COOPERATIVE PURCHASING AND MARKETING ORGANIZATIONS. 69 



ILLINOIS. 



Scope and purpose: General mercantile, manufacturing, or producing business. 



Number who may organize: Five or more. 



Filing of articles of incorporation: With secretary of state. 



Filing of amendment: With secretary of state and recorder of deeds in county in 

 which principal place of business is located. 



Management: Not less than five directors. Officers shall be president, vice presi- 

 dent, secretary, and treasurer. The last two may be combined. 



Capital stock: Shares not less than $5 or more than $100 in value. 



Stock ownership: Limited to five shares. 



Transfer of stock: By-laws may provide that corporations shall have first right to 

 purchase any stock for sale. 



Purchasing business of other associations: By a two-thirds vote of at least two- 

 thirds of the members, the corporation may invest its surplus to the extent of 25 per 

 cent of its paid-up capital in the capital stock of other cooperative associations; the 

 board of directors may invest not to exceed 10 per cent of the paid-up capital in the 

 same manner. 



Voting by mail and proxy : Vote by mail to count if voter has been notified in writing 

 and copy of question is attached to vote. Written proxies are permitted. 



Distribution of earnings: According to by-laws. 



Annual reports: Made to secretary of state before March 1. 



Provisions for existing organizations: May come under this act by filing sworn 

 statement that members have so decided by at least two-thirds majority. 



Use of word "cooperative": No corporation formed after passage of act permitted 

 to use the name "cooperative" unless complying with this act. 



INDIANA. 



Scope and purpose : Any lawful business. 

 Number who may organize: Twenty-five or more. 

 Filing of articles of incorporation : With secretary of state. 

 Filing fee: Same as for other corporations. 

 Stock ownership: May be limited by by-laws. 

 Transfer of stock: May be regulated by by-laws. 

 Distribution of earnings: According to by-laws. 



Provisions for existing organizations: May come under act by filing declaration with 

 secretary of state. 



IOWA. 



Scope and purpose: Agricultural, dairy, mercantile, manufacturing, or mechanical 

 business. 



Number who may organize: Five or more. 



Filing of articles of incorporation and amendments: With secretary of state and the 

 recorder of deeds of the county in which the principal place of business is located. 



Filing fee: Ten dollars to secretary of state for filing articles, and $5 for amend- 

 ments, provided that if capital stock is less than $500 the fee shall be $1. Recorder 

 of deeds to receive the usual recording fee. 



Management: Not less than five directors. Officers shall be president, one or 

 more vice presidents, secretary, and treasurer. The last two may be combined. 



Issuance of stock: When paid for in full. 



Stock ownership: Not to exceed $1,000. 



Purchasing of btisiness of other associations: By a majority vote may invest not to 

 exceed 25 per cent of its capital. 



Voting: Each member one vote. 



