Cooperation 133 



three of whom shall be the President, Vice President, and Sec- 

 retary as above named ; also a manager who shall be selected and 

 hired by the Board of Directors. The Treasurer may be selected 

 outside the company, or the Secretary and Treasurer may be one 

 and the same person. 



ARTICLE 5 



Surplus earnings may be divided not to exceed per 



cent on the paid-up capital stock, and the balance may be divided 

 among the stockholders according to the amount of business 

 furnished the company, as may be provided in the by-laws. 



ARTICLE 6 



Each stockholder shall be entitled to one vote for each share 

 of stock held by him ; except that no stockholder shall be en- 

 titled to more than votes, as provided for in Second 



subdivision of Paragraph 7, Section 1, Chapter 264, Session Laws 

 of 1909. 



P.S. The above article may be incorporated in the articles 

 of incorporation if a limit of votes is desired. 



BY-LAWS 



Any person twenty-one years old and over, shall be eligible 

 to become a stockholder in this association upon making appli- 

 cation for one or more shares of stock, not to exceed 



shares, at the par value of dollars each, under such rules 



and regulations as the Board of Directors may provide ; and that 

 such applicant agrees to conform to all the rules and regulations 

 as provided for in the by-laws then existing, or that hereafter be 

 adopted ; and that he will not sell any such shares to any person, 

 until he has offered them for sale to the company at their par 

 value, and the company has refused to purchase same. 



All stock shall be liable for indebtedness to the association, 

 and shall not be transferred while the register holder thereof 

 is indebted to the association in any manner. This section may 

 be printed on the back of all stock certificates, as a notice to 



