ORGANIZATION" OF COOPERATIVE GRAIN ELEVATOR COMPANIES. 21 



gate shall exceed bushels unless the same shall be resold or be properly 



protected by sales of futures. 



Sec. 9. Corporate seal. — The corporate seal of this Association shall consist of 

 two concentric circles, between which shall be the name of this Association, and 

 in the center shall be inscribed "[Incorporated 1920, Iowa.]" and such seal is 

 hereby adopted as the seal of the Association. 



Sec. 10. Amendments. — These By-Laws may be amended, repealed, or altered, 

 in whole or in part, at any regular meeting of the members, or at any special 

 meeting, when such action has been duly announced in the call, provided that 

 three-fourths of the entire membership shall vote for such amendment, repeal, 

 or alteration. 



Note. — Any other matter which it is deemed desirable to regulate in the By-Laws 

 may be provided for in this article. 



STOCK SUBSCRIPTION AND MEMBERSHIP. 



The work of the committee appointed to secure stock and member- 

 ship subscriptions should proceed along lines which have been 

 worked out carefully in advance. The entire community or terri- 

 tory from which membership is to be drawn should be laid off in 

 districts and men should be selected to canvass the district who have 

 a wide acquaintance and are favorably known in the community. 

 The subscription lists may be circulated by persons other than those 

 nameJ on the subscription committee. It is neither necessary nor 

 always advisable to have the men work in their own immediate 

 neighborhoods. A record should be kept of each solicitor of the 

 persons visited who have failed to subscribe and of the reasons given. 

 If possible, these persons should be visited a second time by a dif- 

 ferent solicitor, in order to make sure that they have been approached 

 in the right manner and that failure to subscribe is not due to 

 personal differences between them and the first solicitor. It some- 

 times occurs that men who would make excellent members and who 

 at heart are in favor of the enterprise will refuse to sign a subscrip- 

 tion contract presented by a person whom they dislike. If possible, 

 men who are generally regarded as substantial and of good judg- 

 ment and enterprise should be visited first and their names secured 

 to head the lists. The capital stock subscription contract (form 

 No. 1) in the Appendix will furnish a model for subscription lists. 



It will be desirable wherever possible to have the capital stock 

 subscriptions solicited by a local committee. The employment of a 

 special salesman to place the stock on a commission basis is seldom 

 advisable and should be resorted to only when it is impossible to 

 secure the right type of men to serve on the committee. In some 

 States the selling of stock in a cooperative company on a commis- - 

 sion basis is prohibited by law. When it is found necessary to 

 employ a paid solicitor, the stock should in every case be sold at an 

 amount above par sufficient to provide for his commissions. Selling 

 the stock at par and paying a commission thereon burdens the com- 



