Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1934-07-12
CERTIFICATE OF AMENDMENT OF
THE ARTICLES OF INCORPORA-
TION OF THE PINE COOP
OIL ASSOCIATION

y.
respectively. of the Pine Coop Oil Asso
citation. a Minnesota cooperative aSso-
citation. do hereby certify that. at a
special meeting of the stockholders of
said association held at the village of
Askov. Minnesota. on Saturday. March
81. 1894. at which quorum of said
resolution was adopted by more than
majority of those present.:
Resolved that Article III Of the ar
ticleS of incorporation of the Pine
Coop Oil Association Of Askov, Mime
sofa. which reads:
1.-The amount of capital stock of said
association shall be twenty thousand
dollars (s20.000.0O). which shall be di-
vided into eight hundred $500 shares
25%e esch and a shall be paid at ao saes
time and in such manner as the by
laws shall direct.
1.-The association may commence bust,
ness whenever 2OGo of the authorized
capital stock has been subscribed and
paid in. and the amount of capital stock
ished below 2OGo of the amount of 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 its equivalent and such payment has
been deposited with the treasurer of
the association.
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 associations; shares of
stock shall not be transferable except
with the approval and consent of the
governing board of the association; in
tereSt (dividendS) shall not be paid on
outstanding or pald-up capital stock OF
the association in, excess of SO per
annum. which shall be non-cumulatiVe;
the net income of the association, eX-
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 both. as the
case may be and as may be prescribed
in the bylaws. shall be distributed only
on the basis of patronage. and voting
by proxy shall not be permitted"
be amended to read:
THE amount of capital stock of said
association shall be twenty, thousand
vided into two thousand (2,000) shares
of ten and no-1OO dollars $4,000 each.
and shall be paid at such time and in
such manner as the bylaws shall di-
1.-The association may commence BUSH
ness whenever FOG of the authorized
capital stock has been subscribed and
paid in and the amount of the capital
stock outstanding shall at no time be
diminished below 2ofo, of the amount Of
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 its equivalent and such pay
ment has been deposited with the treas
urer of the association.
THE ownership of capital stock in
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 except
with the approval and consent of the
governing board of the association; in
tereSt (dividendS) shall not be paid on
outstanding or paid-up capital stock
of the association in excess of sc per
ann which which shall be non-cumulative
cept such amounts as by law are re-
CURED to be set aside as a reserve fund
or permanent surplus or may be set
aside by vote of the stockholders. avail
able for distribution among the men,
bers. or patrons. or both. as the case
the bylaws, shall be distributed only on
the basis of patronage. and voting by
proxy shall not be permitted
+ +. r R. s BTsk; REssid ssors+arv
On this 2sth day of April. 1894. before
me Notary Public in and for said
and T. L; Sorensen. who being duly
sworn. did say that they are. respec-
lively. the president and secretary of
the Pine Coop Oil Association. that
the certificate attached herewith con-
tains true statement of the actions of
the stockholders of said association at
attached is the corporate seal of said
ASSOCIATION ass asid and that they acknowledge
the SAID instrument was executed by
them as their free act and deed.
ANTON GRAVESEN.
Notary Public, Pine County. Mime
sofa My commission expires
March 2. 1899.
Approved as to form and legality this
Goth day of April 1894.
HARRY H. PETERSON
Attorney General.
By:
Roy c. Frank
Assistant Attorney General.
Office of Register of Deeds,
Pine County, MINI.
hereby certify that the within in
strument was filed in this office for
record on the 5th day of June A. d.
1894. at 9 o'clock a. m, and was duly
recorded in Book No. l of Misc. on
page 300.
p. L. HAMLIN.
Register of Deeds.
By e., Deputy.
State of Minnesota, Department of State
Filed May Is. 1894.
MIKE HOLM,
Secretary of State.