The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1938-11-03

capital stock of this corporation, at
one time, and each stockholder, re-
gardless of the amount of stock
owned, shall have and be restricted
to only one vote in the affairs or
this Association.
6. Capital stock shall be trans
ferrable only on the books Of the
Association and only with the con-
sent and approval of the Board of
Director thereof and the Associa-
Of purchasing any stock offered for
sale by any stakeholder.
z. The highest amount of debt to
which this corporation shall be sub
ject and liable for, at any one time,
8. The management of this cor
poration shall be vested in Board
of Directors Give members) COM
posed of one Director and the Of
Ulcers Of this Association who shall
be President, a Vice President, a
@ AND ana oacss s
held by one person, in which case
there shall be an additional Direc-
tori all OF whom shall be elected
at the annual meeting of, and by
the stockholders, and whose terms
until their successors are elected
and qualified. Vacancies shall be
filled by appointment. by the re-
naming Directors.
8. The first officers of this AS
President. Nick Bromenshenkei,
Vice President, Mike Essler. Trea-
surer, and A. I. Cowlthorp, Secre-
tary, who shall also be Directors.
and with Frank Jenc, shall COM
pose the first Board of Directors
and who shall hold office until the
first annual meeting or until their
successors are elected and quail
fled.
10. The fiscal year of said AS
ISOLATION shall be the calendar year
and the annual meeting of the
stockholders shall be held on the
first Tuesday after the first Mon
day in each January hereafter. but
If quorum is not present at that
time, it shall be held at such later
mine and of which. due notice
shall be given to the stockholders.
IL. No interest or dividends shall
be paid on outstanding or paid up
capital stock of the Association in
excess of 81 per per an nnudi.. and the
cept such amounts as are required
to be set aside as a reserve fund or
permanent surplus or may be set
aside by virtue of the stockhold-
ers of the Association, available
for distribution among the MEM
case may. be, shall be distributed
only on the basis of patronage.
~. These Articles Of Incorpora-
ton may be amended by a majority
vote at any annual or special meet
ing thereof, provided that at least
Is days previous notice by mail, of
the proposed amendment shall be
given to the stockholders at their
residences last known to the Secre-
tary.
is. The Board of Directors shall
as s Pits fG5 the ans tse
duct of it's affairs and such By
Laws may be amended at any ann
ual meeting of the stockholders or
at any special meeting thereof call
ed for that purpose. by majority
vote of the stockholders present,
cludes not less than 200o Of the
total number of stockholders.
Witness the Execution hereof in
duplicate on this 25th day Of Octo-
A. I. Cowlthorp
Emil Polipnick
Mike Essler
Frank Jenc
Nick Bromenshenkel
In the Presence of:
H. M. Hedin
F. S. Cooper
STATE OF MINNESOTA
COUNTY OF STEARNS
On this 81 day of October. 1888,
before me a Notary Public, person
ally appeared Emil Polipnick, Nick
Bromenshenkel, Mike Essler, A. I.
Cowlthorp, and Frank Jenc, to me
known to be the persons so describ-
going instrument and acknowledge
ed that thew executed the same as