342 nuRAL MICH in Ay 



ganized nntler the "Cooperative Law" of 1917, for 

 the enactment of which the Order claims the credit. 

 This statute provides that "any number of persons, 

 not less than five, desiring to become incorporated 

 for the purpose of conducting any agricultural, 

 dairy, mercantile, manufacturing or mechanical 

 business in the State of Michigan upon a cooperative 

 plan or in accordance with the principles of co- 

 operation, may associate themselves as a cooperative 

 corporation, company, association, society or ex- 

 change, and by complying with the provisions of 

 this act, they and their successors and assigns may 

 become a body politic and incorporate." Section 10 

 states that "the stock, property, aifairs and business 

 of every corporation organized under the provisions 

 of this act shall be managed by a board of not less 

 than five directors, who shall be stockholders, and 

 shall be chosen annually by the stockholders at such 

 time and place as shall be provided by the by-laws 

 of said corporation." The directors choose the presi- 

 dent, secretary and treasurer and other officers. The 

 amount of stock held by an individual may be lim- 

 ited by the by-laws of the corporation. The by-laws 

 are required to provide for the payment of divi- 

 dends (not to exceed 7 per cent), accumulation of re- 

 serve fund, and the division of profits on the co- 

 operative plan among members doing business with 

 the corporation ; and they may provide for coopera- 

 tive dividends to non-members. Distribution of 

 profits must be annual or at a shorter interval. 

 Under this act, the Gleaner's iVssociation owns and 



