732 THE FRUIT INDUSTRY OF XEW YORK STATE 



terested growers attended. At this meeting the whole project was 

 discussed, and a committee of five were appointed to draft a con- 

 stitution and hy-laws, which are printed below. The only change 

 made is that we increased our capital stock to $4,000 at our 

 yearly meeting, May 1, 1914. 



CONSTITUTION 



AETICLE I 



This Association shall be called the Hudson River Fruit Exchange, Inc. 

 It shall have a capital stock of two thousand ($2,000) dollars, divided into 

 one hundred shares of twenty ($20) dollars each, fifty per cent of which shall 

 be paid in at once, and the remaining fifty per cent at such times and in such 

 installments as may be directed by the Executive Committee. It shall be 

 incorporated under the laws of the state of Xew York, and when fully paid 

 its shares shall be non-assessable. Xo member may own more than four 

 shares of stock. Stock in this exchange carries no voting power, but each 

 registered member is entitled to one vote. 



On February 28, 1914, the amount of capital stock was increased to four 

 thousand dollars ($4,000) divided into two hundred shares of twenty ($20) 

 dollars each. 



ARTICLE II 



It shall embrace the fruit growing sections along the Hudson River, with 

 headquarters at Milton, Ulster County, N. Y. 



Its members shall consist of such persons as are growers of fruit for market 

 and are accepted by the Executive Committee, and have purchased at least 

 one share of the capital stock at such price as the Exchange may name. 



ARTICLE III 



An Executive Committee of seven members shall have the general manage- 

 ment of all the affairs of the Exchange. They shall be elected by ballot at 

 the annual meeting in 1912, one for the term of three years, two for the term 

 of two years, and two for the term of one year. At the annual meeting of 

 1914 two members shall be elected to serve for a term of one year. At each 

 subsequent annual meeting members shall be elected for the term of three 

 years, to fill vacancies of the outgoing class. The Executive Committee shall 

 fill vacancies, to serve until the next annual meeting. 



A majority of the Executive Committee shall constitute a quorum. The 

 Executive Committee shall have the power to appoint Auditing and other 

 special committees as occasion may require. The Executive Committee is 

 prohibited from borrowing money in the name of the Exchange except when 

 specifically authorized. 



ARTICLE IV 



The Executive Committee shall appoint from its body, members to act as 

 President and Vice-President, for terms of one year, and shall further appoint 

 a stockholder, who may or may not be a member of the Executive Committee, 

 to act as Secretary-Treasurer for a term of one year. 



