CO-OPERATION IN THE UNION. 223 



2d. Not less than five per cent, shall be set aside for 

 deterioration of stock. 



3d. Not less than five per cent, shall be set aside as a 

 fund for the relief of distressed members. 



4th. Not more than ten per cent, shall go to employes 

 in proportion to their compensation. 



5th. All remaining dividends shan go to customers 

 under the conditions provided in the by-laws. 



ARTICLE X. All goods and wares shall be purchased 

 as far as possible from the manufacturers, and the business 

 shall be conducted as near as possible on a cash basis in 

 no case giving credit to anyone in a sum greater than one- 

 half his paid up stock. 



ARTICLE XI. The business of this association shall 

 be under the control of a board, of not less than five and 

 not more than nine directors, who shall be elected annually 

 at a meeting of the stockholders, and a majority of all the 

 votes cast shall be necessary to elect The secretary shall 

 give thirty days' notice of the time and place of holding of 

 such meeting, to each stockholder, by mailing the same to 

 his address. The board of directors shall choose from 

 their number a president, secretary and treasurer; prepare 

 by-laws for their government and the conduct of the busi- 

 ness; select a business manager and take a bond from all 

 custodians of funds, and make such other and further 

 arrangements as are necessary for the successful conduct 

 of the business, and at all times exercise . such supervision 

 over the affairs of the association as shall protect the mem- 

 bers from loss, and as far as possible insure the success of 

 the enterprise. 



ARTICLE XII. Shareholders removing, or desiring 

 to withdraw from the association shall surrender their 

 shares to the secretary who shall pay for the same, in 

 accordance with the provisions of the by-laws, the market 

 value, which shall in no case be greater than the face 



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