226 HISTORY OF THE WHEEL AND ALLIANCE. 



purchases or labor, shall be applied to payment on stock 

 until he has ten shares fully paid up. 



ARTICLE V. Membership. Any person of good 

 moral character and sober and industrious habits, is 

 eligible to membership in this company, upon signing the 

 constitution and agreeing to give the greater portion of his 

 patronage to the company and complying with the rules, 

 regulations and by-laws. 



ARTICLE VI. Representation. Each stockholder 

 shall be entitled to one vote and no more, no proxies shall 

 be allowed, and no one shall be considered a stockholder 

 unless he has one share fully paid up. 



ARTICLE VI I. Meetings of Stockholders. The reg- 

 ular meetings of the company shall be held quarterly, on 

 the second Monday in January, April, July and October, 

 and the January meeting shall be the annual meeting for 

 the election of directors. 



ARTICLE VI 1 1. Board of Directors. Section i. The 

 affairs of this company shall be under the control of a 

 board of seven directors, who shall be elected at the annual 

 meeting in January, and hold office one year, or until their 

 successors are duly elected and qualified. 



Sec. 2. The board shall elect a president and secre- 

 tary from their number, who shall prepare stock certificates 

 and issue and sign the same, and make all transfers. 



Sec. j. The board shall select and fix the compensa- 

 tion of a treasurer and business manager, who shall be the 

 same person, but not a member of the board, and who 

 shall give bond in a sum to be fixed by the board, but in 

 no case less than one-half of the capital stock, which bond 

 shall provide that said manager and treasurer shall well 

 and truly account to the company for all moneys and 

 property coming into his hands, and that he will turn the 

 same over to his successor unimpaired. 



Sec. 4. The board shall also provide a membership 



