COOPERATIVE PURCHASING AND MARKETING ORGANIZATIONS. 7l 



MICHIGAN (CAPITAL STOCK). 



Scope and purpose: Merchandise, agricultural, or manufacturing business. 



Number who may organize: Five or more. 



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

 of county in which principal place of business is located. 



Filing fee : Same as other corporations. 



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

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



Issuance of stock: When paid for in full. 



Stock ownership: Not over $1,000. 



Voting: Each member one vote. 



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

 copy of question is attached to vote. 



Distribution of earnings: Subject to revision by the association, 6 per cent stock 

 dividends, 10 per cent of net profits for reserve fund until 30 per cent of paid-up capital 

 is accumulated, patronage dividends may be paid to nonmembers at one-half the rate 

 to members. 



Annual reports: Made to secretary of state. 



Provisions for existing organizations: May come under act by complying with its 

 provision and filing sworn statement with secretary of state. 



MINNESOTA. 



Scope and purpose: Any lawful mercantile, manufacturing, or agricultural business. 



Filing of articles of incorporation: With register of deeds of the county in which the 

 principal place of business is located. 



Management: President, treasurer, and not less than three directors. 



Capital stock: Not to exceed $100,000. For creameries not to exceed $25,000. 



Issuance of stock: When paid for in full. 



Stock ownership : Not over $1,000. 



Voting: Each member one vote. 



Distribution of earnings: According to by-laws. 



Dissolution: If no dividends are paid for five consecutive years five or more mem- 

 bers may apply to district court. 



Annual report: Creameries report to dairy and food department. 



MONTANA. 



Scope and purpose : Trade or any branch of industry, purchase or distribution of 

 commodities for consumption, borrowing or lending money. 



Number who may organize: Not less than three nor more than seven incorporators. 



Filing of articles of incorporation: Secretary of state. 



Filing fee: $5. 



Capital stock: Shares not less than $10 or more than $5,000 each. 



Stock ownership: One share each. 



Voting: Each member one vote. 



NEBRASKA. 



Scope and purpose: Any lawful business. 

 Number who may organize: Not less than 25. 

 Filing of articles of incorporation: With secretary of state. 

 Filing fee : Same as for other corporations. 

 Stock ownership: According to by-laws. 

 Transfer of stock: According to by-laws. 

 Distribution of earnings: According to by-laws. 



Provision for existing organizations: May come under act by filing sworn state- 

 ment with secretary of state. 



