religious, economic and civic pride that will make of them
recognized factors to the support of the law in its guaranty
of the peace and safety of their several localities, to encourage
thrift, industry, and economy in the various agricultural
and other pursuits wherever they are now or may here
after be engaged, by advice, example and abetment, or
either as may be deemed necessary and by creating
a fund the surplus of which shall be distributed for
the aid of worthy members, by loans without interest
or in dividends as prescribed in the by laws of the
corporation, which fund shall be created and maintain-
ed by fees, subscriptions, sale of stock of the corporation
and the legitimate purchase for use, sale or exchange
of anything for profit to the corporation, where such
purchase for use, sale or exchange may be lawful,
and to engage in agricultural, mechanical, manu-
facturing and any or all other lawful pursuits for
profit, thereby it may give employment at lawful
wages to persons seeking a livelihood who may be
deemed worthy by its authorized officers.
Article III
The authorized capital stock of this corporation
shall be Five Thousand Dollars ($5,000.00), consisting
of five hundred (500) shares of the par value of Ten
Dollars each, ten per cent of said capital stock
shall be paid in cash or its equivalent before
this corporation shall be authorized to commence
business. All or any part of the capital stock
of this corporation may be paid in or issued
or used for the purchase of property, labor or service
at a just valuation thereof to be fixed by the
Board of Directors.
Article IV
Duration of said Corporation
This corporation shall have a succession by its
corporate name for a period of ninety-nine years
from date of Letters Patent.
Article V
General Offices
The business of this corporation shall be conducted
by a President, a Secretary, a Treasurer, an Executive
Committee of three and a Board of eleven Directors
and such other officers as may be provided for
by the by-laws of the corporation.
The number of its Director may at any time by
increased or diminished by the by-laws.
The directors shall elect one of their number
President, but it shall not be necessary for
any other officer except the three members
of the Executive Committee to be members of the |