ORGANIZATION OF COOPERATIVE GRAIN ELEVATOR COMPANIES. 17 



Article VI. — Duties of Officers. 



Section 1. President. — The President shall preside over all meetings of the As- 

 sociation and of the Board of Directors, sign as President with the Secretary or 

 Secretary-Treasurer all stock certificates, notes, deeds, contracts, conveyances, 

 agreements, and other instruments requiring such signatures, call special meet- 

 ings of the Association and of the Board of Directors, and perform all acts 

 and duties usually required of an executive and presiding officer. 



Sec 2. Vice President. — In the absence or disability of the President, the 

 Vice President shall preside and perform the duties of the President. 



Sec. 3. Secretary. — The Secretary shall keep a complete record of all meetings 

 of the Association and of the Board of Directors, sign as Secretary, with the 

 President, all stock certificates, notes, deeds, contracts, conveyances, agree- 

 ments, and other instruments requiring such signature ; serve all notices re- 

 quired by law and by these By-Laws ; keep a complete record of all business of 

 the Association, and make a full report of all matters and business pertain- 

 ing to his office to the members at the annual meeting ; make all reports re- 

 quired by law, and perform such other duties as may be required of him by 

 the Association or by the Board of Directors. 



Sec. 4. Treasurer.— The Treasurer shall receive, have • the custody of, and 

 disburse such moneys, notes, and securities as may come into his possession 

 by virtue of his office or by direction of the officers of the Association, and shall 

 not pay out any of the moneys so received or notes or securities held except 

 on a written order of the Secretary countersigned by the President, unless 

 otherwise ordered by the Board of Directors. 



Article VII. — Duties of Manager. 



Section 1. In general. — Under the direction of the Board of Directors the 

 Manager shall have general charge of the ordinary and usual business opera- 

 tions of the Association, including the purchasing, marketing, and distributing 

 of all pro.ducts and supplies; he shall conduct the business on a margin-above- 

 cost basis, which margin shall be uniform and just on each kind or grade of 

 grain, products, and supplies handled and which shall at all times be sufficient 

 to meet the annual operating expenses and to provide the funds stipulated by 

 divisions a, o, and c, of section 1, Article VIII, hereof. He shall deposit all 

 moneys which come into his possession in a bank selected by the Board of 

 Directors, and shall make all disbursements therefrom by check. 



Sec. 2. Duty to account. — He shall be required to maintain his records and 

 accounts in such manner as will at all times show the true and correct condi- 

 tion of the business. He shall render annual and periodical statements in the 

 form and in the manner prescribed by the Board of Directors. He shall care- 

 fully preserve all books, documents, correspondence, and records of whatever 

 kind pertaining to the business which may come into his possession. He shall 

 prepare daily and file in the Association's office a grain statement which shall 

 show the total amount of each kind of grain in the elevator, in transit unsold, 

 contracted from farmers and undelivered, together with the total amount in 

 store and due on open sales as well as~the amount represented by purchases or 

 sales of futures, all of which shall be arranged to show the net amount of each 

 kind of grain long or short at the close of business each day. 



Sec. 3. Duty to insure. — He shall be required at all times to keep the property 

 of the Association well and fully insured which insurances must extend to and 

 cover grain and property of all kinds, regardless of ownership, which may be 

 in possession of the Association or stored by it. 

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