Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1938-10-13
ARTICLES OF INCORPORATION
Of the
COOPERATIVE SOCIETY
Finlayson, Minnesota

OF Incorporation.
ARTICLE I.
The name of this cooperative association
| shall be Finlayson Cooperative Society.
conduct a mercantile enterprise on the CO.
operative plan; The general nature OF ITS
operations shall be the marketing of the
and patrons and the purchasing and manu-
| featuring of supplies equipment and other
necessities, and the distributing OF such
these these purposes s it may enter into any law
| full contract. and acquire. hold or dispose
of any property as the said business may
of Indebtedness join with other organiza-
| tions or with individuals in other coop
erative marketing. purchasing and service
it Shall also be authorized to do and per:
| form, either for itself or for its individual
members and patrons. any act or thing
its business or permitted by the act under
which this association is incorporated.
The principal place where the business
in the village of Finlayson. in the County
of Pine and State of Minnesota.
ARTICLE II.
| The time of commencement of said aSSo-
citation shall be on the first day of October,
| 1898, and the period of its continuance
shall be thirty years from and after that
date.
| Inc amount OF capital StOCk OF SAID CO.
operative association shall be six thou
sand dollars ($6OOO.O0). and shall be di-
vided into six hundred (600l shares of
Xa be OF oad at sneS and
such manner as the directors of this asso-
citation shall order, but no share shall be
nn naio the o same mes has Been PAID for in cash
or its equivalent and such payment has
been deposited with the treasurer of the
association: The association may com.
/ business whenever twenty cent
| (2O9sO of the authorized capital stock has
been subscribed and paid in. and the
shall at no time be diminished below
twenty per cent (209o) of the amount of
authorized capital.
association by any individual stockholder
Hundred s fifty dollars $3.50 .oo): stockholders
the affairs of the association, and voting
| by proxy shall not be permitted; shares
of stock shall not be transferable except
erning board of the association: interest
dividends shall not be paid on outstand-
ing or paid up capital stock of the asso-
| annum, which shall be non-cumulative;
the net income of the association. except
| such amounts as are required to be set
plus, or may be set aside. by vote of the
stockholders. available for distribution
among the members or non-members. or
| both, as the case may be, and as may be
prescribed in the Bylaws, shall be dis
tributed only on the basis of patronage.
| ARTICLE Nv.
The highest amount of indebtedness or
| liability to which said association shall at
any time be subject shall not exceed the
amount of the authorized capital stock
| ARTICLE v.
The names and residences of the persons
forming this cooperative association are
| as follows, to wit:
John Osladil, Finlayson. Minnesota
George Whitman. Finlayson, Minnesota
Hollis Laid, Finlayson. Minnesota
Hesrv a Mssan
| R. A. Miller, Finlayson. Minnesota
Arthur Jacobson Finiayson Minnesota
ARTICLE vi
The government of this association and
vested in a board of seven directors, which
board, after the one herein named. shall
be elected by ballot by the stockholders
scribe at the annual meeting of the stock
holders, which shall be held at 10 o'clock
A. M. on the third Monday of March of
each year. Vacancies in the board of direc-
tors may be filled by the remaining men,
| bers of the board, the person or persons
so appointed to hold office until the next
regular annual meeting of the stockholders.
The names and places or residence of the
first board of directors, who shall hold
office until the first annual meeting of
| the stockholders and until their sue
are as follows:
John osladil, Finlayson. Minnesota
George Whitman, Finlayson, Minnesota
Hollis Ladd, Finlayson Minnesota
Fred Schoenrock, Finlayson, Minnesota
Henry a. Matson; Finlayson. Minnesota
R. A. Miller. Finlayson, Minnesota
Arthur Jacobson, Finlayson, Minnesota
ARTICLE VII
The officers of this association shall be
a president, a vice-preSident, a secretary,
and a treasurer. who shall be elected
annually by and from the directors. The
offices of secretary and treasurer may be
| combined and, when so combined, the
person filling such Offices shall be termed
Secretary Treasurer"
| Until the first annual meeting of the
stockholders and until their successors are
elected and have qualified, Fred Schoen-
rock shall be president. Hollis Laid shall
be vice-president. Arthur Jacobson shall
be secretary and r. A. Miller shall be
| treasurer of this association.
ARTICLE VIII
The fiscal year of this association shall
begin on the 1st day of January Of each
year and close on the 31st day Of Deem
Der of each year.
ARTICLE TX.
This certificate of incorporation may be
| amended as provided by law.
IN TESTIMONY WHEREOF, we, the
said incorporates, have hereunto set our
hands and seals this End day of September.
/. John Osladil (SEAL)
2. George Whitman (SEAL)
| 3. Hollis Laid (SEAL)
| 4. Fred Schoenrock (SEAL)
| S. Henry A. Matson (SEAL)
6. r. A. Miller (SEAL)
z. Arthur Jacobson (SEAL)
In the presence of:
Richard Turk
Dale Ryan