CREAMERIES AND CHEESERIES. 1 15 



form a joint-stock company, it will be necessary to 

 become incorporated under Provincial or Dominion 

 Statutes. In Ontario five responsible men appear 

 before the registrar of the county in which it is pro- 

 posed to establish the factory, and sign a declaration 

 to the effect that they wish to form a company to 

 manufacture cheese or butter or both. By so doing, 

 and paying a registration fee of fifty cents, the com- 

 pany becomes legally incorporated. 



In both cases it is necessary to have proper rules 

 and by-laws governing the factory. The advantages 

 of the" joint-stock company plan are that the patrons 

 who own the cows also own the factory and equip- 

 ment, thus giving them a double interest in reducing 

 the cost of manufacturing. However, many factories 

 established on this plan pass into the hands of private 

 persons, owing to bad management or to dissensions 

 among the shareholders. In order to promote har- 

 mony, it is well to secure the best men as directors, 

 to have the number of shares limited and in value 

 from ten to twenty-five dollars each, and also to have 

 as few " dry " shareholders as possible, /. ., sharehold- 

 ers who do not keep cows. 



A suitable heading for a stock-book is as follows : 

 "We, the undersigned subscribers, each severally 

 promise to pay to the proper officer of the [insert name] 

 Association or Company the amount set opposite our 

 respective names, in such sums and at such times as 

 it shall be called for by the Directors of said Associa- 

 tion or Company ; provided always that not more 

 than [insert 20 or jo] per cent, shall be called for 

 during any one year." 



