8 BULLETIN 118, U. S. DEPARTMENT OF AGRICULTURE. 
The minute book should contain the original transcript of the con- 
stitution and by-laws, a record of the amendments made from time 
to time, and a full account of the meetings both of stockholders and 
directors. These minutes should folloAv in proper order, be ap- 
proved at the next meeting, and be signed by the proper officers as a 
certification of such approval. 
In order to facilitate reference to the minute book a wide margin 
should be allowed on the left-hand side of the page, in which the 
subject can be stated or such other annotations made as will aid in 
locating the desired information. 
The directors must act in a duly called meeting. They have no 
authority to bind the organization by their individual acts done out- 
side the corporate meetings, and they can not vote by proxy. Unless 
a provision to the contrary is made, a majority of all the directors 
constitutes a quorum. 
NOTICE OF SHAREHOLDERS' OR MEMBERS' MEETINGS. 
The issuing of notices of meetings should be regulated by the by- 
laws. Notice by publication and through the mail are the most 
common and best methods. If the meeting is a special one, or if 
the business to be done is extraordinary or unusual, the notice must 
state the nature of the business to be transacted. It is best to give 
notice of adjourned meetings in the same manner as notice of other 
meetings, as a reminder to members. 
TREASURER. 
The by-laws should contain measures of safety to regulate the 
handling of all organization funds. Checks should be placed upon 
the official actions of the treasurer. Proper accounts should be kept, 
periodical audits made, and the prompt deposit of all funds and 
proper vouchers for all disbursements required. In the smaller or- 
ganizations, where audits by public accountants are seldom made 
and the manager acts as office manager and bookkeeper, it is well to 
have the funds handled by a treasurer who is not connected with 
the office force. 
SURETY BONDS. 
All persons handling organization funds should be bonded. This 
bond should be sufficient to cover any loss which is reasonably prob- 
able. A surety company bond premium ranges from $4 to $7 per 
$1,000, and such a bond is superior to a personal bond. It is proper 
that the organization assume the expense of bonds for officials and 
employees. 
