8 BULLETIN 1*18^ U. S. DEPARTMENT OF AGEICULTUEE. 



The minute book should contain the original transcript of the con- 

 stitution and by-laws, a record of the amendments made from time 

 to time, iaiid a full account of the meetings both of stockholders and 

 directors. These minutes should follow in proper order, be ap- 

 proved at the next meeting, and be signed by the proper officers as a 

 certification of such approval. 



In order to facilitate reference to the minute book a wide margin 

 should be allowed on the left-hand side of the page, in which the 

 subject can be stated or such other annotations made as will aid in 

 locating the desired information. 



The directors must act -in a duly called meeting. They have no 

 authority to bind the organization by their individual acts done out- 

 side the corporate meetings, and they can not vote by proxy. Unless 

 a provision to the contrary is made, a majority of all the directors 

 constitutes a quorum. 



NOTICE OF SHAREHOLDERS' OR MEMBERS' MEETINGS. 



The issuing of notices of meetings should be regulated by the by- 

 laws. Notice by publication and through the mail are the most 

 common and best methods. If the meeting is a special one, or if 

 the business to be done is extraordinary or unusual, the notice must 

 state the nature of the business to be transacted. It is best to give 

 notice of adjourned meetings in the same manner as notice of other 

 meetings, as a reminder to members. 



TREASURER. 



The by-laws should contain measures of safet}^ to regulate the 

 handling of all organization funds. Checks should be placed upon 

 the official actions of the treasurer. Proper accounts should be kept, 

 periodical audits made, and the prompt deposit of all funds and 

 proper vouchers for all disbursements required. In the smaller or- 

 ganizations, where audits hj public accountants are seldom made 

 and the manager acts as office manager and bookkeeper, it is well to 

 have the funds handled b}^ a treasurer who is not connected with 

 the office force. 



SURETY BONDS. 



All persons handling organization funds should be bonded. This 

 bond should be sufficient to cover any loss which is reasonably prob- 

 able. A surety company bond premium ranges from $4 to $7 per 

 $1,000, and such a bond is superior to a personal bond. It is proper 

 that the organization assume the expense of bonds for officials and 

 employees. 



