ORGANIZATION OF COOPERATIVE GRAIN ELEVATOR COMPANIES. 9 
conducted with parliamentary form and order, the chairman and 
secretary of these meetings may act at the present meeting. If no 
former meetings have been held, the house should proceed to elect 
a chairman and secretary and appoint the following committees : (1) 
Committee on membership and stock subscription; (2) committee 
on incorporation and by-laws; and (3) committee on buildings and 
plant site. 
These committees may consist of any number of persons but 
should not be made too large. From three to five members on each 
committee are sufficient, and no objection can be made to having 
the same person serve on more than one committee. 
At this meeting the plan of organization should be thoroughly 
discussed in order that the several committees may be instructed 
relative to the wishes of those present. If the preliminary -survey 
has been well conducted, a report, together with the recommenda- 
tions of the committee or persons conducting it, will furnish a sub- 
stantial basis upon which to build the organization plans proper. 
The amount of capital, number of members, and probable volume 
of business to be depended upon will be approximately known, and 
the amount of capital stock and the number and par value of 
shares should be fixed at this meeting. It will be desirable also to 
consider some of the more important cooperative principles to be 
embodied in the by-laws, for which purpose the form of by-laws 
suggested in this bulletin may be presented and discussed. 
BY-LAWS. 
While the organization is yet of temporary character and there- 
fore is without authority to adopt by-laws that will be binding upon 
the future subscribers or stockholders, it sometimes is found desirable, 
if a large number of prospective members are present, to adopt such 
by-laws tentatively, and even to elect the directors, who may later be 
made permanent. If this course is followed, the by-laws should be 
considered as carefully and as seriously as if the action were final, 
for it will be expected that the persons who later act as incorpo- 
rators, and who then go through the form of legally adopting the 
by-laws and electing directors, will follow to the letter the actions 
taken by the larger body of prospective members. Some States re- 
quire that the names of the first directors appear in the charter ; in 
others it is necessary to secure a license for commissioners to solicit 
stock subscriptions. The form differs in different States, but when 
definite and complete by-laws can be adopted by a large number of 
the prospective members, even if th's action is without legal effect, 
it provides something tangible to work on, and the actual work of 
perfecting a duly incorporated organization according to statutory 
175430°— 20 2 
