64 THE BUTTER INDUSTRY IN UNITED STATES [288 



Section 2. When a note is given the association for stock, 

 it may be paid by a certain percentage deducted from each 

 pound of butterfat or each one hundred pounds of milk deliv- 

 ered by each such stockholder. Provided, however, that no 

 certificate shall be issued nor any interest paid on any share 

 of stock until it is fully paid. 



It is further provided that all stock may be retired as fast 

 as money accruing from the sinking fund will allow. All 

 stockholders shall receive six (6) per cent interest on their 

 stock until it is retired by the association. 



Section 3. After all stock has been retired, each patron 

 contributing to this factory all his milk or cream that he has 

 for sale becomes a member of, and has a right to vote in, this 

 association. 



Section 4. Shares of stock shall be non-assessable and 

 non-transferable except as provided in Section 5 of this article. 



Section 5. All shares must, before issue, be registered on 

 the books of the association, and when surrendered for transfer 

 new ones must be issued in the name of the purchaser, who by 

 acceptance thereof agrees to all the by-laws and rules of the 

 association, including also all amendments that may be legally 

 adopted, and thereby shall become a member of the company. 

 No shares can be transferred until all claims of this company 

 against the owner of such shares have been paid. 



Section 6. If any member of the association desires to dis- 

 pose of his share or shares, he shall first offer to sell same 

 to the company at par value; if the company declines to pur- 

 chase, the member may find a purchaser acceptable to the com- 

 pany and have same transferred to said purchaser on the 

 books of the company in accordance with the rules. If a mem- 

 ber removes from the territory and ceases to be a patron of 

 the association and establishes a residence elsewhere, the board 

 of directors shall purchase the share or shares owned by the 

 said non-resident member. 



Sections five (5) and six (6) of this article shall be printed 

 on each and every certificate of stock issued by the company. 



