Globe-Gazette from Mason City, Iowa on July 15, 1948 · Page 5
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Globe-Gazette from Mason City, Iowa · Page 5

Mason City, Iowa
Issue Date:
Thursday, July 15, 1948
Page 5
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LEGAL NOT ICES ABT1CLE8 OF INCOBPOBATION •f .THE PORTLAND CENTEB CO-OPERA' TIVE TELEPHONE ASSOCIATION, POKTLAND, IOWA We, whose names are hereto subscribed, hereby associate ourselves Into a Cooperative Association under the provisions of Chapter 499 of the 1946 Code of Iowa and acts amendatory thereto, as- Buming ali the rights and privileges granted corporate bodies under said law. We dp hereby adopt the following Articles of Incorporation. ARTICLE I. Name The name of this Corporation shall be the Portland Center Co-operative Telephone Association, with its place of busi- 'ness at Portland, Iowa. ARTICLE II. Objeeti, Purposes and Powers The objects, purposes and powers of this corporation are the following: 1. To furnish telephone service to its nnembers and others at the lowest possible cost consistent with the proper maintenance of its telephone lines and other facilities. 2. To construct, purchase, lease, acquire or reconstruct In any manner and to own, hold, maintain, use, sell or dispose of telephone lines, exchanges and all equipment and accessories necessary to the purposes herein stated. 3. To purchase, lease or acquire In any manner and to own, hold, use, sell, mortgage, or dispose of any real estate or personal property, or any interest therein, deemed necessary, convenient or appropriate to the purposes and uses of this association. ^, 4. To acquire, hold, use and exercise, and to the extent permitted by law, to sell, pledge, hypothecate and in any manner dispose of franchise, rights, privileges, licenses, rights-of-way and easements appropriate, convenient or necessary to the purposes of the Association. 5. To borrow money and otherwise contract indebtedness and give any suitable form of obligation or security therefor, including liens and mortgages upon its property. 6. To contract for exchange service and toll service and reciprocal telephone service with connecting lines, with local exchanges, and long distance companies in such manner as shall be deemed to the best interest of the company. ARTICLE III. ' Duration The corporate life of this association shall begin on the date the Secretary of State issues a Certificate of Incorporation and shall be perpetual unless chanced by an amendment to these Articles or terminated by dissolution. ARTICLE IV. The authorized capital stock of this corporation is $10,000 divided into 80 shares of common stock of the par value of $125.00 each. Each holder of common stock shall be entitled to one vote In the conduct of the affairs or this corporation. The common stock shall be eligible to patronage dividends, if any, not to exceed 6%. . The capital stock authorized may be Increased by a majority vote of the holders of common stock at any regular stock holders meeting or at a special mcetinR called for that purpose by the adoption •of an amendment to these Articles of Incorporation. ARTICLE V. Distribution of Earnings The directors shall annually dispose of the earnings of the Corporation in> excess of its operating expenses, as follows: t a. Provide a reasonable reserve for de' preciation, obsolescence, bad debts, or contingent losses or expenses. b. At least 10% of the remaining earnings must be added to surplus unlil surplus equals 30% of the total of all capital paid In by the stockholders. No addition shall be made to the surplus whenever It exceeds 50% of such total. c. Not less than 1% nor more than 5% of such earnings in excess of reserve may be placed in an educational fund to be UM<! ti th« director* deem cultablt for teaching or promoting co-operation. <!. The directors may use the curptu* earnings to pay the obligations of the corporation or add to the capital of the corporation. All persona who are users of the service furnished by this corporation may become members by applying to the Board of Directors for membership and paying for and receiving one share of common stock, and no person shall be furnished the service of this corporation without first having received and paid for one share of common stock. ARTICLE Vi. The common stock of this corporation shall not be transferable but if any holder of common stock dies or becomes ineligible or is expelled or ceases to patronize this corporation for two consecutive years, his common stock shall forthwith be canceled and he shall receive on the cancellation of said stock, the par value of same, minus unpaid obligations to the corporation. ARTICLE VII Management The affairs of