134 Cooperation in Agriculture 



would-be purchasers to acquaint themselves with the provisions 

 or the by-laws before buying. 



Any stock purchased by the association shall be sold by it 

 before any new stock is issued, and until sold shall be carried 

 on its books as part of the assets. 



The Board may borrow money for the purpose of conducting 

 and carrying on the business of the association. They may 

 appoint an attorney for the association, also such agents or other 

 representatives, and employ such persons as may be necessary 

 to properly carry on its business. All such appointments shall 

 be subject to the pleasure of the Board as to the time of employ- 

 ment and compensation. 



The grain buyer or agent shall have charge and management 

 of the elevator and all lines of business that may be taken up by 

 the association ; he shall make weekly or monthly reports to the 

 Secretary as the Board may require, shall furnish such bonds as 

 the Board may require, and shall turn over to his successor all 

 moneys, books, and other property belonging to the association. 

 He shall receive such compensation as the Board may provide. 



Any speculation on the part of the manager is forbidden, such 

 as dealing in options, further than hedging against stored grain 

 shipped out. And at no time shall any option be bought or sold 

 only in case the cash grain is actually represented. 



The election of the Board of Directors must be by ballot ; any 

 other business may be transacted by an Aye and Nay vote, each 

 stockholder being entitled to one vote for each share held by him ; 

 unless otherwise provided in the Articles of Incorporation, 

 proxies may be allowed upon a majority vote of the members 

 present. 



Dividends. The Board of Directors shall have power to declare 

 dividends from the net earnings of the association not to exceed 



per cent on the capital stock actually sold, provided that 



no dividends shall be declared in excess of the net earnings of 

 the association after deducting all losses and expenses, and it 

 shall be the duty of the Board to carefully estimate the value of all 

 real estate and other property owned by the association, charg- 

 ing any depreciation to be charged off before declaring any 



