280 The Fruit-Growers Guide-Book 



jority of the outstanding stock shall not be represented, 

 such meeting may be adjourned by the stockholders pres- 

 ent for a period not exceeding sixty (60) days. All elec- 

 tions shall be by ballot, and each stockholder shall be en- 

 titled to as many votes as he or she owns shares of stock 

 in said association; provided, however, that no person who 

 is not himself a stockholder shall be allowed to represent 

 by proxy any stockholder in the said association. 



The persons receiving the greatest number of votes shall 

 be the directors for the ensuing year, and until their suc- 

 cessors are elected and qualified. 



Article VII 



Section 1. Certificates of stock may be transferred af: 

 any time by the holders thereof, or by attorneys in fact or 

 legal representatives. Such transfers shall be made by in- 

 dorsement on the certificate of stock and surrender of 

 same; provided, such transfer shall not be valid until same 

 shall have been noted in the proper form on the books of 

 the association. The surrendered certificates shall be can- 

 celed before a new certificate in lieu thereof shall be is- 

 sued, and no transfer of any share of stock shall be valid 

 or allowed upon the books of the association upon which 

 any deferred payments are due and unpaid, or which has 

 not been sold and transferred in accordance with the pro- 

 visions of the by-laws of the association. 



Section 2. Any stockholder desiring to dispose of his 

 stock in the said association shall deposit the same with the 

 secretary of the association, and the same shall be sold by 

 the secretary at not less than par for the account of such 

 stockholder within sixty (60) days from date of such de- 

 posit, under the restrictions of section 1, article V, of these 

 by-laws: provided, that if the secretary shall not have sold 

 such stock at the expiration of sixty days, then such stock 

 may be returned to the stockholder and disposed of by 

 him, without restriction or limitation by the association. 



Article VIII 

 Section 1. All members of the association are required 