this corporation shall be conducted by a board of five directors who shail be elected from the holders of the common stock. One director shall be elected for one year, two directors for two years and two directors for three years. The directors shall elect from their own number a President, a Vice President, a Secretary and Treasurer. The office of Secretary and. Treasurer may be held by one person. i ARTICLE Vin. Election of Officers and Directors— Meetings—Fiscal Year The annual election of directors by the stockholders shall be held at the principal place of business on the 4th Tuesday of March of each year and a quorum of stockholders shall be not less than fifty- one per cent of the total number of common stockholders of record. The annual election of officers by the directors shall be held immediately following the adjournment of the stockholders' meeting. No director shall hold office for more than two terms in succession. Until the first election shall be held on the 4th Tuesday of March, 1949, the following persons shall be directors: Henry Gruben, President. Paul Cahalan, Vice President. Harry V. Pippert, Secretary and Treasurer, and the following shall be the officers: Henry Gruben, President. Paul Cahalan, Vice President. Harry V. Pippert, Secretary and Treasurer. The officers of this association shall hold office for the term of one year or until their successors are and have qualified. ARTICLE IX. Special meetings of the stockholders may be called at any time by the President, giving 10 days notice in writing to the stockholders, and shall be called by him at any time upon the request of the majority of the common stockholders, and in case of his negligence or refusal to call a special meeting, 25% of the stockholders may join in a call for a special meeting, and such meeting shall have the same force and effect as though called by the President. At all meetings of the stockholders each stockholder shall be entitled to but one vote regardless of the number of shares held by him. This association may make and alter by-laws at pleasure by a two-thirds vote of the common stockholders present at any regular or special meeting called for that purpose, and may authorize the directors to do so. ARTICLE X. These Articles of Incorporation may be amended by a majority vote of the stockholders at any regular meeting or at a special meeting called for that purpose, or ten days' written notice to the stockholders of record. ARTICLE XI. Any officer or director may be removed at any regular meeting or special meeting called for that purpose by a majority vote of all the common stockholders. Any person who may be a telephone user or a prospective telephone user in he territory served by this Association and who becomes the owner of one share of common shall become a member of this Association. ARTICLE XII. On dissolution or liquidation of this association, the assets shall first be used o pay all legal obligations of this association. Second, to pay In equal shares to he holders of the common stock. ARTICLE "Xlll. The private property of the stockholders of this corporation shall be exempt from corporate liability. This Article will not be changed except by a unanimous vote of all the common stockholders. ARTICLE XIV. The by-laws of this association may be amended by a majority vote of the stockholders at any regular meeting or at a special meeting called for that purpose, or ten days' written notice to the stockholders of record. INCORPORATORS: BEN F. EMMERT HUGH HUGHES PAUL CAHALAN, Vice President HARRY V. PIPPERT Secretary and Treasurer HENRY GRUBEN. President ELMER W. KRAUSE F. A. KRAUSE By E. W. Krause, Agent RAY GRUBEN STATE OF IOWA, County of Cerro Gordo, ss. On this 4th day of June, 1948, before me, a Notary Public in and for said County and State, personally appeared Ben F. Emmert, Hugh Hughes, Paul Cahalan, Harry V. Pippert, Henry Gruben, Elmer W. Krause, F. A. Kravise, Ray Gruben, said persons being to me personally known to. be the identical persons whose names are subscribed to the foregoing Articles of Incorporation and each for himself acknowledged that the same to be his voluntary act and deed for the uses and purposes thereon expressed. Witness my hand and Notarial Seal at Portland, Iowa, Cerro Gordo County, the day and year last above written. BERNARD R. DUNN, A Notary Public in and for Cerro Gordo County, Iowa NOTICE OF INCORPORATION ASSOCIATED HOLDINGS, INC. Notice is hereby given of the incorporation of the Associated Holdings, Inc. with its principal place of business in Mason City, Cerro Gordo County, Iowa. The- general nature of the business to be transacted by this corporation shnl! be: To own, buy, sell, lease and deal in rea! estate