per-
manent surplus, or may be set aside
by vote Of the stockholders, avail
able for distribution among the
members or both, as the case may
be. and as may be prescribed by
the bylaws shall be distributed
only on the basis of patronage; and
voting by proxy shall not be permit
ted.
ARTICLE a.
The highest amount of indebted
ness or liability which said associa-
ton shall at any time be subject
shall not exceed five thousand dol
lars.
The names and residences of the
persons forming this cooperative
association are as follows to-wit:
ANTON LAITURI, ELY, MINI.
JOHN DYHR, ELY, MINI.
MILO JARVI, ELY. MINI.
WALTER HIIVA, ELY, MINI.
MATT kANGAS, ELY, MINI.
GUST OLA, ELY, MINI.
MATT JARVI, ELY. MINI.
ARTICLE 6.
The government of this associa-
ton and the management of iIs
affairs shall be vested in board OF
seven directors, which board after
the one herein named, shall be
elected by ballot by the stockhold-
ers for such term as the bylaws
may prescribe, at the annual meet
ing Of the stockholders, which shall
be held at 2 o'clock p. m. on the
second Monday of May each year.
Vacancies in the board of directors
may be filled by the remaining
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