The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1937-05-27

CERTIFlCATH OF An1HNDMENT0
TO ART I OF
Of the
sAUK CENTRE FARMERS SHIP.
PING ASSOCIATION
sAUK CENTRE. MINNESOTA
Adopted the goth day Of March. 1887
That at a special meeting OF the
stockholders of said corporation
duly called and held at the Com
M iaH March I -. 1887. at Q O'clock
p. NJ. on said date. quorum OF the
stockholders were present In per-
son and that by resolution duly
Sy vEse Of ae
at said meeting, the corporation
duly elected to come under and DO
bound by the provisions OF Chap
ter S2S; Laws OF 1929 and a.. the Ar
citation were duly amended to con-
form thereto, as follows:
That Article III of the Articles OF
Incorporation which reads as fol-
"The purpose of this corporation
shall be, to ship all kinds of live
stock, buy. sell and store all kinds
of farm produce, grains, flour
s fence. and ali such articles as may
be properly handled to the interest
Of the stockholders of this corpor-
was duly amended to read:
shall be to handle grains on the CO.
operative plan. The general nature
of it's business shall be the main
tanning and operating of one or
more grain elsvat Sss,,n ana the rei
marketing Of grains. 1t shall also
have power to buy and sell its own
products, and those Of its members
and patrons and members and pa
lions. either individually or collect
lively, as the case may be; to buy
and handle such commodities as
are required to maintain the farms
irons, including coal. oil. Kerosene.
gasoline. wood, lumber, farm i'm
plements and machinery; to issue
bonds or other evidences Of in
debtedness; to purchase and hold.
change and convey such real es-
tate, buildings. and personal pro-
perty as the business of the asso-
citation may require and It shall also
for itself or it's individual members
and patrons, to do and perform
every act and thing necessary and
proper to the conduct of it's BUSH
ness or the , accomplishment IdisI Of the
ted by the act under which this as
ISOLATION is Incorporated"
That Article VII Of the Articles Of
Incorporation which reads as fol-
lows, was eliminated:
mo person shall be entitled to
more than one vote. regardless OF
the number Of shares Of stock he
may own"
as Article VII was added to said
Articles Of Incorporation to read as
follows:
'The fiscal year of this associa-
ton shall begin on the LIST day of
day Of Decem f Of f each year,
That Article VIII of the Articles
Of Incorporation, which having been
previously amended, reads as fol-
"The amount of the capital stock
Of this Corporation shall be
$1O.5O0.0O which shall be issued and
paid for, in money or property or
both. at such times and in such
each share Of stock shall be $500"
was duly amended to read.
''"The capital stock Of this asso;;
ciation shall be Fifteen Thousand
three thousand Visy,ooo) shares at
Five Dollars ($5.00) each, and shall
be paid at such times and in such
manner as the directors of this as
ISOLATION shall order, but no shares
value nor until the same has been
paid for in cash or it's equivalent
and such payment has been deposit
| ed with the treasurer of the asso-
per cent (2O0a) Of the amount Of
authorized capital stock has been
subscribed. and paid in and the
amount Of capital stock outstand;
below twenty per cent (20%l Of
| the amount Of authorized capital.
The ownership of the capital stock
in this association by any individ-
ual stakeholder shall not exceed the
(s1. 900 0). Stockholders shall be
the affairs OF the association.
Shares Of stock shall not be trans,
and consent Of the Board Of Direc-
tors Of the association, and the by
laws shall provide that. this ASSOC
| citation shall have the. first privil-
eye Of purchasing stock Offered for
| (dividends) shall not be paid on
| outstanding or paidup capital stock
| Of the association in excess of the
six percent (6M) per annum which
shall be noncumulative: the net in
|
amounts as are required 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 shall be distributed on
ly on the basis Of patronage; and
voting by proxy shall not be per-
mitted."
| That Article TX Of the Articles of
Incorporation, which having been
previously amended, reads as fol-
| lows:
"The highest amount of indebted
ness or liability to which this Cor.
| poration shall at anv time be sub
ject shall be 100000"
| was duly amended to read:
'"The highest amount Of indebted
ness to which this association shall
at any time be subject shall not ex-
coed the sum OF Fifteen Thousand
| Dollars (S15.000.00)."
IN TESTIMONY WHEREOF, We
have hereunto set our hands and
caused the Corporate Seal of said
! Corporation to be hereunto affixed,
this 18th day Of April, 1887.
| Henry Barchenger.
! President.
| Paul r. Guelsow,
! Secretary.