COOPERATIVE BULL ASSOCIATIONS. 
23 
Article VII. Capital Stock and Assessments. 
Sec. 1 . — Capital stock. Each member shall own one and only one share of 
stock at the par value of $1. 
Sec. 2.— Assessment. Each member of the association who lias subscribed 
one or more cows shall be subject to assessments made by the board of directors. 
Each assessment, except as hereinafter provided, shall be prorated equally on 
all cows subscribed by the members of the association at the time the assessment 
is made, but the total amount of the assessment or assessments shall not exceed 
-dollars per cow in any one year. 
[Section 1 of this article covers the requirements of States where 
it is necessary to provide for capital stock in order to incorporate. 
As already suggested, a local attorney should be engaged to assist in 
incorporating and in drawing up the constitution and by-laws so as 
to do everything in compliance with the laws of the particular State 
in which the organization is formed. The business transactions of 
an organization of this kind are such that capital stock does not 
provide cash for carrying on the business. It is therefore best to 
make provision only for the smallest capital stock required to bring 
the organization under the incorporation laws of the State in which 
it is organized, and to raise the money needed by assessments in the 
way provided by section 2. It may be that the laws of some States 
make it possible to incorporate without stock, in which case section 1 
should be omitted and section 2 should be preceded by the following 
statement: “ There shall be no capital stock of this association, but in 
lieu thereof,” etc.] 
Sec. 3.— Payment. Each share of stock subscribed and each assessment 
levied shall be paid by the members to the treasurer of the association, where¬ 
upon the money shall be available for the conduct of the business of the asso¬ 
ciation. 
Sec. 4. —Minimum number of eotes. The minimum number of cows in any 
block on which assessment is levied shall be- 
(The reasons for providing a minimum number of cows for each 
block have been discussed under Article IV, section 3. This minimum 
must be determined by the members of each association to suit their 
particular locality. There are instances in which the maximum num¬ 
ber of cows subscribed in a block does not reach the minimum 
adopted by the association. In such cases adjustment must be made 
to suit the particular block. 
Besides those discussed in Article IV, section 3, the principal fea¬ 
tures to be considered in determining the minimum number of cows 
in a block are the constitution and vigor of the bull and the period of 
time in which the cows must be bred. If the bull is mature and vig¬ 
orous and the breeding is carried on evenly throughout the year, the 
number of cows in a block may be nearly 100, but with less favorable 
circumstances it may be as few as 30 or even less. The average is 
about 45.] 
