CO-OPERATION IN THE UNION. 235 



serve for one year, except the first board of directors, who 

 shall serve until the last Saturday in the year of their 

 election ; and the board of directors, upon their election, 

 shall at once organize by electing one of their number 

 president, and another secretary of said board of directors. 



Sec. 8. At the first or second meeting, the board of 

 directors shall elect a business manager, who shall have a 

 good English education, and be a stockholder in this asso- 

 ciation, who shall hold his position during the will of the 

 board of directors, or for a specified time, and who shall 

 give a good and sufficient bond to the board of directors for 

 the faithful accounting of all merchandise, and payment 

 of all sums of money that may come into his hands by 

 reason of his position as business manager ; but no percent- 

 age or perquisites shall be allowed him. 



Sec. 9. The board of directors shall establish rules and 

 by-laws for the collection of subscriptions to the capital 

 stock, and do any and all necessary acts pertaining to the 

 management of the affairs of this association ; they shall 

 supervise and control the business ; inspect the books of 

 the business manager ; make settlements with him at least 

 once in six months ; fix the rate of per cent, to be charged 

 on the goods; declare - dividends ; call meetings of the 

 stockholders ; fill vacancies in the office of business man- 

 ager ; employ assistance for the business manager, and fix 

 the wages to be paid them, etc. , etc. 



Sec. 10. Subscriptions to the capital stock of this 

 association may be taken as follows: 



i st. In cash. 



ad per cent, of the capital stock 



subscribed for in cash, and the balance in notes to this 

 association, payable in one and two years, bearing interest 

 at the rate of ten per centum per annum from date, and 

 secured by deeds of trust upon improved unincumbered 

 real estate, worth at least twice as much as the amount of 