and persona! property of every kind or description and to own, build, construct, lease or otherwise handle and dispose o£ business and residential structures and properties; also to deal in rea' estate and personal property as owner or agent and to borrow or lend money and to deal in and with mortgages, trusl deeds or other evidences of indebtedness and securities of every nature, including its own stocks and stocks of other corporations and also to engage in any other general business of like or related nature and to have all of the powers of corporations as now or hereafter provided b> law of the State of Iowa. The authorized capital stock of this corporation shall be as follows: (A) Two Hundred (200) shares of common stock without par value. The common stock shall have the exclusive righ to vote at stockholders meetings and to control the management of this corporation and shall be entitled to receive the entire distribution of profits of this corporation over and above the preference provided hereinafter for non-voting cumulative 5 per cent preferred stock and the said common stock shall have pro rata interest in the property of this corporation over and tibove the preference provided hereinafter for preforrec stock. (B) One Hundred Fifty (150) shares of non-voting cumulative 5 per cent pre ferred stock of the par value of Oni Hundred (S100.00) each, which said pro ferred stock shall have no right to par ticipate in any stockholders meetings o to vote at any meeting of the stockhold ers, annual or special, or to participate In the management of the affairs of thii orporatlon. Said preferred stock shall nve an Interest in the property of the orporation to the extent of its par value vlth a preference over the common stock f this corporation and In liquidation aid preferred.stock shall first be retired efore any distribution of money or other . roperty is made to the holders of common stock. Said preferred stock shall be entitled to a preference over the common lock to the extent of Five ($5.00) Dollars >er share per annum from the earned >rofits or surplus as and when determined by resolution of the Board of Di- cctors and that surh preference in dividends shall be cumulative. The corpora- ion shall have the right to call and to retire any and all shares of preferred ;tock at any time after one ill year !rom the date of issue by giving the holder of such preferred stock notice in vriting at least thirty (30) days before he date of such retirement. All retirements of preferred stock shall be in the order in which it has been issued unless all of the outstanding preferred stock is called and retired at one time. Such re- iremcnt of preferred stock shall be made on the basis of One Hundred Two ($102.00) Dollars per share. The capital stock may be increased by vote of three-fourths of all common stock ssued and outstanding at any such time. When the capital stock is to be increased, he additional shares shall be offered to .he existing stockholders proportionately o their holdings at not less than the par 'alue. None of the shares shall be transferable except upon the books of the corporation. None of the said capital stock shall be issued until the same is either paid for in cash at not less than the par value or in property as provided by law. The time of commencement o[ this corporation shall be the date of issuance of Certificate of Incorporation by the Secretary of State of the State, of lown, and the termination shall be twenty (20) years from said date. This corporation may be dissolved at any time prior to the date of its termination by a majority vote of the stockholders. The business affairs of this corporation shall be managed and controlled by a Board of Directors consisting of not less than five and not more than nine as determined by the stockholders at the annual stockholders meeting, who shall hold office for one year or until their successors are elected and qualified, and the directors shall be elected annually by the stockholders at the regular annual meeting of the stockholders of this corporation, and until the next annual meeting of the stockholders of this corporation, the following persons shall be directors, to wit: Frank J. Enbusk Mason City, Iowa Harry G. Lewis Mason City, Iowa Keith P. Sanborn Mason City, Iowa Wallace Stute Mason City, Iowa Viryil R. Lockwood Mason City, Iowa Lyle H. Hlllmer Mason City, Iowa The directors o£ this corporation immediately after their election at the annual meeting shall meet and elect from their number a president, a vice-president, a secretary and a treasurer. Any two of the offices may be held by the same person i£ so ordernd by the Board of Directors. The Board of Directors shall have the