228 HISTORY OF THE WHEEL AND ALLIANCE. 



employ all his assistants and fix their compensation, 

 subject to the approval of the board. He shall devote 

 his entire time to the business, and manage it to the 

 best of his ability, and in the true interests of the com- 

 pany, and the advancement of the great principles of 

 co-operation. 



ARTICLE X. Transfers of Stock. Members desiring 

 to dispose of their stock shall first offer their shares to the 

 company at their par value. In case the funds of the 

 company will not permit the purchase of the same, or the 

 seller will not accept the price or terms offered by the 

 board, then the seller may dispose of his stock to any one 

 eligible to become a member, and in case he cannot so dispose 

 of it, then the board shall post a notice of the sale of such 

 stock in a conspicuous place in the store, and at the expir- 

 ation of ten days shall sell such stock to the highest bidder 

 who is eligible to membership. 



ARTICLE XL Loan Capital. After a stockholder 

 has ten shares paid up he is entitled to draw out any 

 interest or dividend annually, but in case he permits the 

 same to remain with the company, or in case he advances 

 money in starting the business, over and above his limit 

 of stock, such dividends, interest or advances of money 

 shall be considered loan capital, and he shall be paid such 

 annual rate of interest for the same as the board may agree 

 to pay, not to exceed six per cent. 



ARTICLE XII. Applications for Membership. All 

 applications for membership must be signed by the 

 applicant and by a stockholder and shall be carefully 

 investigated and acted upon by the board, a majority vote 

 electing the member. 



ARTICLE XIII. Dues. All members shall pay one 

 dollar on application, and not less than twenty-five cents 

 a week regular dues until such payments and his dividends 

 on purchase or labor and interest on paid up capital shall 



