CHEESE-FACTORY ORGANIZATION 455 



for the time ensuing until the next annual election. 

 (4) Duties of officers. — (i) The president 

 shall preside at all meetings of the company and 

 of the board; in his absence, some other member 

 of the board shall preside. He shall perform such 

 other duties as may be indicated. All documents, 

 drafts, etc., involving the interests of the com- 

 pany, shall be signed by the president. He shall 

 call special meetings when necessary. (2) The 

 secretary shall keep an accurate record of all pro- 

 ceedings of the meetings of the company and of 

 the board. He shall issue notices of meetings, ap- 

 pointments on committees, statements to patrons, 

 etc. ; he shall sign all papers, carry on the cor- 

 respondence, etc. (3) The treasurer shall receive 

 and disburse the money of the company. He shall 

 give receipt for all money belonging to the asso- 

 ciation. He shall make out dividends, etc. He 

 shall pay out money only upon orders signed by 

 the president and secretary. He shall keep a cor- 

 rect financial account between the company and 

 its members. He shall keep a proper set of books, 

 which shall be open for inspection to members of 



the company. He shall give bonds for $ 



(4) The board of directors shall elect one of their 

 number as general business manager of the com- 

 pany, who shall be responsible for the conduct of 

 the business details of the company. The board 

 shall appoint any needed agents, manage the com- 

 pany's investments, audit all accounts and fix com- 

 pensation for services in all cases. They shall make 

 regulations and enforce them. They shall arrange 

 for the keeping of a record of all necessary details. 