right and the power to appoint an assistant secretary nnd treasurer who need not be n director of the corporation. Until the next annual meeting of stockholders the officers of the corporation shall be, to wit: Frank J. Enbusk President Harry G. Lewis Vice President Keith P. Sanborn Secretary Wallace Stute Treasurer Each director shall be a stockholder and if any director shall cease to be a stockholder in this corporation he or she shall automatically cease to be a director. The Board ol Directors may fill all vacancies occurring in its members between annual meetings by Die appointment of a qualified person to hold the office for the remainder of the term. The annual meeting of the stockholders shall be held at the principal place of business of the corporation on the fourth Monday in July of each yenr for the election ot directors and to transact any other buslneu of the corporation u shall be necessary and proper, The private property of the stockholders of this corporation shall not be liable or subject to the debts of the corporation. Dated this 26th day of June, 1948. ASSOCIATED HOLDINGS. INC. Frank J. Enbusk, President. Keith P. Sanborn. Secretary. Students Grade University Profs Minneapolis, (U.R)—Students at the University o£ Minnesota's current summer session are doing things backward. Instead of being graded by their instructors, they will grade the instructors. The idea is to see which professors, instructors and teaching assistants are considered by their students to have the greatest ability. Ratings on a 5-point scale are made by the students and handed directly to the instructors. Teachers are identified by code and see only their own ratings. If the plan works satisfactorily this summer it will be tried on a larger scale with the beginning of the regular fall quarter in October. Whisky Disappears Before Being Bottled Cincinnati, (/P) — Each y e a i enough aged and aging whisky to load a freight train 32 miles long vanishes virtually without trace It is lost in leaks, evaporation am absorption in the barrels in which it is being aged, explains Carl J Kiefer, production vice presiden for Schenley Distillers Corp. Kiefer says federal reports show that during the past 10 years the average annual loss of aged and aging whisky by the industry was 20,000,000 tax (100 proof) gallons, which compared with 71,000,000 withdrawn for bottling. HOW U.S. TRUST FUNDS GROW IftlS July 14, IMS 19 Ma<«n City GI«k«-Gai*it«, Ma«*n Cttr. I ~iij 1369,000,000 •Q 7?*^-. ft IPAVING I $5,468,000,000' 7//£ /7MF a/GG£ST U.S. FZDEffAL TRUST FUNDS ARE- FOG-/ OLD AG£ MSUOANCE^Z UNEM0LOYM£Nr*~3 PAIL- ROAD ff£T/ffEME#r(f>£ffSONN£L)"*4 V£T£ffAMS' LIFE /M- TH£Y APE GROWING* (•:• GOVT. esr/MAre) ///srtmre OF LIFE /NsupAMcf FIGURES Lithuanian Gold" Stages a Comeback Moscow, (fP) —T h e Lithuanian amber industry—which was all but wiped out during the war—is making a comeback. The magazine "Ogenok" points out, however, that out of the 100 principal amber workers whose families have worked in this industry for generations only 4 have been found alive. Lithuania possesses the largest amber deposits in the world. The city of Palanga is the amber center. It is a small city whose inhabitants have devoted their lives to the refinement of "Lithuanian gold," as they call it. High winds and seas hurl chunks of this dull yellow substance, mixed with seaweed, onto the I shores. I An ancient legend has it that the Lithuanian Princess lurat built a castle of amber. Everything went well until she fell in love with a commoner, Kastitis. The gods didn't like the way she was carrying on and called up a storm, which knocked down the amber castle and sucked it into the sea. Lithuanian amber, the story has it, has been coming from the ruins of the castle at the bottom of the sea ever since. f LUCLt Federal Savings & Loan Association of Mason City, Iowa STATEMENT OF CONDITION JUNE 30, 1948 ASSETS Mortgage Loans $1,132,773.53 Real Estate Sold on Contract 21,572.54 United States Savings Bonds 250,000.00 F. H. L. Bank Stock Accrued Interest Cash on Hand and in Bank. Office Building Furniture and Fixtures Prepaid Insurance Tax Certificates , 27,500.00 206.25 51,796.59 17,500.00 1.00 668.22 59.17 $1,502,077.30 LIABILITIES Savings Shares $ 1,247,805.09 Certificates 143,500.00 Incompleted Loans 41,782.54 Miscellaneous Income 1 76.62 Uncollected Interest Reserve 353.94 Federal Insurance Reserve 40,000.00 Contingency Reserve 22,500.00 Real Estate Reserve 172.69 Undivided Profits 5,786.42 $1,502,077.30 OFFICERS J. C. HANES President H. E. BRUCE Vice President B. A. MacDONALD Vice President J. W. IRONS Secretary C. A. PARKER Treasurer ETHEL WOOLDRTDGE Assistant Treasurer EARL SMITH General Counsel DIRECTORS