236 HISTORY OF THE WHEEL AND ALLIANCE. 



the notes; which done, the stock shall be certified on the 

 books as paid up stock. 



3d per cent, in cash, and the bal- 

 ance in installments, as they may be called by the board 

 of directors. 



Sec. ii. The association shall issue certificates of 

 stock, signed by the president and secretary, and attested 

 by the seal of the association, which may be in the follow- 

 ing form: 



No. 



18 . . . 



THIS CERTIFICATE entitles the holder thereof to 

 shares of the capital stock of the MER- 

 CANTILE CO-OPERATIVE ASSOCIATION, of 



in county, State of 



President. 



Secretary. 



Sec 12. No stockholder shall hold stock in the name 

 of any other person, and any stockholder who holds stock 

 for another, and votes said stock, shall forfeit to the asso- 

 ciation all the stock he may own, and all stock voted in 

 violation of this section shall be forfeited to the asso- 

 ciation. 



Sec. ij. Any person purchasing capital stock of 

 this association of individuals, shall notify the secretary of 

 the board of directors, at least ten days before the annual 

 meeting of the stockholders, and have his name enrolled 

 on the books of the association as a stockholder, and no 

 stock shall be allowed a vote that is not enrolled in the 

 name of the proper owner. 



Sec. 14. A majority of the shares of stock actually 

 sold shall constitute a quorum of the stockholders, and a 

 majority of the board of directors shall constitute a quo- 

 rum for the transaction cf business. 



Sec. 15. Any person who by reason of inheritance, 



