Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1940-05-09

of this Association shall be upon the
The enumeration of the foregoing shall
mot be as e s e1 % ST II this
citation, and this Association shall be au-
thorized to exercise and enjoy al OF enc
rights and psy,ege3 nf tho 70
character of this Association by the laws
of the State of Minnesota now or here
Section 5. The principal place of trans
shall be in Willow River in the County
of Pine and State of Minnesota.
ARTICLE II
The period of duration of this Associa-
ton shall be thirty 1901 years.
ARTICLE III
Section l. The amount of the authorized
capital stock of this Association shall be
Forty-five hundred Dollars ($4500 .00), di-
vided into nine hundred 5000 shares OF
the par value of Five Dollars ($50O( each.
The shares of the authorized capital stock
may be issued from time to time, and shall
be paid for at such time or times and
in such manner. as the Board of Directors
of this Association shall determine; pro-
issued for less than its par value nor UNI
less the same has been paid for in full
in cash or its equivalent and such pay
urer of this Association.
Section q The ownership of the capital
stock in this Association by any individual
ysae of Two shf hundred posrs
Section 3. Individual stockholders shall
have only one vote in the affairs of this
Association and the shares t OF stock OF
except with the approval and consent of
the Board of Directors of this Association.
Section 4. Interest shall not be paid IN
par value of the outstanding or paid up
capital stock of this Association and said
interest shall not be cumulative;
citation, except such amounts as are re.
quired to be set aside as reserve fund
or permanent surplus or may be set aside
Association. available for distribution
among its members, shall be distributed
only on the basis of patronage.
ARTICLE Nv
The highest amount of indebtedness to
which this Association shall at any time
be subject shall not exceed Two Million
Dollars (S2.000,00O).
ARTICLE "
The names and places of residence of
the incorporates of this Association who
are acting for themselves are:
Fred J: Polivka, Rid. l. Willow River
Paul Dubbels. Rid. 2. Askov. Minnesota.
Harold Mack, Rid. 1. Finlayson. Mime
John osladil. Rid. l, Finlayson. Mime
Leonard Goranson. Rid. 1. Sturgeon
Lake, Minnesota.
Helen r. Jensen. Rid 1. Askov. Mime
Louis Brabec Rid l. Willow River. Min
nesota.
ARTICLE vi
Section 1. The government of this Asso-
citation and the management of its affairs
of Directors consisting of seven CD men,
bers, who shall be elected by ballot by the
stockholders for, such terms as the By
laws may prescribe at the annual meeting
of the stockholders, which shall be held,
beginning with the year 1941 on First
Saturday in June of each year at Ten
the Board of Directors may be filed by
the remaining members of the Board. eX-
cept as otherwise provided by law or
person elected to fill any such vacancy
shall hold office until the next annual
meeting of the stockholders and until his
successor shall have been elected and shall
Section 2. The names and places of
residence of those who shall compose the
hold office until the first annual meeting
of the stockholders and until their sue
cessors shall be elected and shall have
4G Fred J. Poiivka, RID. 1, Willow River,
Paul Dubbels, Rid. 2. Askov. Minnesota
Harold Mack, Rid. l, Finlayson. Mime
John Osladil. Rid. 1. Finlayson. Mime
sofa.
Leonard Goranson. Rid. 1. Sturgeon
Helen R. Jensen. Rid. 1. Askov Min
nesota.
Louis Brabec, Rid. 1. Willow River. Min
Section 3. The Board of Directors shall
have power to make and adopt such rules
and regulations, not inconsistent with these
fo1n Nf Tn % W
laws of this Association or the laws of
the State of Minnesota, as it may deem
advisable for the management adminlstra,
ton and regulation of the business and
affairs of this Association.
ARTICLE VII
Section l. Any person may become a
member of the Association by: (a) pur-
chasing at least one share of the capital
stock of the Association; OBJ agreeing to
of electric energy hereinafter in Section
2 of this Article specified; and (c) agree
ing to comply with and be bound by, the
of the Association and any amendments
thereto and such rules and regulations
as may from time to time be adopted
by the Board of Directors of the Associa-
ton.
Section 2. Each stakeholder shall, as
soon as electric energy shall be available.
not less than the minimum amount of
electric energy which SHALL from time to
time, be determined by resolution OF the
Board of Directors of the Association and
shall pay therefor, and for all additional
electric energy used by such stakeholder.
the price which, from time to time, shall
be fixed therefor by resolution of the
shall also pay all obligations which may
from time to time become due and pay
able by such stakeholder to the Associa-
ton as and when the same shall become
due and payable.
Section 3. The Bylaws of this Associa-
ton may define and fix the duties and
responsibilities of the stockholders, officers
and directors and may also contain any
other provision for the regulation of the
business and affairs of this Association
not inconsistent with these Articles of
Incorporation or the laws of the State of
Minnesota.
ARTICLE VIII
The fiscal year of this Association shall
begin on the first day of January in each
year and end on the last day of December
in the same year.
The Association may at any meeting
of its Board of Directors sell, mortgage,
lease or exchange all of its property, rights,
privileges, and franchises upon such terms
and conditions as the Board of Directors
deem expedient, and for the best interests
of the Association when and as authorized
| by the affirmative vote of the holders of
| two thirds (2/3) of the shares of stock of
the Association issued and outstanding,
given at a stockholders meeting duly
called for that purpose, or when author
| lied by the written consent of the holders
| of tWO-thirdS (2/3t of the shares of stock