Twin-City herald. [volume] (Minneapolis, Minn.) 1927-1940, 1933-03-11
Articles of Incorporation

E
The name of this corporation is SAX
ON TRUCK AND AUTO PARTS COM
PANY. Its principal place of business
is in Minneapolis, Hennepin County,
Minnesota. The term for the COM
mencement of this corporation is
March 1, 1898, and the term of expir-
alton shall be Thirty (3O) years there
after.
The general nature of the business
to be transacted by this corporation
and it's objects and purposes are to buy
and otherwise acquire, sell, exchange
and otherwise dispose of and generally
to deal in automobile trucks, passen-
ger cars, parts, accessories, equipment,
appliances, tools, supplies and mer-
chandise and personal property of
every other kind, quality and descrip-
ton; to purchase or otherwise acquire,
hold, improve, operate, sell, exchange
or otherwise dispose of real property,
buildings and estates and interests
therein; to purchase or otherwise ac-
quire, hold and deal in securities and
evidences of Indebtedness of every
kind or description, including among
other things, stock of this corpora
ton; to make all contracts and do all
things necessary or reasonably Incl
dental to the carrying on of it's said
business and effecting it's said objects
ARTICLE III
The amount of the capital stock of
this corporation shall be Fifty Thou
sand Dollars ($50,00O), to be divided
into tive hundred 5000 shares of com
mon and preferred stock of the par
value of One Hundred Dollars ($100.00)
each, which shall be paid in money.
property, or both at such times, in
the Board of Directors shall from time
to time prescribe. OF the common
stock there shall be Three Hundred
and Fifty (35O) shares, of the par
va ~ nrn Hnn
each; and of the preferred stock there
shall be One Hundred Fifty (150)
shares, of the par value of One Hun
dred Dollars (s100) each. The said
Fifteen Thousand Dollars ($15, O00.0Ol
of preferred stock shall be entitled to
receive dividends at the rate of seven
90 per cent per annum, payable semi
annually on the first Monday of Janu-
airy and the first Monday of July in
each year, out of the earnings of said
corporation before any dividends shall
be paid upon the said common stock,
and such dividends shall be cumulative
SO that any deficiency in the dividends
to be paid on said preferred stock in
any year shall be made good out of
the earnings of subsequent years be-
fore any dividend shall be paid upon
the said common stock. And in case
the earnings of the corporation shall
permit a dividend in excess of said
seven Cd per cent so to be paid semi
annually then and in any such event
the preferred stockholders, after re-
ceiving such preference dividend, shall
be entitled to share equally with the
holders of the common stock as to any
dividend over and above the said
preference dividend. And on the final
liquidation of this corporation and the
of dividends shall be paid to the
holders of such preferred stock and
the shares of preferred stock shall be
paid in full before any payment shall
hn or a - ~ ~
mon stock; but when such arrears of
dividends and the face value of such
preferred stock shall have been paid,
the holders thereof shall receive no
other or additional payments whatever.
The amount of such preferred stock
shall not be changed or altered by
any increase or reduction in the can't
tai stock of said corporation without
the consent in writing of the holders
of majority thereof. The holders of
the common stock shall have the man
agement and control of this corpora
ton so long as the business of said
corporation is able to pay from its
earnings the said preference dividends
on such preferred stock, and during
such time the holders of such pre-
ferred stock shall have no voting
power. But in case said dividends on
said preferred stock shall not be
earned and paid for a period of Ave
(5) years, then and in that event the
holders of preferred stock shall have
the same voting power in the elections
and in the management and control
of said corporation as the common
stockholders. The corporation reserves
the right to redeem and retire at anv
time its said preferred stock at par
in cash upon the payment of all divi-
bends to which such stock shall be
entitled, II such redemption shall be
authorized by law.
ARTICLE w
\ The highest amount Of Indebtedness
or liability to which this corporation
small AT any time be subject shall be
Zone Hundred Thousand Dollars (s10o.-
(00o).
ARTICLE "
The governance of this corporation,
and the management of its affairs
shall be vested in Board of Directors
composed of not less than three (3)