THE BEE-KEEPERS' REVIEW. 



365 



Any one purchasing stock of this 

 Association shall receive no dividend 

 or profit acciiied previous to the pur- 

 chase of said stock. 



Art. 9.— The funds of this Associa- 

 tion may be used for any necessary 

 purpose the board of directors may 

 consider for the interest and advance- 

 ment of tlie Association, but the direc- 

 tors shall not be allowed to hypothe- 

 cate or encumber any property of the 

 Association, unless upon a majority 

 vote of the stockholders. 



Art. 10.— Any surplus money accru- 

 ing over and above the expenses of the 

 Association, shall be divided as fol- 

 lows: 



First, a dividend of one dollar shall 

 be paid on each share of stock issued. 



Second, all surplus remaining after 

 said dividend has been declared, shall 

 be rebated to the stockholders in pro- 

 portion to the amount of commission 

 paid by them during the year. Said 

 dividends and rebates to be paid only 

 to those who have become stockhold- 

 ers previous to August first (Aug. 1) 

 of the year in which said surplus ac- 

 crued. 



COMMENTS ox THE CONSTITUTION AND 

 BY-LAWS. 



Articles of Incorporation; Article 2. 

 This statements of objects may seem 

 to be verj' broad, covering more lines 

 of work than a local association may 

 undertake. But this does no harm, 

 and is necessary in order that any new 

 line of work necessitated by unfor- 

 seen circumstances may be constitu- 

 tional. 



In regard to grading, past discus- 

 sions have shown that it may be im- 

 possible and undesirable to have a uni- 

 form system for the whole country, 

 which shall be enforced in local mar- 

 kets. For example; the markets of the 

 East and West class dark honey dif- 

 ferently, and a fancy grade is desir- 

 able in some parts and not in others. 



But within the limits of the territory 

 covered by a local association it is ex- 

 tremely desirable and important that 

 uniform grading rules should be 

 strictly enforced; and it is also de- 

 sirable that there should be a general 

 understanding for the general mar- 

 kets. 



Articles 3 and 4.— The Colorado law 

 requires that the limit of capital, and 

 the company's term of existence 

 should be specified. Tne specified 

 limit of capital does not indicate the 

 actual capital. The law also requires 

 that every incorporate company doing 

 business for gain shall be a stock com- 

 pany. This question of capital is one 

 of the most vital points. A local asso- 

 ciation should understand from the 

 start that to do an effective, reliable 

 cash business from year to year takes 

 money. No little membership fees will 

 suffice. Honey must be Inspected, 

 stored, and loaded, and important busi- 

 ness tx-ansacted, and the services of a 

 competent man made sure of for that 

 purpose. Un any one occasion the 

 impulse to do things may come spon- 

 etanously from the members, but to 

 rely on this being continued on a basis 

 of air and good will is to invite in- 

 effectiveness or failure. However, 

 our own experience has proved two 

 things: First, it is possible to do busi- 

 ness in carload lots on a small capital 

 when energy is back of it, and the 

 only object of the association is to 

 sell honey. For then the Manager's 

 time will be required at the warehouse 

 only one or two days in the week to 

 receive honey, and the expenses will 

 be comparatively small. It is almost 

 a necessity to have a warehouse in 

 which the honey may be stored at the 

 convenience of the producer, insured 

 against fire and loss, and made con- 

 venient for the Manager in in.specting 

 to see that it has been properly grad- 

 ed, and for tue buyer in selecting the 

 quantity and quality he wants. Sec- 



