CHEESE-FACTORY ORGANIZATION 455 



for the time ensuing until the next annual election. 

 (4) Duties of officers. (i) The president 

 shall preside at all meetings of the company and 

 of the board; in his absence, some other member 

 of the board shall preside. He shall perform such 

 other duties as may be indicated. All documents, 

 drafts, etc., involving the interests of the com- 

 pany, shall be signed by the president. He shall 

 call special meetings when necessary. (2) The 

 secretary shall keep an accurate record of all pro- 

 ceedings of the meetings of the company and of 

 the board. He shall issue notices of meetings, ap- 

 pointments on committees, statements to patrons, 

 etc. ; he shall sign all papers, carry on the cor- 

 respondence, etc. (3) The treasurer shall receive 

 and disburse the money of the company. He shall 

 give receipt for all money belonging to the asso- 

 ciation. He shall make out dividends, etc. He 

 shall pay out money only upon orders signed by 

 the president and secretary. He shall keep a cor- 

 rect financial account between the company and 

 its members. He shall keep a proper set of books, 

 which shall be open for inspection to members of 



the company. He shall give bonds for $ 



(4) The board of directors shall elect one of their 

 number as general business manager of the com- 

 pany, who shall be responsible for the conduct of 

 the business details of the company. The board 

 shall appoint any needed agents, manage the com- 

 pany's investments, audit all accounts and fix com- 

 pensation for services in all cases. They shall make 

 regulations and enforce them. They shall arrange 

 for the keeping of a record of all necessary details, 



