ORGANIZATION OF COOPERATIVE GRAIN ELEVATOR COMPANIES. 13 
the annual membership meeting and [ten] days before the time set for pay- 
ment of interest and patronage refunds. 
Sec. 6. Lost certificates. — The Board of Directors may order new certificates of 
stock to be issued in the place of any certificates alleged to have been lost or 
destroyed, but the owner of the lost certificate shall first cause to be given 
to the Association a bond in such sum, not less than the par value of such lost 
or destroyed certificate, as said Board may direct, as indemnity against any 
loss or claim that the Association may incur by reason of such issuance of 
stock certificates, or, in the discretion of the Board of Directors, a new certificate 
may be issued upon filing with the Secretary an affidavit properly certifying the 
loss of the original certificate. 
Aeticle III.— Membership. 
Section 1. Qualifications. — Any producer of farm products or any person who 
may be a user of any of the products and supplies handled by the Association 
and a patron or prospective patron thereof in any territory tributary to the ship- 
ping points of this Association may upon application accepted by the Board of 
Directors become a member of this Association by agreeing to comply with the 
requirements of these By-Laws and becoming the owner of at least one share of 
its capital stock. 
Note. — There may be conditions under which it would be wise to limit membership 
to those who have been recommended by the Board of Directors or who have received 
a two-thirds vote of the members present at any meeting. 
Sec. 2. Termination. — At any time a member shall remove from the territory 
tributary to the shipping points of this Association, the Association may elect 
to purchase his shares of stock and to terminate his membership upon tender 
to him of the book value of his shares as determined from the last preceding 
financial statement, together with any dividends or refunds due and unpaid, less 
any indebtedness then due the Association. Such shares shall then become 
treasury stock of the Association. 
Sec. 3. Restrictions. — No member shall own more than shares of the 
capital stock of this Association at any one time, and no member shall be en- 
titled to have more than one vote at any meeting of the members, regardless of 
the number of shares owned. Every member upon uniting with this Associa- 
tion agrees that in case he shall desire to dispose of his shares of stock in the 
Association, the Association shall have the first right to purchase the same at 
their book value, and that no offer of assignment or sale shall be made to any 
person or interest until the Association shall fail either to waive this right or 
to purchase the shares after days' notice in writing. 
Any transfer of shares by assignment or sale shall give the assignee or 
purchaser no other right than to require upon days' notice in writing, an 
election by the Board of Directors either to admit the holder to membership 
or to tender him the book value of such shares together with any dividends 
and refunds then due and unpaid, 
Sec 4. Reversions. — If any member shall by purchase or by operation of law 
come into possession of more than shares of the capital stock of this 
Association, the Board of Directors may elect to purchase such excess shares 
upon tender to him of the book value thereof together with any dividends or re- 
funds due and unpaid. Also in the event of the death or disability of the 
owner of any shares of stock in this Association, such shares of stock shall re- 
vert to the Association upon the tender of payment by it to his heirs or legal 