H. E. BRUCE Mayor of Mason City DR. G. M. CRABB President Park Hospital and Clinic JAY E. DECKER Retired Packer J. C. HANES Yelland & Hancs J. W. IRONS Secretary Mutual Federal Savings & Loan Association H. M. KNUDSON President Klipto Loose Leaf Company O. A. MERKEL Retired Merchant L. A. MOORE President L. A. Moore Lumber Company C. A. PARKER Treasurer Mutual Federal Savings and Loan Association B. A. MacDONALD Vice President Northwestern States Portland Cement Company EARL SMITH Smith and Beck Attorneys CHAS. E. STRICKLAND President and General Manager Peoples Gas & Electric Company * E. H. WAGNER President Midland Investment Company Fight Hoof and Mouth Disease Bern, Switzerland, (/P)—Isolated cases of hoof and mouth disease have been reported in one community in the canton of Bern. Several head of cows, hogs and sheep have been destroyed. The disease has made its appearance in some frontier regions several times in recent months, but this is the first time in many months that it has penetrated to this central area of Switzerland. New Public Buildings to Spotlight Weather Baltimore, {/P>—There's .going to be a decided meteorological slant in some of the nation's prominent public buildings. L. D. Kiley, general manager of the Friez Instrument Division of Bendix Aviation Corporation, says plans are underway for a number of important installations of scientific weather instruments in the lobbies of new buildings. Lobby instruments prior to the war were installed by such structures as the Empire State and "Daily News" buildings in New York, the Christian Science build- ing in Boston and the Bankers Life Building in Des Moines. They permit up-to-the-second weather data to be observed - at a glance and usually show wind speed and direction, outdoor air temperature, relative humidity and atmospheric pressure—or any combination of these. Poland Estimates Its Coal Warsaw, Poland, (fP) — Polish experts say this nation's coal resources are estimated at from 75,000,000,000 to 80,000,000,000 tons. Ten per cent of the deposits are in the western territories—the lands Poland absorbed from eastern Germany. A special commission of mining experts estimated Poland's hard coal resources at 10,500,000,000 tons. The commission said this includes only definitely ascertained deposits in mining claims to a depth of about 3,300 feet. Ready for Cleanup Leland—Mayor Pascal Buren has issued a proclamation for a town cleanup week in response to an order of the town council. The town recently purchased a new dump ground. The school and town together purchased a lawn mower with tractor and mowing attachments. Alden March (1795-1869) was an American surgeon, born at Sutton, Mass. In 1834 he established a school of practical anatomy and in 1839 he founded the Albany Medical college, where he held the chair of surgery from 1839 until his death. March was one of the founders of the American Medical association. REPORT OF CONDITION OF THE FIRST NATIONAL BANK MASON CITY, IOWA At Close of Business June 30, 1948 OFFICERS FRED C. HENEMAN President DOUGLAS G. SWALE Exec. Vice President DEAN H. LIGHTNER Vice President WILLIAM W. BOYD Cashier ROY B. JOHNSON Ass't Vice President RAYMOND C. KIESTER Ass't Vice President FRANCIS H. DARLAND Ass't Vice President ALFRED M. HALSOR Ass't Cashier RALPH E. WILEY Ass't Cashier DIRECTORS WILLIAM W. BOYD Cashier JAY E. DECKER Farmer and Stockman HARLAN W. GIRTON Secretary Northwestern Distributing Co. FRED C. HENEMAN President CARL A. HENKEL Vice President Henlcel Construction Co., Inc. FLOYD E. JOHNSON Secretary Klipto Loose Leaf Co. CARL O. KLATH Vice Pros. Mason City Millwork Co., Inc. DEAN H. LIGHTNER Vice President F. W. OSMUNDSON General Agent Equitable Life Insurance Co. of Iowa CARL A. PARKER Treasurer, Mutual Federal Savings & Loan Association JOHN A. SENNEFF Attorney EARL SMITH Attorney DOUGLAS G. SWALE Vice President L. S. THOMPSON President Thompson-O'Neil Co. E. H. WAGNER Secretary-Treasurer . Pritchard Motor Co. RESOURCES Loans and Discounts $ 4,688,224.35 Other Bonds and Securities 2,253,556.56 Stock in Federal Reserve Bank 24,000.00 Overdrafts 1,673.86 Bank Building 21 5,012.96 Furniture and Fixtures 2,867.59 Other Real Estate Owned none Interest earned but not collected 71,282.36 United States Bonds 9,847,046.75 Cash and Exchange 4,704,273.68 $21,807,938.11. LIABILITIES Common Stock $ 400,000.00 Surplus 400,000.00 Undivided Profits 272,734.90 Reserves 296,205.90 Total $ 1,368,940.80 Interest collected but not earned , 52,100.87 War - Loan Deposit 419,332.86 Deposits . ., 19,967,563.58 $21,807,938.11. Member of Federal Deposit Insurance Corporation AFFILIATED WITH NORTHWEST BANCORPORATION

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