Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1844-03-19

and such member shall be entitled to re-
eeive his propor,iona;e share OF the profits
OF the ASSOCIATION up to the time Of his
leaving it.
ARTICLE ~.
Sec |. There shall be sem -1anual meet
ings Of the Stockholders ia cach year. on the
frs Monday in April and on Oh fir. Mon
day N December; but the President and Dj-
rccto,s shall have power to call meetings
of the Stockholders, Al such other times 7Hd
in such preos as they my deem zpcd,cnt
by giving The res dent stockholders Two
weeks notice of such meetings and by en-
closing notice by mail 10 NONRESIDENT
Stockholders three weeks before such meet
iugs,
SEC. ,. Az every sem AN ual meeting
of the Stockholders. full statement OF the
affairs at the Association, signed by he
President and Board ot Directors shall be
exhibited for public Information.
SEC. ). Every stakeholder shall have
one vote for the FIRST share OF capital stock
and one vote for every five shares there
after on all matters in which the expend-
ture OF money IS directly concerned: but in
no other case shah a Stockhoider have
more than one vote. No stakeholder shall
in any case be entitled to more than ten
votes.
SEC. 4. The books and affairs pertain
ing 10 the Association, shalI at all times be
open TO the examination Of any stakeholder
or member.
ARTICLE V.
Sec. l. The cash valuation Of the real es-
tate exclusive of Improvements of the As
ISOLATION, shat be estimated in November in
each year. and if there shall have been an
increase in the value OF said real estate, since
the last valuation. the increase shall be divi-
ded among the stockholders in proportion to
the time said stock has been paid mo the
Association.
SEC. ;. Al the semi-annuai meeting ia
December in each wear, the total product
OF the Association, for the year shall be
ascertaned, and general settlement Of ac-
counts take place with each member there
OF.
SEC. ,. Out OF the total product shall
first be deducted The taxes. repairs, and
Insurance., and the balance shall be d.
vided as follows: one quarter shall be
paid as a dividend to the stockholders upon
the capital stock paid in; and the remaining
three quarters shall be divided among those
who perform the labor.
SIC. 4. ANY s;ockholder NAV at the
time of subscr lbng, elect to receive after
the first year, IN lieu OF the dividend Of one
qua rter of the product. a fixed dividend of
seven per cent, which shall be paid out OF
the three quarters allotted to labor, and
the dividend Of one quarter of the product
which would have been allotted TO such
stockholders, shall be credited to labor.
ARTICLE VI.
SEE. l. The Directors shai. have no
power 10 contract any debt ia the name of
;he Association, or render the Association
liable IN any manuer, unless expressly
authorlzedby vote of all the Stockholders.
Sec :. 1t shall be the duty Of the Secre-
nary to record in a book kept for that purpose
al account of all the shares of sock issued !:
ana "H transfers of stock by stockholders
w record all prucoed.a It's of the ASSOCIATION
auu oI The Board of Directors; and perform
Sucn o'he' duties as the Association or BOA nd
OF Directors may require.
SEC. 3. The Treasur,r sb.,, -. u.
keeping OF all deeds, mortgages - -.
securities, and evidences of dah, a.. -
Association, and he shall receive nh 80
ey subscriptions belonging to the Axs3r,a.
ton; and The Treasurer shall IA no case
pay out monies belonging to the Assoc'a-
lion. except by or'ier OF a majority of the
stockholders.
SEC. 4. Tho Treasurer before entering
upon the dnties at his office. shall execute
a bond to the Trustees OF the Board of d.
ctors,with sufficient sureties 10 be approved
~ Ihe sad Board Of Directors in such sum
a. '"eY snail deem proper which Bond shall
oe conditioned for the security, faithful