The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1933-10-27
Articles of Incorporation.


LOuiS-SS
To: MIKE HOLM, SECRETARY OF
STATE:
We the undersigned. Fabian Maen-
paa, John H. Wilmunen, O. E. Koiv-
unen, Gust Nurmi, Erick Hansen, John
Saari and John Dyher propose to form
a corporation under Chapter 326 of the
Statutes of Minnesota for 1928 and for
the purpose of such organization we
hereby state as follows, to wit:
l. The name of such corporation is
FARMERS POWER & LIGHT COM
PANY."
2. The purpose and general nature
OF the business of the corporation shall
be to erect, equip, maintain and OPP
crate rural power and light line from
the City of Ely, ST. Louis County,
Minnesota to and thru the district
known as the White Iron District. The
corporation shall further do any and
all acts incidental to carrying on rural
power and light business. Tt may pur-
chase, sell, lease or rent land, materials
or equipment required in its business
and may enter into contracts for such
lands, materials or services.
8. The principal place of transacting
be Ely, Minnesota.
4. The period of the duration of this
company shall be thirty years.
5. This corporation shall have no
capital stock.
6. The highest amount of indebted
ness to which. at any time, the cor
poration shall be subject shall be -Four
Thousand Dollars ($400000).
Y Tho no,,ooc oy1d r,1onac IF tho i,,
corporators are as follows: Fabian
Maenpaa, Ely, Minnesota; John H.
Wilmunen, Ely, Minnesota; o. E..
Koivunen, Ely, Minnesota; Gust NurYni
Ely, Minnesota; Erick Hansen, Ely,
Minnesota; John Saari, Ely, Minnesota;
John Dyher, Ely, Minnesota. The above
incorporators are all and each of them
acting for themselves as individuals
and not as agents of other associations.
8. The Management of this corpora
tion shall be in a board of not less than
seven directors or more than eleven
directors, to be elected by and COM
posed of members of the association,
who in turn will elect their own officers
for the ensuing year.
8. The net income of this associ-
alton, except such amounts as are re-
quired to be set aside as a reserve
fund or permanent surplus or may be
set aside by a vote of the members of
the association available for distribu-
ton, among the members, or patrons,
or both, as the case may be, shall be
distributed only on the basis of patron
age.
10. Each member shall be restricted
to one vote in the affairs of the aSsoci-
alton.
II. To finance the association there
shall be an initial membership due of
Two Hundred ($2OO.00) Dollars to be
paid into the Treasurer of the associ-
alton in full or on the quarterly plan,
namely, the sum of Thirty ($30.OO)
Dollars down and thereafter, regularly
each quarter, the sum of Twenty Five
Dollars ($25.0O, until the sum of Two
Hundred Dollars will nave been fully
paid; interest on deferred payments to
be at the rate of Eight Percent (8%o)
per annum. Additional dues shall be
levied in the form of special assess
ments by the Treasurer, and as directed
and required by the Board of Directors
in the operation of the affairs of the
company.
IL. The first annual meeting of the
members is to be on the first Monday
in October, 1929 and thereafter annual
meetings of the members shall be held
on the first Monday in October of each
year.
13. The fiscal year of the association
shall be from October 18th to October
18th of each year.
FABIAN MAENPAA,
JOHN H. WILMUNEN,
O. E. /KOIVUNEN,
GUST NURMI,
ERICK HANSAN,
JOHN SAARI,
JOHN DYHR.
The foregoing examined and ap-
proved as to form and legality this
7th day of Feb, 1893.
HARRY H. PETERSON,
Attorney General
BY ROGER s. RUTCEICK,
Assistant Attorney General
State OF Minnesota, County of st.