COOPERATIVE PURCHASING AND MARKETING ORGANIZATIONS. 75 



SOUTH CAROLINA. 



Scope and purpose: Agricultural, dairy, mercantile, mining, mechanical, or manu- 

 facturing business. 



Number who may organize: Five or more. 



Filing of articles of incorporation: With secretary of state. 



Management: Not less than five nor more than nine directors. Officers shall be 

 president, secretary, and treasurer. Last two may be combined. 



Capital stock: Not less than $100. 



Stock ownership: Not over one-fifth. 



Purchasing of business of other associations: By a majority vote, reserve may be 

 invested in capital stock of other associations not to exceed 25 per cent of its capital. 



Voting: Each member one vote. 



Distribution of earnings: May be revised by association, stock dividends not to 

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

 30 per cent of paid-up capital stock is accumulated, 5 per cent of net profits to educa- 

 cational fund, patronage dividends to shareholders, employees, and nonmembers 

 at one-half the rate and may be credited on share of stock. 



Annual reports: To commissioner of agriculture. 



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



Use of word "cooperative": Not to be used as part of name by any organization 

 formed after passage of act unless act is complied with. 



SOUTH DAKOTA. 



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

 or mechanical business. 



Number who may organize: Five or more. 



Filing of amendments: 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 more than $1,000. 



Purchasing of business of other associations: By a majority vote, not to exceed 25 

 per cent of its capital 



Voting: Each member one vote. 



Voting by mail : Permitted if vote is accompanied by a written copy of the question. 



Distribution of earnings: May be revised by association, dividends on capital stock 

 not to exceed 10 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 to exceed 5 per cent of net profits 

 for educational fund, patronage dividend to shareholders. 



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



TENNESSEE. 



Scope and purpose: Buying and selling any agricultural products and dealing in 

 merchandise. 

 Number who may organize: Seven or more. 



Scope and purpose: Any agricultural, dairy, mercantile, manufacturing, or mechan- 

 ical business. 



Number who may organize: Five or more. 



Filing of articles of incorporation: With judge of circuit court, State corporation 

 commissioner, secretary of the commonwealth, and clerk of circuit or chancery court. 



Filing fee: To secretary of commonwealth and clerk of court. 



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

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



