ORGANIZATION OF COOPERATIVE GRAIN ELEVATOR COMPANIES. 23 
MEETING OF INCORPORATORS. 
In case by-laws already have been decided upon and are tentatively 
adopted by the prospective members prior to incorporation, the next 
meeting becomes merely a perfunctory and formal meeting of the 
incorporators, who proceed to accept the charter and to legally adopt 
the by-laws and elect the directors already agreed upon. It is im- 
portant that careful and accurate minutes be kept of the proceedings 
at all meetings, but those of the first meeting are especially im- 
portant. It may be desirable to have a blanket form of minutes pre- 
pared in advance which legally and in proper sequence will cover the 
organization details, and to have the meeting proceed along the lines 
indicated by this form. ( See Form No. 2. ) All of the persons whose 
names appear as incorporators should ordinarily be in attendance 
at this meeting and the minutes should so indicate. When the num- 
ber of incorporators is large and it is possible that some of them may 
be unable to attend the meeting it will be advisable to have them 
sign what is known as a call and waiver of meeting. This call and 
waiver of meeting is a notice which, in addition to stating the time, 
place, and purpose of meeting, contains a stipulation that the persons 
whose names are signed to it agree and consent to be bound by any 
action which may be taken at the meeting. (Form No. 3.) 
The first order of business at the meeting, whether it consists only 
of the incorporators, or of the subscribers also, would be a considera- 
tion of the reports and recommendations of the several committees. 
The report of the committee on stock subscriptions and that of the 
committee on plant type and location will indicate the relation of 
capital subscribed to the plant capital required. Ordinarily a co- 
operative elevator company should not be organized until sufficient 
capital at least to cover the plant investment has been subscribed. 
It is much easier to secure capital subscriptions before organization 
than later. When the by-laws have been formally adopted the di- 
rectors therein provided for should be elected, which completes the 
organization. 
Immediately following the meeting of the incorporators or sub- 
scribers, as the case may be, the directors should meet for the pur- 
pose of organizing the board and electing their officers. If it is 
impossible to meet, then they should all sign a call for a future meet-^ 
ing, for as yet no one member has the authority to call a special 
meeting. This meeting is opened by any one of the members of 
the board. A temporary chairman and secretary are appointed, 
followed by the election of permanent officers according to the by- 
laws form. The board of directors at the beginning of their term 
in a newly organized company will find much to do and the fre- 
quent meetings may be arranged more conveniently by adjournment 
from time to time than by calling special meetings. 
