ORGANIZATION OF COOPERATIVE GRAIN ELEVATOR COMPANIES. 17 
Article VI. — Duties of Officers. 
Section 1. President. — T^he 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 products 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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