THE SASKATCHEWAN CO-OPERATIVE ELEVATOR COMPANY II 



cent, of the estimated cost of the elevator. This money is repayable in 

 twenty annual instalments. 



For the purpose of carrying on its business the company may borrow 

 from a bank on the security of part of its stock that is not paid up. It 

 may hypothecate to the bank the grain which it will buy, and it may 

 mortgage any real or personal property rights and assets it acquires. 

 The Government neither gives nor loans to the company any money with 

 which to buy grain or carry on any other lines of business. 



§ 4. Division of profits. 



The balance remaining of the money earned by the company, after 

 expenses of operating and maintaining the elevators and the amounts due 

 to the Government on loans are paid, is distributed as follows: 



1. The company may at its discretion pay out of the surplus to 

 each shareholder a dividend of not more than ten per cent. 



2. If after the said dividends, if any, are paid, there remains a balance 

 on hand the company may at its discretion distribute : 



(a) To the shareholders of the company such sums as may be 

 fixed by the company but not exceeding fifty per cent, of such balance 

 on a co-operative basis, each shareholder being entitled to receive such 

 sum hereunder as shall be fairly and equitably proportionate to the vol- 

 ume of business which he has brought to the company; or 



{b) To the supporters of locals such sums as the company may 

 fix but not exceeding fifty per cent of such balance on the basis of the 

 aggregate relative net financial results of the respective locals: or 



(c) To the shareholders and supporters of locals partly according 

 to each of the schemes of distribution provided for in clauses {a) and {b) 

 of this subsection such sums as the company may fix but not exceeding 

 on the aggregate fifty per cent, of such balance. 



{(i) Or in lieu of any or all of the payments authorized under 

 this or the next preceeding subsection as aforesaid it may appl^'' such 

 surplus or balance to the extent of fifty per cent, thereof for the general 

 purposes of the company or in making provision for the same. 



§ 5. The work of the company. 



Since its inception the company has been increasingly successful in 

 its work. During the year ending Jvily 31st., 1913, 137 elevators were ope- 

 rated. There were handled by these elevators 12,899,030 bushels of 

 grain, 4,384,635 bushels of which were purchased by the company and 

 8,514,395 bushels specially binned for farmers. The commission depart- 

 ment of the Compan}' at Winnipeg handled 8,515,037 bushels of grain 



