THE REPUBLICAN

March 26, 1886

 

ELECTRIC LIGHTS

 

 

            The Waupaca Electric Light Association has received its charter from the Secretary of State, and now the business men of the city are subscribing to the stock.  $10,000 is the limited capital of the Association but only $5,000 will be raised at present.  Hugo Lea has been deputized by the Secretary, Mr. Churchill to solicit stock.  He was out Tuesday and before three o-clock he had the amount raised all but about $1,500.  The full amount has probably been raised ere this writing.  The twenty per cent will be paid in, organization perfected and business commenced at once.  We are told that an offer has already been made to the association by an electric light company to receive 20 per cent on the subscribed stock and accept the balance out of the earnings at a low rate of interest.

            The articles of incorporation provide as follows:

            ART. 1.  Provides for the organization of the citizens of Waupaca into a corporation to purchase and operate an electric light plant.

            ART. 2.  Fixes the name which shall be the “Waupaca Electric Light Association.”

            ART. 3.  The fixed capital stock shall be $10,000 divided into shares of one hundred dollars each.

            ART. 4 and 5.  Provides for the officers and directors and their terms of office.

            ART. 6.  The members of this corporation shall be all those who are stockholders therein and have paid for their stock or such assessments thereon as have been actually made by the association.  Stockholders cease to be members upon forfeiture of their stock.

            ART. 7.  The first meeting of the corporation shall be held at any time after the sum of five thousand dollars of the capital stock shall have been actually subscribed and may be held without previous notice if all the subscribers of stock are present in person or by duly authorized agents, otherwise it may be called and notice given as prescribed by Sec. 1778 of the revised statutes.  But previous to the election of a board of directors the signers of these articles [Chas. Churchill, H. M. Lea, A. G. Nelson, Orin Hall, C. A. Spencer, H. Nordvi, Ole O. Hole, M. R. Baldwin, E. Coolidge, M. B. Curran, and T. L. Jeffers, the original nine appointed by the council] shall have direction of the affairs of the corporation and make such regulations and rules as may be necessary in perfecting the organization of the corporation and regarding the subscription and payment for stock, but no business shall be transacted prior or subsequent to the organization until at least one-half of the capital stock is actually subscribed and twenty per cent thereof actually paid in, except with the members of the association.

            The Board of Directors shall have the general charge, management and direction of the affairs of the association and shall meet at such times and places as they may think proper and necessary for the transaction of business.

            The matter of the plant will be left entirely with the stockholders upon the final organization of the company, and after careful consideration of the subject.  They hope to get something that will be a blessing to the city for all time.

            LATER - The $5,000 of the capital stock has all been subscribed, 20 per cent. paid in and a meeting of the stockholders of the Waupaca Electric Light Association has been called for Monday Evening, April 5th, to perfect organization, elect officers, etc.