Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1940-10-10
ARTICLES OF INCORPORATION OF THE
COOPERATIVE MERCANTILE
ASSOCIATION, ASKOV,
MINNESOTA

We, the undersigned residents of Min
nesota, acting for ourselves as individuals.
do hereby associate for the purpose of
organizing and Incorporating co-opera-
tive association under the provisions of
Chapter 1885, Laws of Minnesota for 1928,
and acts supplementary thereto and amend
atory thereof, and to that end we do
hereby adopt and sign the following arti-
cles of incorporation
ARTICLE 1
The name of this cooperative associa-
ton shall be Cooperative Mercantile As
ISOLATION The purpose of this association
shall be to conduct mercantile enter
prise on the cooperative plan. The gen.
eral nature of its operations shall be the
by its members and patrons and the pur-
chasing and manufacturing of supplies,
equipment and other necessities. and the
bers and patrons. For these purposes it
may enter into any lawful contract, and
acquire, hold or dispose of any property
bonds or other evidence of indebtedness;
join with other organizations or with
individuals in other cooperative market
and hold stock therein: and it shall also
be authorized to do and perform. either
for, itself or for its individual members
and proper to the conduct of its business
or permitted by the act under which this
association is Incorporated.
of said association shall be transacted is
in the village of Askov, in the County of
Pine and State of Minnesota.
ARTICLE II
The time of commencement of said as
vember, 1910. and the period of its con-
tinuance shall be thirty years from and
after that date.
ARTICLE III
The amount of capital stock of said CO.
operative association shall be Seven Thous-
and Five Hundred Dollars (s7 O.OO), and
shall be divided into Seven Hundred Fifty
575O) shares of the pal, value of Ten dol
lars $4,000 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
its par value nor until the same has been
paid for in cash or its equivalent and
such payment has been deposited with
the treasurer of the association The
ever twenty pei, cent l2O%) of the author
lied capital stock has been subscribed and
paid in and the amount of the capital
stock outstanding shall at no time be
diminished below twenty per cent (20%)
of the amount of authorized capital
The ownership of capital stock in this
association by any individual stockholder
Hundred dollars (s2OO.OO); stockholders
shall be restricted to only one vote in the
proxy shall not be permitted: Shares of
stock shall not be transferable except with
the approval and consent of the govern
ing DOdTO OF the dSSOclatlOn, interest diVi-
dends shall not be paid on outstanding or
paid up capital stock of the association in
excess OF Six per cent (6%ol per annum,
which shall be non-cumulative; the net
income 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 of the stock
holders. available for distribution among
the members or non-members, or both, as
the case may be, and as may be pre-
scribed in the Bylaws. shall be dis
tributed only on the basis of patronage.
ARTICLE w
The highest amount of Indebtedness or