Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1929-06-27
CERTIFICATE OF INCORPORATION
OF LOUIS OLSEN, IN
CORPORATED

We. the undersigned. for the purpose
of forming corporation under ana
pursuant to the laws of the state OF
Minnesota. do hereby associate our
selves as body corporate. and do
hereby adopt the following Certifcate
of Incorporation:
First: The name of this corporation
shall be LOUIS OLSEN. INCORPO-
second: The general nature of the
business of this corporation shall be:
(a) To buy. store, barter. sell. snip,
and generally deal in all kinds of agrl-
cultivate and market the same.
(b) To buy, sell and otherwise dis
pose of. and deal in. any and all KINDS
of farm supplies and equipment.
(c) In accordance with the above pur-
poses. it is hereby expressly declared
to purchase own. lease. or otherwise
acquire. and to SELL mortgage. or other
wise dispose of, farms and farm lands
all other acts incident to the conduct
of a general produce business.
Third: The principal place OF trans
acting the business of this corporation
shall he in the village of Askov. Pine
County. Minnesota -
Article ii
The period of duration of this corpo-
ration shall be. thirty years.
Article Ill
The names and places of residence
of the persons forming this corporation
are Louis Olsen. Askov. Minnesota; L..
B. Olsen. Minneapolis. Minnesota; Carl
Hyldahl' Askov; ,; Minnesota; and Leo
Article w
The management of this corporation
shall be vested in Board of Directors.
composed of not less than three and not
more than five members. The names
and addresses of the first Board of Di-
sofa; l.. B. Olsen. Minneapolis. Mime
sofa; Carl Hyldahl Askov, Minnesota;
and Leo Larsen, Askov. Minnesota.
The first officers of this corporation
shall be: President and treasurer. Louis
Olsen. Askov. Minnesota; Vice President,
L. b. Olsen, Minneapolis. Minnesota;
Secretary. Carl Hyldahl. Askov. Mime
sofa All of the above named officers
and directors shall hold their respective
offices aforesaid until the next annual
the third Monday of July, 1929. at which
time and annually thereafter, Board
of Directors shall be elected by ballot
from and by the stockholders of this
corporation. The annual meeting of this
corporation shall be held at it's prin-
-cipal place of business on the third
Monday in July Immediately after the
election of directors. or as soon there
after as practicable, the directors shall
president and vice president. and
from their number or from the stock
holders secretary and a treasurer.
Any two offices except those of preSi-
dent and vice president may be held by
one person. The directors and officers
of this corporation shall hold their re-
have been duly elected and have en-
tered upon the discharge of their du-
ties. The first meeting of the stock
holders and of the board of directors
shall be held at Askov. Minnesota, on
the 18th day of July. 1929. at 10 and
IL o'clock "A. IN: respectively
The amount of the capital stock of
this corporation shall he twenty five
thousand dollars. which shall be paid in
in money or property. or both. in such
manner, at such times, and in such
amounts as the Board of Directors shall
order. The capital stock shall be di-
vided into 100 shares of preferred stool
of the par value of 800 each. and 300
shares OF common stock of the par
ferred stock shall he entitled to receive
from the surplus or net profits of the
corporation, when and as declared by
the Board of Directors, dividends at
the rate of six per cent per annum,
payable annually, on the FIST Tuesday
in August, in each year. beginning with
ferred stock shall he cumulative and
shall he paid before any dividends are
paid on the common stock. Whenever
the dividends declared by the Board of
Directors in any one year shall exceed
SIX percent per annum for that year
the preferred stockholders shall be en-
titled to participate in such excess div
Idend equally with the common stock
holders. In the event of the wnding q
up or dissolution of the corporation,
holders of the preferred stock. after
the payment of all debts and liabilities
of the corporation, shall receive the par
value of their shares, with any unpaid
dividends accruing thereon. before any
payments are made to the holders of
the common stock. The remaining as
sets shall be paid to the holders of
the common stock pro rata according
to their respective holdings. Each
share of preferred stock and each share
of common stock issued shall have one
vote.
Article vi
# ind fnIta
or liability to which this corporation
shall at any time be subject shall be
the sum of $4,000.
In Testimony Whereof we have here
unto set our hands. this nineteenth day
of June. 1929.
LOUIS OLSEN.
l.. Il. OLSEN
CARL NJ. HYLDAHL.
LEO LARSEN.
the Presence nf.