94 THE STORY OF THE U.F.O. 



former considered at their meeting, in Septem- 

 ber, the propriety of submitting the whole matter 

 to the shareholders in advance of the annual 

 meeting, so that the question might receive more 

 widespread discussion on the part of Club 

 members. The majority of the Board, however, 

 resolved "that no published report on this mat- 

 ter be handed out to the shareholders prior to 

 the annual meeting." This decision was arrived 

 at as the result of careful consideration given to 

 a lengthy memorandum, in which detailed 

 reasons were advanced in support of suggestions 

 for a change of constitution and general policy. 

 The matter was left in this shape until the share- 

 holders' meeting on December 14th, 1920, when 

 an amendment to the constitution was brought 

 forward by Mr. Burnaby, providing for such 

 reorganization of the Company as would 

 establish local groups of shareholders, each of 

 which would be represented by delegates at 

 general shareholders' meetings. Inasmuch as 

 the number of shareholders exceeded 20,000 

 by the end of 1920, the necessity for some such 

 change was patent. The general principle of 

 the contemplated change was readily accepted. 

 A question still to be faced, however, is that this 

 kind of reorganization does not necessarily pro- 

 vide any means whereby the many independent 

 local co-operative societies which are operating 



