70 BULLETIN 547, U. S. DEPARTMENT OF AGRICULTURE. 



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

 copy of question is attached to vote. 



Distribution of earnings: Subject to revision by associations, not to exceed 10 per 

 cent dividend on stock, not less than 10 per cent of net profits until 50 per cent of paid- 

 up capital is accumulated for a reserve fund, 5 per cent of net profits for an educational 

 fund, patronage dividends to members and employee. 



Dissolution: If no dividends are paid for five consecutive years, five members may 

 petition district court. 



Annual reports: To secretary of state before March 1. 



Provisions for existing organizations: Filing sworn statement with secretary of state 

 that this has been decided by a majority vote. 



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

 use the name "cooperative" unless this act is complied with. 



KANSAS. 



Scope and purpose: Any agricultural, mercantile, dairy, mining, manufacturing, 

 or mechanical business. 



Number who may organize: 20 or more. 



Filing of articles of incorporation: With secretary of state. 



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

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



Stock ownership: Not over 10 per cent of capital stock. 



Voting: Each member one vote. 



Distribution of earnings: According to by-laws. 



Annual reports: Made to secretary of state. 



Provisions for existing organizations: Filing sworn statement showing that associa- 

 tion has decided by majority vote to come under this act and paying fees. 



Use of word "cooperative": Organizations must not use title "cooperative" unless 

 act is complied with. 



MASSACHUSETTS. 



Scope and purpose: Any agricultural, dairy, or mercantile business. 



Number who may organize: Seven or more. 



Capital stock: Not to exceed $10,000. 



Stock ownership: Not to exceed $400. 



Investing reserve: May invest surplus in buildings of association or lend to mem- 

 bers on real estate mortgages. 



Voting: Each member one vote. 



Distribution of earnings: Capital stock dividends not to exceed 5 per cent; not less 

 than 10 per cent of net profits for reserve fund until at least 30 per cent of paid-up 

 capital is accumulated ; not to exceed 5 per cent of net profits for an educational fund ; 

 patronage dividends paid to stockholders and may be credited to nonstockholders as 

 payment on share of stock at one-half the rate to stockholders. 



Provisions for existing organizations: By filing sworn statement thkt association has 

 by a majority vote decided to come under this act and paying fee of $ I . 



MICHIGAN (NONSTOCK). 



Scope and purpose: Any lawful purpose other than pecuniary profit. 



Number who may organize: Five or more. 



Piling of articles of association: With secretary of state and the clerk of the county 

 in which principal business is conducted. 



Capital stock : Nonstock. 



Provisions for existing organizations: Any corporation not for pecuniary profit may 

 reincorporate under this act. 



