f 178 DEEP FURROWS 



provisional directors of the new grain handling 

 organization. 



When the matter came before the Saskatchewan 

 Legislature the annual convention of the Saskatchewan 

 Association was being held at Regina and the farmers 

 declared themselves ready to assume responsibility and 

 go ahead. A bill was introduced by the Government, 

 embodying the recommendations of the Commission, 

 and the Act incorporating The Saskatchewan Co-Oper- 

 ative Elevator Company, Limited, was assented to on 

 March 14th, 1911. 



Because of the unusual financial arrangements with 

 the Provincial Government the capital stock was not 

 set at a fixed amount but left subject to change from 

 time to time by the Government. In order to protect 

 the credit of the Province the Government thus was 

 able to control the amount of stock the company could 

 issue and thereby the amount of money the Government 

 might be called upon to advance for the construction or 

 purchase of elevators. Shares were placed at $50 each, 

 available for farmers only, and a limit was set upon 

 /individual holdings. 



It was provided that each local unit would have a 

 local board of management and appoint delegates to an 

 annual meeting where a Central Board of Management 

 would be elected. The company was empowered not 

 only to own and operate elevators and buy and sell 

 grain, but to own and operate lumber yards, deal in 

 coal and other commodities and "do all things 

 incidental to the production, storing and marketing of 

 grain." 



By June IGth, 1911, the Provisional Directors* were 

 able to call the first annual meeting of the new 



*See Appendix Par. 12. 



