The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1937-05-20
CERTIFICATE OF AMENDMENTS
TO ARTICLES OF
INCORPORATION
Of the
SAUK CENTRE FARMERS SHIP.
PING ASSOCIATION

III sf the
sAUK CENTRE FARMERS SHIP.
PING ASSOCIATION
Il sAUK CENTRE. MINNESOTA
Adopted the 2sth day Of March. 1881
rhas a. .aa Sa fe
duly. called and hald at the Conn
munity Club Rooms. Sank Centre.
MINI. March 20. 1887. at Q o'clock
p. n. on said date. quorum Of the
son and that by resolution duly
adopted by q unanimous vote of the
stockh9idsrs 30 present in person
suy a eieceeS tn come ns under ara Ss
ter 326. Laws or 1928, and the Ar
t IT, les OF dncorHoration Of said asso--
form thereto, as foliows:
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
be properly handled to the interest
Of the stockholders Of this corpor-.
was duly amended to, read:
THE purpose OF this association
shall be to handle grains on the CO.
operative plan. The general nature
Of its business shall be the main
tanning and operating OF one one or
ceiving, storing. dealing in. and
marketing Of grains. 1t shall also
have power to buy and sell it's own
products. and those Of it's members
| and patrons and members and pa
irons Of other cooperative associa-
tions either individually or collect
lively, as the case may be; to buy
and handle such commodities as.
occupied by its members and pa
irons, including coal, oil, kerosene.
gasoline. wood, humber, farm i'm
plements and machinery: to issue"
debtedness; to purchase and hold
lease. mortgage. cucumber. sell, ex-
change and convey such real es-
tate buildings linz and personal nal pso
citation may require and It shall also
have power and authority, either
for itself or it's individual members,
and patrons; to ,,, do n and perform na
proper to- the conduct of its BUSH
| ness or the accomplishment of the
purpose set forth herein or permit
ted by ~; the act under which this as
| 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 her
may own"
That a new article to be known
as Article VII was added to said
Articles Of Incorporation to read as,
"The fiscal year of this associa-
| tion shall begin on the LIST day of
January and shall end on the 31st
| do ~ ~
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
| $10.500.00 which shall be issued and
paid for. in money or property or
s%dnt s suct the eT Board and 81 In sSss
each share Of stock shall be $500"
was duly amended to read,
he s sspta Be st Fftes of This
Dollars (s15 .0O0.o0) divided into
Five Dollars ($5.00) each, and shall
be paid at such a, times and in IN such
| sociation shall order, but no shares
shall be issued for less than it's par
value nor until the same has been
paid for in cash or its heen
| ed with the treasurer of the asso-
citation. The association may COM
mence business whenever twenty
cent f2o Of the bss tes OF
subscribed and paid in and the
| amount of capital stock outstand-
ing shall at no time be diminished
below twenty per cent S2o%a OF
The ownership of the capital stock
in this association by any fndivid-
ual stakeholder shall not exceed the
par value of One Thousand Dollars
restricted to only one ~ vote. in
the affairs Of the association.
Shares of stock shall not be trans
ferrable except with the. approval
tors Of the association, and the by
laws shall provide that this asso-
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 (6W) per annum which
come of the association, except such
amounts as are required to be set
aside as a reserve fund or permanent
surplus or may be set aside by vote
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
| Incorporate which having been
previously amended, reads as fol-
| lows:
''The highest amount of Indebted
ness or liability to which this Corr
poration shall at any time be sub
ject shall be 100000"
was duly amended to read:
1.-The highest amount of indebted
ness to which this association shalT
at any time be subject shall not ex-
coed the sum Of Fifteen Thousand
Dollars 100000"
IN TESTIMONY WHEREOF, We
have hereunto set our hands ana
Corporation to be hereunto affixed,
this 18th day Of April. 1887.
Henry Barchenger,
President.