Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1930-02-20

and in such manner as the bylaws
shall direct.
The association may commence bust
ness whenever 2O% of the authorized
capital stock has been subscribed and
paid in, and the amount of the capital
stock outstanding shall at no time be di-
the authorized capital. No share shall
be issued for less than its par value
nor until the same has been paid for in
cash or it's equivalent and such pay
ment has been deposited with the treas
urer of the association.
The ownership of capital stock in this
association by any individual stock
holder shall not exceed the par value
of one thousand dollars; stockholders
shall be restricted to only one vote in
the affairs of the association; shares
of stock shall not be transferable eX-
cept with the approval and consent OF
the governing board of the association;
interest (dividends) shall not be paid
on outstanding or paid-up capital stock
of the association in excess of SO per
annum. which shall be non-cumulative;
the net income of the association. en-
cept such amounts as by law are re-
Quired to be set aside as a reserve
fund or permanent surplus or may be
set aside by vote of the stockholders
available for distribution among the
members or patrons, or Doth. as the
case may be and as may be prescribed
in the bylaws. shall be distributed on
ly on the basis of patronage, and vot-
ing by proxy shall not be permitted.
Article Nv.
The highest amount of Indebtedness
or liability to which said association
exceed twenty-five thousand Dollars
S25.O00.0O).
The names and residences of the per-
sons forming this association are as
follows, to-wit:
/. V. S. Petersen. Askov. Mimi.
?. Peter Petersen. Askov. Mimi.
3. "A. =. Jensen. ASkov, MINI.
4. Christ Larsen, ASkov. MINI.
8. H. r. Buck, Askov. Mimi.
Article vi.
The government of this association
and the management of its affairs shall
be vested in a board of five 90 direc-
tors. Such directors shall be elected by
ballot for such terms as the bylaws
may prescribe at the annual meeting
of the stockholders, which shall be held
at l o'clock D.. M. on the last Saturday
of January of each year. Vacancies in
the board of directors may he filled
by the remaining members OF the board.
the person or persons so appointed to
hold office until the next annual meet
ing of the stockholders.
The names and places of residence
of the first board of directors, who shall
hold office until the first annual meet
ing of the stockholders and until their
successors are elected and have quail
fed, are as follows:
1. V. s. Petersen. Askoy. MINI.
=. Peter Petersen, ASkov, MINI.
3. A. p. Jensen, Askov, MINI.
4. Christ Larsen. ASkov, Mimi.
). H. r. Buck. Askoy. MINI.
Article VII.
The officers of the association shall
be a president. a vice-preSdient, Secre-
tary and a treasurer, who shall be elect
ed annually by and from the directors.
The offices of secretary and treasurer
may be combined and when so combined
the person filling such offices shall be
termed secretary treasurer"
Until the fiji st annual meeting of the
and unti1 their successors
are elected and have qualified Christ
Larsen shall be president; II. r. Buck
shall be yice-president; V. S. Petersen
shall be secretary treasurer of this as
ISOLATION.
Article VIII.
The fiscal year of this association
shall begin on the first day of Januarv
Of each year and close on the last day
Of December of each year.
Article TX.
This certificate of incorporation may
be amended as provided by law.
IN TESTIMONY WHEREOF. we. the
said incorporatorS. have hereunto set
our hands and seals this Bird day of
March. 1928.
V. 5. Petersen. (SeaD