Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1934-07-05
CERTIFICATE OF AMENDMENT OF
THE ARTICLES OF INCORPORA-
TION OF THE PINE COOP
OIL ASSOCIATION

The undersigne H. r. Buck and
T. l. Sorensen. president and secretary.
citation. Minnesota cooperative assoc
citation. do hereby certify that. at n
said association held at the village of
ASkov. Minnesota. on Saturday, March
81, 1884. at which quorum OF said
stockholders was present the following
resolution was adopted by more than a
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 (S20000.O0), which shall be di-
vided into eight hundred $500 shares
of Twenty-Five and no-1Oo dollars
(S25.00) each, and shall be paid at such
time and in such manner as the by
laws shall direct.
THE association may commence bust
ness whenever 20Co of the authorized
capital stock has been subscribed and
paid in, and the amount of capital stock
outstanding shall at no time he dmin-
ished below 20c6 of the amount of the
authorized capital. 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.
1.-The ownership of capital stock in
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 paid-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-
fund 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"
he amended to read:
The amount of capital stock of said
dollars $50. 10000. which Shall be di-
vided into two thousand (2.000) shares
of ten and no-10O dollars $4,000 each.
and shall he paid at such time and in
such manner as the bylaws shall di-
rect.
THE association may commence bust
ness whenever 700 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 200 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.
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 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 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 reserve fund
or permanent surplus or may be set
aside by vote of the stockholders, avail
able for distribution among the mem
berS. or patrons. or both, as the case
may he and as may be prescribed ir
the bylaws, shall be distributed only or
the basis of patronage. and voting by
proxy shall not be permitted.
H. r. Buck. President.
L. l.. SORENSEN, Secretary.
State of Minnesota. County of Pine. SIS
On this 28th day of April 1884, before
me a Notary Public in and for sai!e
county, personally appeared II. X. Buck
and II. 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 o.
the stockholders of said association a
the meeting aforesaid, that the sea
attached is the corporate seal of sale
association and that they acknowledge
the said instrument was executed by
them as their free act and deed.
ANTON GRAVESEN.
Notary Public. Pine County. Mime
March 2, 1889.
Approved as to form and Legality thi.
20tb Anril 1924