Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1938-10-06
ARTICLES OF INCORPORATION
Of the
COOPERATIVE SOCIETY
Finlayson, Minnesota

We, the undersigned residents of Min
nesota, acting for ourselves as individuals,
do hereby associate for the purpose of or
ganzng and inSoTRoraslng co-oPerstiye
ter 326, Laws of Minnesota for 1923, and
acts supplementary thereto and amenda-
tory thereof. and to that end we do here
by adopt and sign the following articles
OF incorporation.
ARTICLE l.
The name of this cooperative association
shall be Finlayson Cooperative Society.
The purpose of this association shall be to
operative plan. The general nature of its
operations shall be the marketing Of the
farm products produced by its members
and patrons and the purchasing and manu-
featuring of supplies. equipment and other
necessities, and the distributing of such
goods to its members and patrons. For
full contract, and acquire. hold or dispose
of any property as the said business may
require; issue bonds or other evidences
lions or with individuals in other Coop
erative marketing. purchasing and service
organizations and hold stock therein; and
form. either for Itself or for its individual
members and patrons. any act or thing
necessary and proper to the conduct Of
Which WI this association as is Incorporated.
The principal place where the business
of said association shall be transacted is
IN the Village Oh ruldySOll, Tic SOuuIy
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
ARTICLE III
The amount of capital stock of said CO.
operative association shall be six thou
sand dollars Csc, 900 O0), and shall be di-
Vided into six hundred (6OO) shares of
the par value of ten dollars $4,000 each.
and shall be paid at such time and in
Citation shall order. but no share shall be
issued for less than its par value nor
until the same has been paid for in cash
been deposited with the treasurer of the
association. The association may COM
mence business whenever twenty per cent
of the srd ps sapfa snd has
amount of the capital stock outstanding
shall at no time be diminished below
twenty per cent ,(2o90) of the amount of
The ownership OF. capital stock in this
association by any individual stakeholder
na n1 y collars yass
shall be restricted to only one vote in
the affairs of the association and voting
sha NOT npt be ee transferabie eHcep
with the approval and consent of the gov
erning board of the association; interest
dividends shall not be paid on o out
citation in excess of five per cent (5%) per
annum, which shall be non-cumulatlve;
the net income of the association. except
such amounts as are required to be set
aside as a reserve fund or permanent sur
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 w.
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
John Osladil, Finlayson. Minnesota
George Whitman. Finlayson. Minnesota
Hollis Laid, Finlayson. Minnesota
Henry A. Matson. Finlayson, Minnesota
R. A. Miller. Finlayson, Minnesota
Arthur jacobson. Finlayson, Minnesota
ARTICLE vi
The government of this association and
the management Of its affairs shall be
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
tors may be filled by the remaining men,
bers of the board. the person or persons
so appointed to hold office until the next
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
John osladil. Finlayson, Minnesota
George Whitman FinlaySon, Minnesota
Hollis Laid, 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
president, a vice-preSident, secretary,
and a treasurer, who shall be elected
offices of secretary and treasurer may be
combined and, when so combined. the
person filling such Offices shall be termed
Until the first annual meeting of the
stockholders and until their successors are
elected and have qualified, Fred Schoen-,
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 LIST day Of January. Of each
Der of each year.
ARTICLE TX.
This certificate of incorporation may be
amended as provided by law.
IN TESTIMONY WHEREOF. we. the
said incorporators, have hereunto set our
hands and seals this End day of September,
A. D., 1888.
1. John Osladil (SEAL)
g. George Whitman (SEAL)
g. Hollis Laid (SEAL)
4. Fred Schoenrock (SEAL(
s. Henry A. Matson (SEAL)
g. r. A. Miller (SEAL)
T. Arthur Jacobson (SEAL)
In the presence of:
Richard Turk
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