Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1932-06-23
LEGAL NOTICES
ARTICLES OF INCORPORATION
Of the
DENHAM COOPERATIVE
ASSOCIATION

nesota acting for ourselves as tndivtd.
uals. do hereby associate for the purpose
of organizing and Incorporating CO.
operative association under the pro-
visions of Chapter 326, Laws of Mime
sofa for 1923. and to that at end sd,, we &c
Articles of Incorporation:
Article /.
The name Of this cooperative associa-
ton shall be Denham Cooperative Assoc
citation. The purpose of the association
shall be to conduct a mercantile enter
prise on the cooperative plan: The
general nature of it's business shall De
and merchandise of all kinds and nature
whatsoever. and the establishment and
operation Of general grocery and mer.
shall have the power and authority to
purchase and hold. lease. mortgage. en-
cumber. SELL exchange and convey such
property as the business of the associa-
ton may require; to issue BONDS or
other evidences OF indebtedness; TO JOIN
form district. state or national market
ing and service organizations and to
purchase. acquire and hold stock there,
in; and it shall also have power ana
authority. either for itself or it's indi-
vidual members and patrons, to DO anu
perform every act and thing necessary
and proper to the conduct OF its busl-
ness or the accomplishment of the pur-
poses set forth therein or permitted by
the act under which this association Is
u.
The principal place where the bust
ness of said association shall be trans
acted is in the village of Denham, In
the county of Pine. and State OF Min
MINI.
Article ii.
The time of commencement Of said
association shall be the first day OF
March. 1892. and the period Of it's con-
tinuance shall be thirty years from and
after that date.
Article HI.
The amount Of capital stock of said
thousand dollars. (s9.OO0.OO). and shall
be divided into eighteen hundred Q.SO0l
shares of five dollars $500 each. and
manner as the directors of this associa-
ton shall order. but no share shall be
issued for less than its par value nor
or its equivalent and such payment has
been deposited with the treasurer of the
association. The association may COM
cent (2O%) of the authorized capital
stock has been subscribed and paid in,
and the amount Of the capital stock
shsd beow tMent at p aG eens o
the amount of the authorized capital.
The ownership of capital stock in this
hoSer sSall not exceed the par value
of Two Hundred Dollars; stockholders
shall be restricted to only one vote in
the OF the dSSOcldtlOus 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
Of the association in excess Of six per
cent (6%) per annum- which shall be
non-cumulative; the net income OF the
association. except such amounts as are
required to be set aside as reserve
fund or permanent surplus. or may be
set aside BY vote Of the
members. or both. as the case may be,
and as may be prescribed by the By
Laws. shall be distributed only on the
basis of patronage: and voting by proxy
shall not be permitted.
Article Nv.
The highest amount of Indebtedness
or liability to which said association
at twice the be Of
capital stock.
The names and residences Of the per-
ton are as follows. to wit:
/. Ole Wallin. Denham. MINI.
2. A. T. Christensen. Denham. MINI.
3. Carl NOrdgren. Denham, MINI.
4. John Hagen. Denham, MINI.
5. L. o. Hatleli. Denham. MINI.
Article vi.
The government of this association
and the mana cement of it's affairs shall
Which board. after the one herein
named. shall be elected by ballot by
the stockholders for such terms as the
Meeting Meeting of tRe eS stoekhoide se which Which
shall be held at 1 o'clock P. NJ. on the
second Tuesday in May of each year;
larry on the second Tuesday in Novem-
Der of each year. Vacancies in the
board of directors may be filled by the
person or persons so appointed to hold
office until next annual meeting Of the
stockholders.
The names and places of residence
of the first board of directors, who
shall hold office until the first annual
meeting OF the stockholders holders and until until
qualified. are as follows:
1. Ole Wallin. Denham, MINI.
z. A. T. Christensen. Denham. Mimi.
3. Carl Nordgren, Denham, MINI.
4. John Hagen. Denham. MINI.
S. L. o. Hatleli. Denham. MINI.
Article VII.
The officers of the association shall
be president. vice-president. a Sec
elected annually by and from the di-
rectorS. The offices of secretary and
treasurer may be combined: and. when
SO combined, the person filling such Of
fees shall be termed "Secretary-Treas-
Until the first annual meeting of the
stockholders and until their successors
are elected and have qualified. Ole Wal
lin shall be president. John Hagen shall
be vice-president. A. T. Christensen shall
be secretary. and Carl Nordgren shall
be treasurer Of this association.
Article VIII.
This certificate Of Incorporation may
be amended as provided by law.
Article TX.
The fiscal year of this association
shall begin on the first day of March
Of each year and close on the last day
N TEsTfMoN Wv WEEREoF. we. the
said incorporators. have hereunto set
out hands and seals this 26th day Of
April. A. D.. 1892.
1. Ole Wallin. (SeaD
2. A. T. Christensen. (SeaD
3. Carl Nordgren. (SeaD
4. John Hagen. (SeaD
5. L. o. Hatleli. (SeaD
In presence CT:
A. w. weinberg.
w. e. Peters.
State of Minnesota. County of Pine. IS.
IN fhio 0efb dow Of AnriI 1920 hafOra