Housing stock certificate

Dublin Core

Title

Housing stock certificate

Subject

Business and Industry

Description

Framed stock certificate of the 989 Rondo Housing Development.

Date

1948

Contributor

Anderson, Archie

Format

print media

Type

Physical Object

Text Item Type Metadata

Text

TWIN CITY NEGRO DEVELOPMENT CO., Inc.
ST. PAUL, MINNESOTA
CERTIFICATE FOR SHARES OF COMMON STOCK
Issued to L.A. Anderson
Dated: July 19, 1958

SUMMARY
Authorized capitol stock: 1505 shares, consisting of Five (5) $20.00 par value Shares "Preferred Stock A", issued only to the Commissioner of Federal Housing Administration, or such other Government Agencies named by the Government of the United States: Five Hundred (500) $100.00 per value Shares of Common Stock; and One Thousand (1000) $10.00 per value shares "Preferred Stock B", with exclusive voting rights vested in Common Stockholders only, unless forfeited to holders of Preferred Stock A as a result of violation of any requirements and provisions set down in the Articles of Incorporation herein summarized, when holders of Preferred Stock A may remove all directors who hold Common Stock, and elect new Directors, retaining one holder of Common Stock as director; or by reason of forfeiture of voting rights to Preferred Stockholder B by reason of failure to pay dividends for a period of three (3) years, who shall in such event, acquire voting rights.

Dividends to holders of Preferred Stock A, One (1.00) Dollar per annum before other dividends or distribution; no dividends upon any capital stock, unless consented to by majority of holders of each class of stock, until all amortization payments due under mortgage paid, and reserve fund for replacements maintained and allocated.

Preferred Stock B entitled to accumulated dividends of five (5) per cent per annum payable annually at end when declared by the Board of Directors before payment of dividend on Common Stock; and, upon dissolution, subject to rights of Preferred Stock A, entitled to receive par value of their shares, and unpaid dividends before any distribution to holders of Common Stock, Right to retire Preferred Stock B at $10.00 per share, plus accrued cumulative dividends at the end of any days' notice of retirement to holders thereof, after payment of, or segregation of funds for payment of all operating expenses, taxes, assessments and fixed charges, whether due or accrued, and after payment of all interest and principal and deposits for taxes and assessments, water rates, mortgage insurance premiums, hazard insurance premiums as required by the terms of the mortgage insured by the Federal Housing Commissioner.

Property or rents therefrom not to be assigned or transferred, nor same to be remodelled or demolished, nor Articles of Incorporation to be amended, nor any change effected in the Capital Stock without prior approval of the holders of a majority of shares of Preferred Stock A.
Incorporated under the Laws of the State of Minnesota

TWIN CITY NEGRO DEVELOPMENT CO., Inc.
ST. PAUL, MINNESOTA

This Certifies That L. A. Anderson is the owner of FOUR Shared of the Common Stock of TWIN CITY NEGRO DEVELOPMENT CO., Inc., of The Par Value of One Hundred Dollars ($100.00) Each. Transferable only on the books of the Corporation by the holder hereof in person or by Attorney, upon surrender of this Certificate properly endorsed.

Summary of Classes of Stock, and Rights, Preferences and Restrictions Granted or Imposed On Same, as Provided For In Article V and Articles Va, Vb, Vc and VII of said Articles as Amended to which reference is made on Back of this Certificate.

In Witness Whereof, the said Corporation has caused this Certificate to be signed by its duly authorized officers, this 19th day of July A.D. 1948.

[Signed] Ira Rauls, President and L. A. Anderson, Secretary

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