354 DATHVING. 



XIV. The net profits of the business of the association, 

 after such deductions have been made as the laws of the 

 commonwealth require, shall be divided/;-^ rata among the 

 stockholders, according to the number of shares held by 

 each. \^Ncte.—\\. is understood that the profits shall not 

 exceed 6 per cent on capital, all receipts in excess of this 

 sum and necessary reserves being declared in payment to 

 patrons for cream or milk furnished.] 



XV. I. Any person doing business for the association or 

 incurring expense therefor shall receive a just remunera- 

 tion for such services or expense. 2. All documents issued 

 by the association shall bear the seal thereof, said seal to 

 be in charge of the clerk. 3. The directors shall procure 

 a corporate seal. 4. No member of the association can 

 transfer his stock to any person not directly engaged in 

 agricultural pursuits. 5. In case shares are transferred by 

 or>e person to another, the certificate thereof must be sur- 

 rendered to the treasurer, and the board of directors shall 

 cause another certificate to be issued to the person to whom 

 the transfer is made. 



XVI. These by-laws shall not be altered or amended unless 

 such alteration or amendment be proposed in writing one 

 meeting previous to action being taken ; provided also that 

 two thirds of the members vote in the affirmative. 



BY-LAWS A\D RULES FOR CO-OPERATIVE 

 CHEESE FACTORIES. 



Article i. This assoc ation shall be known as the — — — 

 Cheese Factory Association. 



Art. 2. There shall be two meetings held yearly at the 

 factory— one in the spring and one in the fall or winter, to be 

 called by the president. 



Art. 3. At the first meeting in each year there shall be 

 chosen by the patrons a president and a trea'^urer and sales- 

 man. 



Art. 4. The salesman and treasurer shall sell all the cheese, 



and as so<^n as he shall have sold and collected for one nonth's 



' make of cheese, he shall afier paying the proprietor for mak- 



