293] THE PROD UCTION OF BUTTER 69 



Article 11 



Division of Profits 



Section i. The directors, subject to revision by the as- 

 sociation at any general or special meeting, shall apportion 

 the earnings by first paying interest on the paid-up capital stock 

 not exceeding 6% per annum. Then set aside not less than 

 10% of the net profits for a reserve fund until an amount 

 has accumulated in said reserve fund equal to 30% of the paid- 

 up capital stock, and 5% of the net earnings for an educa- 

 tional fund to be used in teaching cooperation, and the re- 

 mainder of said net profit by uniform dividend proportional 

 to the amount of raw material delivered by patrons. 



Section 2. All expenses of repairing, insurance, taxes, 

 permanent improvement to or upon the factory, and interest 

 upon the indebtedness shall be paid out of the reserve fund. 



Article 12 

 Reports 



Section i. The secretary shall, at the annual meeting, give 

 the report of the business done by the company during the last 

 fiscal year. He shall make out further reports on the request 

 of the board of directors. 



Section 2. The association shall annually on or before the 



first day of of each year make such reports as are required 



by law. 



Article 13 



Annual and Special Meetings 



Section i. The annual meeting shall be held on the 



of the month of at 2.00 p. m. for the election of officers 



and for the transaction of such other business as may prop- 

 erly come before the meeting. 



Section 2. Special meetings of the company shall be called 

 as provided in Article 5, Section 1. 



