April 1908.] 



347 



Miscellaneous. 



AGRICULTURAL CO-OPERATIVE 

 SOCIETY. 



Prom the book of Rules of the Natal 

 Society we extract the following : — 



Special Rlles. 

 IV. The liability of the Shareholders is 

 limited to the amount of their individual 

 holdings. 



VI. Ordinary Shares shall be of the 

 value of each per share shall 

 be paid on application, and the remainder 

 in such calls as the Committee may from 

 time to time direct, at least two weeks' 

 notice being given for the payment of 

 every such call. 



VII. The net profits arising from the 

 general business from the Society, after 

 providing for the paymeut of interest on 

 share capital at the rate of eight per 

 cent, per annum, shall be allotted as 

 follows : — 



(1) Not less than per cent of 

 th<? net profits shall be allotted to the 

 toorkers employed by the Society in pro- 

 portion to the wages earned by tbem 

 respectively during the period to which 

 the division relates. 



(2) At least one-half of the net profits 

 shall be carried to the Reserve Fund 

 until the latter equals the share capital. 

 When the Reserve Fund equals the 

 share capital, the general meetings shall 

 decide as to the amount to be placed 

 to the Reserve f<und in each year 

 thereafter. 



(3) The remainder of the net profits 

 shall be divided amongst the members 

 in proportion to the amount of their 

 dealings with the Society during the 

 period to which the division relates, pro- 

 vided (that the sum, if any, so divided 

 amongst non-members shall not exceed 

 one-half of the sum to which they would 

 be entitled as members), that no non- 

 member shall participate in the net 

 profits of the Society. 



IX. No dealer in or agent for the sale 

 of agricultural requirements, nor any 

 person dealing as trader in or agent for 

 agricultural produce, shall be eligible for 

 membership of the Committee of the 

 Society, or for appointment as an officer. 



General Rules, 



21. The interest and dividends pay- 

 able upon the share capital held by any 

 member shall not be paid to him until 

 all the shares which he is required to 

 hold are fully paid, but shall accumulate 

 and be credited to him from time to 

 time as share capital until such shares 

 are paid up. 



23. Ail sums due from any member, 

 for subscriptions or otherwise, shall be 

 recoverable from him, his executors or 

 administrators, as a debt due to the 

 Society. The Secretary shall lay before 

 each ordinary business meeting a return 

 of all such sums, and thereupon the 

 meeting may — 



(1) Direct the Committee to take 

 legal proceedings for the recovery 

 thereof ; 



(2) If the sum is due in respect of a 

 share, declare such share to be 

 forfeited if any payment thereon 

 has been in arrear for three 

 calender months. 



28. Subject to the payment of, - i- a 

 sufficient provision for, all subsis oing 

 claims on the Society, the Comm ttee 

 may from time to time apply any 

 moneys which they cannot profitably 

 invest to pay off the excess of shares 

 held by those who hold the largest 

 number above those who hold the next 

 largest. Provided that no member be 

 required to accept less than the full sum 

 paid upon each share paid off, and that 

 the number of shares held by any 

 member shall not be reduced below the 

 number required, by the rules of the 

 Society, to be held. 



68. Subject to the provisions as to the 

 Manager of the Society hereinafter 

 contained, the Committee shall control 

 all business carried on by or on account 

 of the Society. They shall from time to 

 time engage, remove or discharge all 

 assistant managers, salesmen, or em- 

 ployees of any description, other than 

 manual workers, required to conduct 

 any such business, and fix their duties, 

 salaries, or other remuneration, at such 

 rates, and require them to give such 

 security, in such forms approved of by 

 theni, as they determine. They shall 

 decide on the evidence to be produced 

 for establishing the claim of any 

 nominee, executor, administrator, or 

 official trustee to any share in the 

 Society, and may institute, prosecute, 

 compromise, or refer to arbitration any 

 suit, debt, liability or claim against, by, 

 to, or on the Society ; and in any case 

 for which the rules of the Society do 

 not expressly provide, may exercise any 

 power which could be exercised by the 

 Society in general meeting, other than 

 such as by the law for the time being 

 relating to Industrial and Provident 

 Societies may be required to be exercised 

 by such meetings, and so that in the 

 exercise of any such power they do 

 nothing inconsistent with the previous 

 resolutions of such meetings. And all 

 acts or orders done or given by the 

 Committee in the name and on behalf 



