COOPERATIVE PURCHASING AND MARKETING ORGANIZATIONS. 73 
Capital stock: Shares of $5 each. 
Issuance of stock : When paid for in full . 
Stock ownership: Not over $5,000. 
Transfer of stock: By written consent of corporation. 
Purchasing of business of other associations: Not to exceed 25 per cent of its capital. 
Voting: Each member one vote. 
Voting by mail: Permitted if member has been notified of question and a copy is 
attached to vote. 
Distribution of earnings: Stock dividends not to exceed 6 per cent, not less than 
10 per eent^of ne^ earnings for reserve fund until 30 per cent of paid-up capital is 
accumulated, 5 per cent of net earnings for an educational fund, patronage dividends 
to members and employees and at one-half rate to nonm embers. 
Dissolution: If no dividends are paid for five consecutive years, five or more members 
may petition supreme court of county. 
Annual reports: Made to secretary of state. 
Provision for existing organizations: Filing sworn statement with secretary of state. 
Use of word "cooperative " : Not to be used in name of any corporation formed after 
passage of this act unless act is complied with. 
NORTH CAROLINA. 
Scope and purpose: Any agricultural, dairy, mercantile, mining, manufacturing, or 
mechanical business. 
Number who may organize: Five or more. 
Filing of articles ot incorporation and amendments: With secretary of state and clerk 
oi superior court in county in which principal place or business is located. 
Filing fee: $10 and fee allowed by law to secretary of state, $2 when capital stock is 
less than $1,000. Fifty cents to clerk of court. For filing amendments, $5, or $2 if 
capital stock is less than $1,000. 
Management: Not less than five directors. Officers shall be president, one or more 
vice presidents, secretary, and treasurer. The last two may be combined. 
Stock ownership: Limited to 20 per cent of paid-up capital stock. 
Transfer of stock: According to by-laws. 
Voting: Each member one vote. 
Voting by mail and proxy : Vote by mail to count if accompanied by a copy of the 
question. Proxies must be in writing. 
Distribution of earnings: Subject to revision by association, stock dividends not to 
exceed 6 per cent, not less than 10 per cent of net profits to reserve fund until 30 per 
cent of paid-up capital is accumulated, not less than 2 per cent of net profits for an 
educational fund, patronage dividends to members and employees and to nonmembers 
at one-half rate. 
Annual report: Made to secretary of state and division of rnarkets and rural organ- 
ization. 
Provision for existing organizations: Filing sworn statement with secretary of state. 
Use of word " cooperative " : Not to be used in name of any organization hereafter 
formed unless this act is complied with. 
NORTH DAKOTA. 
Scope and purpose: Any lawful mercantile, manufacturing, agricultural, or indus- 
trial business. 
Filing of articles of incorporation: With secretary of state. 
Filing fee: $10 
Management: President, secretary, treasurer, and not less than three directors. 
Capital stock: Not to exceed $50,000. 
Issuance of stock: When paid tor in full. 
