ORGANIZATION OF COOPERATIVE GRAIN ELEVATOR COMPANIES. 13 



the annual membership meeting and [ten] days before the time set for pay- 

 ment of interest and patronage refunds. 



Sec. 6. Lost certificates. — The Board of Directors may order new certificates of 

 stock to be issued in the place of any certificates alleged to have been lost or 

 destroyed, but the owner of the lost certificate shall first cause to be given 

 to the Association a bond in such sum, not less than the par value of such lost 

 or destroyed certificate, as said Board may direct, as indemnity against any 

 loss or claim that the Association may incur by reason of such issuance of 

 stock certificates, or, in the discretion of the Board of Directors, a new certificate 

 may be issued upon filing with the Secretary an affidavit properly certifying the 

 loss of the original certificate. 



Article III. — Membership. 



Section 1. Qualifications. — Any producer of farm products or any person who 

 may be a user of any of the products and supplies handled by the Association 

 and a patron or prospective patron thereof in any territory tributary to the ship- 

 ping points of this Association may upon application accepted by the Board of 

 Directors become a member of this Association by agreeing to comply with the 

 requirements of these By-Laws and becoming the owner of at least one share of 

 its capital stock. 



Note. — There may be conditions under which it would he wise to limit membership 

 to those who have been recommended by the Board of Directors or who have received 

 a two-thirds vote of the members present at any meeting. 



Sec. 2. Termination. — At any time a member shall remove from the territory 

 tributary to the shipping points of this Association, the Association may elect 

 to purchase his shares of stock and to terminate his membership upon tender 

 to him of the book value of his shares as determined from the last preceding 

 financial statement, together with any dividends or refunds due and unpaid, less 

 any indebtedness then due the Association. Such shares shall then become 

 treasury stock of the Association. 



Sec 3. Restrictions.— No member shall own more than shares of the 



capital stock of this Association at any one time, and no member shall be en- 

 titled to have more than one vote at any meeting of the members, regardless of 

 the number of shares owned. Every member upon uniting with this Associa- 

 tion agrees that in case he shall desire to dispose of his shares of stock in the 

 Association, the Association shall have the first right to purchase the same at 

 their book value, and that no offer of assignment or sale shall be made to any 

 person or interest until the Association shall fail either to waive this right or 

 to purchase the shares after days' notice in writing. 



Any transfer of shares by assignment or sale shall give the assignee or 



purchaser no other right than to require upon days' notice in writing, an 



election by the Board of Directors either to admit the holder to membership 

 or to tender him the book value of such shares together with any dividends 

 and refunds then due and unpaid 



Sec 4. Reversions. — If any member shall by purchase or by operation of law 



come into possession of more than shares of the capital stock of this 



Association, the Board of Directors may elect to purchase such excess shares 

 upon tender to him of the book value thereof together with any dividends or re- 

 funds due and unpaid. Also in the event of the death or disability of the 

 owner of any shares of stock in this Association, such shares of stock shall re- 

 vert to the Association upon the tender of payment by it to his heirs or legal 



