Askov American., 1940-05-02

and plumbing appliances, fixtures. ma
chinery, supplies. apparatus and equip
ment Of any and all kinds and character
f without limiting shc ths
disposal) and. in connection Herewith
anre d Tor to
repair electrical and plumbing. appli-
ances. fixtures, machinery supplies. ap-
nds snd ane Gd
limiting the generality OF the foregoing,
such as are applicable to water supply
hypothecate, transfer or otherwise dis
pose of notes and other evidences of
Indebtedness and all security therefor;
(e) to borrow money. to make and issue
bonds. notes and other evidences of in
debtedness. secured or unsecured, for
moneys borrowed or in payment for
other objects or purposes of the Asso-
citation; to secure the payment of such
bonds. notes or other evidences of in
or deed or deeds of trust upon. or by
the pledge of or other lien upon, any
or all OF the property; rights. privi-
wheresoever situated. acquired or to be
acquired: and
~ to do and perform. either for itself
things, % and to have @ and and exercise exc i amy amy
and all powers as may be necessary or
convenient to accomplish any or all
permitted BY the Act under which the
Association is formed: provided. how
ever, that the conduct of the business
of this Association shall be upon the
The enumeration Of the foregoing shall
not be held to limit or restrict in any
cston and @ this 81 shall S be ss1 s1
thorized to exercise and enjoy all of the
powers. rights and privileges granted to
or re n OF
of the State of Minnesota now or here
after in force.
Section ms 3 mhs tp 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 (30) years.
ARTICLE III
Section l.. The amount of the authorized
capital stock of this Association shall be
Forty-ive hundred Dollars ($450000), di-
vided into nine hundred 5000 shares of
the par value of Five Dollars ($5.OO) each.
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-
vided. however. that no share shall be
issued for less than it's par value nor un-
less the same has been paid for in full
CdSIl Vi It's cQulVdlGnt anu SuCn pay
ment has been deposited with the Treas
urer of this Association.
Section 2. The ownership of the capital
stockholder shall not exceed the par
value of Two hundred Dollars t$200.00).
Section 3. Individual stockholders shall
have only one vote in the affairs of this
Association and the shares of stock of
this Association shall not be transferable
the Board of Directors of this Association
vvNfn ct,on ~ 1N,v II -,
excess of six per cent (6fo) upon the
par value of the outstanding or paid up
capital stock of this Association and said
interest shall not be cumulative.
Section 5. The net income of this Asso-
citation, except such amounts as are re-
quired to be set aside as reserve fund
or or permanent Der 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
be subject shall not exceed Two Million
Dollars (S2,000,0OO).
ARTICLE "
The names and places of residence of
the incorporators of this Association who
are Fred aS'9s Povka Por SfS aTS Willow R,ver
Minnesota.
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. Mime
sofa.
Louis Brabec, Rid. 1, Willow River Min
neSota.
ARTICLE vi
Section l. The government of this Asso-
c1atlon and the management of its affairs
and business shall be vested in a Board
of Directors consisting of seven (7) mem
stockholders for such terms as the By
laws may prescribe at the annual meeting
of the stockholders, which shall be held,
Saturday in June of each year at Ten
the Board of Directors may be filled by
cept as otherwise provided by law or
the Bylaws of this Association, and any
person elected to fill any such vacancy
meeting of the stockholders and until his
successor shall have been elected and shall
have qualified.
residence of those who shall compose the
first Board of Directors and who shall
hold office until the first annual meeting
the be ressd and until unit bs their
qualified are as follows:
Fred J. Polivka, Rid. 1. Willow River,
Minnesota.
Paul Dubbels Rid. 2 Askov Minnesota.
Harold Mack, Rid. l, Finlayson, Mime
sofa.
John Osladil, Rid. 1, Finlayson, Mime
sofa.
Leonard Goranson, Rid. l. Sturgeon
Lake, Minnesota.
Helen R. Jensen, Rid. l. Askov. Min
neSota.
Louis Brabec, Rid. 1. Willow River, Min
| nesota.
Section g. The Board of Directors shall
have power to make and adopt such rules
and regulations, not inconsistent with these
Articles of Incorporation or the By
laws of this Association or the laws of
the State of Minnesota. as it may deem
| advisable for the management, administra-
ton and regulation of the business and
ARTICLE VII
Section 1. Any person may become a
| member of the Association by: (a) pur-
chasing at least one share of the capital
stock of the Association; (b) agreeing to
purchase from the Association the amount
| of electric energy hereinafter in Section
| 2 of this Article specified; and (c) agree
| ing to comply with and be bound by the
| Articles of Incorporation and Bylaws
| 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 stockholder shall, as
| soon as electric energy shall be available,
purchase from the Association monthly
not less than the minimum amount of