222 HISTORY OF THE WHEEL AND ALLIANCE. 



the by-laws (not to exceed six per cent.) may be paid on 

 capital, but no dividends shall be declared on capital 

 stock. 



ARTICLE V. The by-laws shall limit the amount of 

 stock which each member can hold, and no member shall 

 draw any portion of the dividends hereinafter provided 

 for until he has acquired the full limit of stock allowed to 

 each member. 



ARTICLE VI. Each member shall be entitled to a 

 certificate for all paid up stock, and he shall have one vote 

 and no more, and the by-laws shall provide the amount of 

 stock which each member shall have before he is entitled 

 to a vote. 



ARTICLE VII. No person shall ever be debarred 

 from participation in the benefits in this association on 

 account of poverty. The board of management shall 

 therefore provide a card of membership and shall furnish 

 the same, at a cost not to exceed one dollar, to any person 

 eligible to membership who desires to patronize the enter- 

 prise and such person holding such card shall be entitled 

 to the same dividends on his purchases paid to the 

 shareholder, and the same shall be paid to him in shares 

 of the stock until he has acquired the limit of stock. 



ARTICLE VIII. All investments in the enterprise, or 

 accumulations of money over and above the limit of stock 

 which one member can hold, shall be considered "loan 

 capital, ' ' and it shall bear such rate of interest as shall be 

 fixed by the by-laws, and the by-laws shall also provide for 

 its withdrawal. 



ARTICLE IX. After all expenses, including interest 

 on share and loan capital, if there be any, are provided 

 for, the net gains shall be distributed as follows: 



ist Not less than five per cent, shall be set aside as 

 an educational fund, to be used to spread sound co-opera- 

 tive and economic ideas. 



