By-Laws of Grand Junction Fruit Growers' Ass'n 279 



Article IV 



Section 1. At the regular meeting in the month of Jan- 

 uary of each year the directors shall declare such dividends 

 upon the capital stock, to all the stockholders then appear- 

 ing of record, as may be warranted by the net earnings of 

 the association for the preceding year. 



Article V 



Section 1. The board of directors may, whenever they 

 shall deem it necessary, place on sale so much of the cap- 

 ital stock of the association as may be necessary to raise 

 funds for the- purpose of carrying out the objects and pur- 

 poses of the organization of the association, such stock to 

 be sold only upon the following conditions: 



First. That not more than three hundred (300) shares 

 thereof be sold to any one person, firm or association of 

 persons. 



Second. That such stock be sold to fruit growers in 

 Grand Valley. 



Third. That such stock be sold at not less than par 

 value of five dollars ($5) per share. 



Article VI 



Section 1. The annual meeting of the stockholders for 

 the election of directors shall be held on the third (3rd) 

 Saturday in January each year, but if, for any reason, it 

 should not be held on such day, it may then be held on any 

 day subsequent thereto as hereinafter provided. 



Section 2. The board of directors shall be elected by 

 the stockholders at the regular annual meeting. Public 

 notice of the time and place of holding such meeting and 

 election shall be published not less than ten (10) days 

 prior thereto, in some newspaper of general circulation 

 printed in Grand Junction and the said election shall be 

 made by such of the stockholders as shall attend for that 

 purpose, either in person or by proxy, providing the ma- 

 jority of the outstanding stock is represented. If a ma- 



