COOPERATIVE PURCHASING AND MARKETING ORGANIZATIONS. 73 



Capital stock: Shares of $5 each. 



Issuance of stock: When paid for in full. 



Stock ownership: Not over $5,000. 



Transfer of stock: By written consent of corporation. 



.Purchasing of business of other associations: Not to exceed 25 per cent of its capital. 



Voting: Each member one vote. 



Voting by mail: Permitted if member has been notified of question and a copy is 

 attached to vote. 



Distribution of earnings: Stock dividends not to exceed 6 per cent, not less than 

 10 per cent of net earnings for reserve fund until 30 per cent of paid-up capital is 

 accumulated, 5 per cent ot net earnings for an educational fund, patronage dividends 

 to members and employees and at one-half rate to nonmembers. 



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

 may petition supreme court of county. 



Anmial reports: Made to secretary of state. 



Provision for existing organizations: Filing sworn statement with secretary of state. 



Use of word "cooperative " : Not to be used in name of any corporation formed after 

 passage of this act unless act is complied with. 



NORTH CAROLINA. 



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

 mechanical business. 



Number who may organize: Five or more. 



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

 of superior court in county in which principal place or business is located. 



Filing fee: $10 and tee allowed by law to secretary of state, $2 when capital stock is 

 less than $1,000. Fifty cents to clerk of court. For filing amendments, $5, or $2 if 

 capital stock is less than $1,000. 



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: Limited to 20 per cent of paid-up capital stock. 



Transfer of stock: According to by-laws. 



Voting: Each member one vote. 



Voting by mail and proxy : Vote by mail to count if accompanied by a copy of the 

 question. Proxies must be in writing. 



Distribution of earnings: Subject to revision by association, stock dividends not to 

 exceed 6 per cent, not less than 10 per cent of net profits to reserve fund until 30 per 

 cent of paid-up capital is accumulated, not less than 2 per cent of net profits for an 

 educational fund, patronage dividends to members and employees and to nonmembers 

 at one-half rate. 



Annual report: Made to secretary of state and division of markets and rural organ- 

 ization. 



Provision for existing organizations: Filing sworn statement with secretary of state. 



Use of word "cooperative": Not to be used in name of any organization hereafter 

 formed unless this act is complied with. 



NORTH DAKOTA. 



Scope and purpose: Any lawful mercantile, manufacturing, agricultural, or indus- 

 trial business. 



Filing of articles of incorporation: With secretary of state. 



Filing fee: $10 



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



Capital stock: Not to exceed $50,000. 



Issuance of stock: When paid tor in full. 



