287] THE PRODUCTION OF BUTTER 63 



Article 3 

 Membership 



Section i. The association shall include any person who 

 has accepted and regularly enrolled on the company's books as 

 a member. 



Section 2. Each member shall be entitled to one vote only. 



Section 3. New members may be admitted by a majority 

 vote of the association. Members shall be permitted to with- 

 draw only as follows : The member desiring to withdraw shall 

 give at least one month's notice of his application thereof. 

 Such application shall only be allowed on a vote of two-thirds 

 of all the members present and voting at any meeting. 



Section 4. No proxy voting shall be allowed, but stock- 

 holders may vote by mail in any regularly called general or 

 special meeting of the stockholders. A written vote received 

 by mail from any absent stockholder and signed by him may 

 be read at such meeting and shall be equivalent to a vote of 

 each of the stockholders so signed; provided that he has been 

 previously notified in writing of the exact motion or resolution 

 upon which such a vote is taken, and a copy of the same is 

 forwarded with and attached to the votes so mailed by him. 



Section 5. The acceptance by a member of a stock certi- 

 ficate shall constitute a contract between such member and the 

 company and assent of such stockholder to these by-laws and 

 to amendments legally adopted. 



Section 6. Each member of the company becomes subject 

 to, accepts and agrees to abide by these rules and regulations 

 and all future amendments enacted by the company. 



Article 4 

 Capital Stock 

 Section i. The capital stock of this association shall be 



thousand dollars which shall be divided into 



hundred shares of dollars each, which shall be paid in 



at such times, and in such amounts as the board of directors 

 may determine and may be paid either in cash, property, labor 

 or securities, as the board of directors may determine. 



