Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1932-06-16
LEGAL NOTICES
ARTICLES OF INCORPORATION
Of the
DENHAM COOPERATIVE
ASSOCIATION


sofa for 1923. and to that end we do
hereby adopt and sign the following
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 mercantile enter
prise on the cooperative plan; Inc
general nature of it's business shall be
the buying and selling of goods. wares.
and merchandise of all kinds and nature
whatsoever, and the establishment anu
operation of general grocery and mer.
camille business. For such purpose it
shall have the power and authority TO
purchase and hold. lease, mortgage. en-
cumber, SELL exchange and convey Sucn
real estate, buildings and personal
property as the business of the associa-
ton may require; to issue bonds or
other evidences of Indebtedness; to JOIN
with other cooperative associations to
form district. state or national market
ing and service organizations and TO
in; and it shall also have power and
authority. either for itself or its 1ndl,
vidual members and patrons. to do ana
perform every act and thing necessary
and proper to the conduct of it's busl-
ness or the accomplishment of the pur-
poses set forth therein or permitted by
the act under which this association Is
incorporated.
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
nesota. Post Office address: Denham.
Mimi.
The time of commencement Of said
association shall be the first day or
March. 1892. and the period Of its con.
tinuance shall be thirty years from and
after that date.
Article III.
The amount Of capital stock Of said
cooperative association shall be Nine
thousand dollars. ($9.000.00). and shall
be divided into eighteen hundred l-SO0l
shares Of five dollars (s5.OO) 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
until the same has been paid for in cash
or its equivalent and such payment has
been deposited with the treasurer of the
association. The association may COM
cent (2O%l Of the authorized capital
stock has been subscribed and paid in
and the amount of the capital stock
outstanding shall at no time be dimin.
iShed below twenty per cent (2OT) OF
the amount of the authorized capital.
The ownership of capital stock in this
association by any Individual stock oSo
of Two Hundred 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 six per
cent $50 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 stockholders.
available for distribution among 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
shall at any time be subject shall not
exceed twice the amount of paid-ln
capital S'0'A Article v.
The names and residences of the per-
sons forming this cooperative associa-
ton are as follows. to wit:
1. Ole Wallin. Denham. MINI.
2. A. T. Christensen. Denham. MINI.
3. Carl Nordgren. Denham. Mimi.
4. John Hagen. Denham. Mimi.
S. L. o. Hatleli. Denham. MINI.
Article vi.
The government of this association
and the management Of it's affairs shall
be vested in board Of five directors.
namaa sRa be- Elected by saot by
the stockholders for such terms as the
Bylaws may prescribe. at the annual
meeting of the stoekholders which
second Tuesday in May of each year;
semiannual meetings shall be held SINH
larry on the second Tuesday in Novem-
board of directors may be filled by the
remaining members Of the board. 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
q I1nfi frCf mol
meeting of the stockholders and until
their successors are elected and have
qualified LED. are as follows follows; ,nn
z. A I. Christensen. Denham. Mimi.
8. Carl Nordgren. Denham, Mimi.
4. John Hagen. Denham. Mimi.
5. L. Q. Hatleli. Denham. MINI.
Article VII.
The officers of the association shall
be president. vice-president. a Sec
rotary and a treasurer. who shall be
rectors. The offices Of secretary and
treasurer may be combined. and. when
SO combined. the person filing 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
of February Of each year.
IN TESTIMONY WHEREOF, 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. (Seal)
3. Carl Nordgren. (SeaD
4. John Hagen. (SeaD
5. L. Q. Hatleli. (SeaD
In presence Of:
A. w. weinberg.
w. e. Peters.
State of Minnesota. County of Pine. IS
On this 26th day Of April 1892. before
me. a Notary Public in and for said
County. personally appeared Ole Wallin
A. T. Christensen, Carl Nordgren, John
Hagen, and L. o. Hatleli. known to me
to be the persons named in, and who