244 HISTORY OF THE WHEEL AND ALLIANCE. 



poration; in which event, or any other event that may 

 terminate in the dissolution of this Exchange, all funds on 

 hand after all debts are paid, shall be returned pro-rata to 

 the subordinate bodies and individuals holding the stock 

 of said corporation. 



1 6. Under no circumstances shall any cash divi- 

 dends be declared until the capital stock shall have 

 reached the authorized amount of $100,000. But at the 

 end of each fiscal year, which shall terminate on the 3Oth 

 of June, the Directors shall have prepared a statement of 

 the financial condition of the Exchange, which statement 

 shall be sufficiently explicit and comprehensive to be 

 easily understood by the stockholders. 



17. When the Exchange shall have been in opera- 

 tion four years, or at the end of the fiscal year 1893, the 

 profits accruing from the business shall be the basis of a 

 distribution of new stock among those then holding the 

 stock of the corporation, to wit: To those who have sub- 

 scribed stock in 1889, 50 per cent.; to those who 

 subscribed stock during the year 1890, 25 per cent.; to 

 those who subscribed stock in 1891, 15 per cent.; and to 

 those who subscribed stock in 1892, 10 per cent. Said 

 distribution to be made on the basis of capital actually 

 paid in. 



1 8. Until further arrangements are made, the funds 

 of the Exchange shall be deposited in the bank at Little 

 Rock and shall not be drawn out except upon the order of 

 the Board of Directors." 



The above Constitution can be altered or amended so 

 as to suit the condition of members in any State, and such 

 by-laws adopted as will be necessary to carry out the 

 provisions of the Constitution. 



Space forbids us here to give this subject the atten- 

 tion which its importance demands. If properly discussed 





