The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1939-06-08
Thursday, June 8, 1889

ana selling or butter, cheese, Ice
cream and other dairy. and farm
and selling Of such other goods and
commodities and providing such
| other services and facilities as are
| required by the association and its
| members and patrons in its and
their respective dairy and agricul-
Section 3. For such purposes 1t
| shall have the power and authority
! to own. operate, manage and con-
| troll such creamertes, cream sta
tions and other facilities as may be
required in the usual conduct of
such business: to purchase and
hold, lease. mortgage. cucumber,
sell. exchange and convey such real
estate. buildings and personal
property as the business of the as
bonds or other evidences of indebt-
edness; to join with other cooper
alive associations to form district,
state or national marketing and
service associations and to pur-
chase, acquire and hold stock there
err and authority, either for itself
or its individual members and pat
rons, to do and perform every act
and thing necessary and proper to
the conduct of its business or the
accomplishment of the purposes
set forth herein or permitted by the
act under. which this association is
incorporated.
Section 4. It's principal place Of
business shall be in the city of Sank
sofa. Other offices for the trans
action of business shall be located
at such places as the board Of dir
'ectors may from time to time deter
NINE"
That Article III was amended to
The highest amount Of indebted
ness or liability to which said as
ISOLATION shall at any time be SUBJ
ject, exclusive of debts due pat
patronage refunds. shall not ex-
coed twenty-five thousand (25,-
000.00) dollars"
That Article v was amended to
read as follows:
Section l.. The government Of
ment of it's affairs shall be vested
in a board of seven directors, which
board shall be elected by ballot by
the stockholders for such terms as
the bylaws may prescribe, at the
annual meetings of the stockhold-
ers.
Section 2. The annual meetings
of this association shall be held
within the corporate limits Of the
city, village. or, township in which
us place OI UuSlIltSS Is
located. on the first Monday in Feb
ruary of each year. the exact place
and hour to be determined by the
board of directors.
Section 3. Vacancies in the
board OF directors, except IN :, cases aau.
may be filled by the remaining
members Of the board, the person
or persons so appointed to hold Of
flee until the next annual meeting
of the stockholders and until their
successors successors have been elected and
That Article vi was amended to
read as follows:
1.-The officers Of this association
shall be a president, one or more
vice presidents, secretary ana
nually by and from the directors.
The Offices of secretary and trea-
surer may be combined, and when
so combined, the person filling such
office shall be termed secretary
treasurer"
That Article VIII was amended to
Section /. The amount Of CAPT.
tai stock of said cooperative as
Isolation shall be twelve thousand
l$12,0oo.oOl dollars and shall oo be
shares of ten ($10.00) dollars each,
and shall be paid at such time and
in such manner as the directors OF
this association shall order, but no
share shall be Issued for less than
it's par value nor until the same has
been paid for in cash or it's equival-
ent. The amount of the capital
stock outstanding shall at no time
be diminished below twenty per
cent of the amount of the author
Section 2. The ownership of
capital stock in this association by
any individual stockholder shall
not exceed the par value OF one
thousand ($1.O00.00) dollars, stock
holders shall be restricted to only
citation, and voting by proxy shall
not be permitted. Shares Of stock
shall not be transferable except
with the approval and consent or
the governing board Of directors
Of the association. Interest shall
not be paid on outstanding or paid
up capital stock of the association
in excess of six per cent per an
mum, which shall be non-cumula-
tive:
association except such amounts as
are required to be set aside as q
reserve fund for permanent sur
plus, or may be set aside by vote
Of the stockholders, available for
distribution among the members. or
pdItohot VI UoSh, 90 IhO SooC may
be, and as may be prescribed by the
bylaws shall be distributed only
on the basis of patronage"
That a new article to be known
as Article x was added, which
reads as follows:
1.-The fiscal year Of this associa-
ton shall begin on the first day Of
January and close on the last day
of December Of each year."
IN WITNESS WHEREOF this
certificate has been signed by the
Sank Lake Cooperative Creamery
Association, Of Sank Centre, Minne-
sofa, by it's president and secretary,
respectively, by authority of it's
board of directors. under it's cor
porate seal. this 14th day of Feb
ruary. 1889.
SAUK LAKE COOPERATIVE
CREAMERY ASSOCIATION
BY Oscar j. Lying
President
Attest Geo. 8. Strauss
Secretary