454 SCIENCE AND PRACTICE OF CHEESE-MAKING 



shares of stock at a certain price ; or an elected board 

 of directors may be authorized to borrow the amount 

 of money needed, the debt being discharged by taking 

 a fixed proportion from the dividends of the associa- 

 tion members. 



Articles of agreement or constitution and by- 

 laws. — When it has been decided to form a cheese- 

 factory association, it is necessary to prepare an 

 agreement to be signed by all the members; this 

 agreement embodies the details of organization, 

 usually in the form of a constitution and by-laws. 

 Different conditions will call for differences in the 

 details of such an agreement. Suggestions can be 

 given here, but they will need modification and 

 adaptation to suit the conditions peculiar to each 

 association. 



( 1 ) Name and object. — This association shall 



be known as the Cheese-Factory 



Co-operative Company; its object is to manufac- 

 ture cheese from normal (whole) milk. The 

 undersigned agree to become members of said com- 

 pany. 



(2) Capital stock. — The capital stock of the com- 

 pany shall be $ , divided into 



shares of $ each. 



(3) Officers. — The officers of the company shall 

 be a president, a secretary and a treasurer, and 

 these, with three other members of the company, 

 shall constitute a board of directors. These offi- 

 cers shall be elected by ballot at the annual meet- 

 ing and shall hold office one year or until their 

 successors have been elected and qualified. 'Vacan- 

 cies in the board may be filled by the directors 



