The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1940-08-01
CERTIFICATE OF AMENDED
ARTICLES OF INCORPORATION
of the
ELY COOPERATIVE ASSOCIATION
KNOW ALL MEN BY THESE

KNOW ALL 111EoE
PRESENTS:
That we, the undersigned, the presi-
dent and the secretary Of the Ely Co
operative Association of Ely, Minnesota,
a cooperative corporation organized
and existing under and by virtue Of
Chapter 326, Laws Of 1925, as amended,
do hereby certify
That on the 14th day of May, 1910,
the board of directors Of this corpor-
alton unanimously adopted resolution
setting forth the full text Of proposed
amendments to be submitted to the
members and also the full text Of the
Articles to be amended.
That pursuant thereto and on the
oath day of May, 1910, notice was mailed
to each and every member containing
a copy of the board of directors resolu-
ton so adopted and containing the full
text of such articles or sections as may
be repealed by such amendments and
designating the time and place of meet
ing of which such proposed amendments
would be considered and voted upon by
the members.
That pursuant to said notice and at
the special meeting Of the members
held at the Workers Hall in the village
of Ely, and on the 10th day Of June,
1910, at 7:30 o'clock P. NJ, at which time
a quorum of the members were regis
tered as being present, on motions duly
made and seconded, it was unani-
mously resolved:
That Articles III, " and VI Of the
Articles of Incorporation of the Ely
Cooperative Association which read
as follows:
ARTICLE III
The amount of capital stock Of said
association shall be 100000, and shall
be divided into 1900 shares Of $1,000
each, and shall be paid at such time
and in such manner as the bylaws OF
this association shall direct, but no
share shall be issued for less than its
par value nor until the same has been
paid for in cash or IT'S equivalent and
such payment has been deposited with
the treasurer Of the association. The
association may commence business
whenever 20 per cent Of the authorized
capital stock has been subscribed and
paid in, and the amount of outstanding
capital stock shall at no time be
diminished below 20 per cent of the
amount of authorized capital.
The ownership Of capital stock in
this association by any individual
stockholder shall not exceed the par
value of one thousand dollars; stock
holders shall be restricted to only one
vote in the affairs of the association;
shares Of stock shall not be transferable
except with the approval and consent
of the governing board Of the associ-
alton; interest (dividend) shall not be
paid on outstanding or paid up capital
stock Of the association in excess Of
eight per cent go per annum, which
shall be non-cumulative; the net in
come Of the association, except such
amounts as are required to be set aside
as reserve fund or permanent sur
plus, or may be set aside by vote Of
the stockholders, available for distribu-
ton among the members or non-mem-
bers patrons, or both, as the case may
be, and as may be prescribed by the
bylaws, shall be distributed only on
the basis of patronage; and voting by
proxy shall not be permitted
SHALL BE AND Is HEREBY
AMENDED in the section above quoted
to read as follows:
ARTICLE III
The amount Of capital stock Of said
cooperative association shall be fifty
thousand dollars (s5o, 100000, and shall
be divided into five thousand 5000
shares Of the par value of ten dollars
$1,000 each, and shall be paid at such
time and in such manner as the di-
rectors 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 equiva-
lent and such payment has been de-
posted with the treasurer Of the associ-
alton. The amount Of capital stock
outstanding shall at no time be di-
minished below twenty per cent (20gc)
Of the amount of authorized capital.
The ownership Of capital stock in this
association by any individual stock
holder shall not exceed the par value Of
one thousand dollars Isl 10000; stock
holders shall be restricted to only one
vote in the affairs Of the association,
and voting by proxy shall not be per-
mitted; shares Of stock shall not be
transferable except with the approval
and consent Of the governing board Of
the association; interest dividends shall
not be paid on outstanding or paid up
capital stock of the association in ex-
cess or six per cent C6q6) per annum,
-i,icL shall be ncr1r1nr11at tIn- nat