The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1870-04-30
AN ACT
To Incorporate the Iron Molders' Int
national Cooperative Union

national Cooperative Union.
SECTION !. Be IL enacted 6yNs Senqd
and House of Representatives of tie Con.
mona0eahh Of Pennsylvania, an General
assembly met, and 1t is hereby enacted 81
the authority of the same, That +. T.
Myers, II. j. Walls, John Whitesidel
John M. Reed, Adam Grander, William 4.
Dunlap, Tobias S. Aberstadt, Simeon
Green and Thaddeus Donely, their assy
ciGteS and successors, he and they axe
hereby constituted and created a BODY polite
and corporate in law and in fact, bv tile
name, style and title of the Iron Md.
ders' International Cooperative Union =
and by that name and title shall have pet
petual succession, a corporate seal, and IL
capable Of suing and being sued, impleat
ing and being implicated, in any court bi
record or elsewhere in the United Statel,
also Of purchasing, receiving, acquiring
and holding in its corporate name, in tic
State Of Pennsylvania or any other Of tie
United States, personal and mixed prb-
perty, and such real estate as It may deeh
expedient for the purposes of the corpora
ton, and Of demising, renting and selling,
granting and conveying away the same.
SEC. 2. The object Of the organization
will be the cooperation of iron moldets
throughout the United States, whereby th4y
may more efectnally assist one another IN
the economical prosecution Of their trade, add
in the accumulation Of their savings, and the
investment of the same, for their mutual
profit, in the iron foundry business
SEC. 5. The said corporation shall haze
power to borrow money upon bonds or 9th kr
evidences of Indebtedness, at lawful rates bf
interest, and to mortgage their real or p}r-
sOnal estate to secure the payment Of subj
bonds, loans, or other debts due or to lie
come due by them.
SEC. 4. The said corporation shall hak e
power to make and enact a Constitution
and By Laws, and such other rules and ge
gulatioHs not contrary to the Constitution
Of the Commonwealth of Pennsylvania add
the provisions of this act, and generally to
have and exercise all such rights, PRIVILEGES
and immunities as may he reasonably me
cessary for the purposes Of the corporatbn
SEC ; The capital stock of this. bor
poration shall be one hundred thousAnc
dollars, to be divided into twenty thoush nC
shares, and no certificate of shares shalE b,
issued for less than and until the par vtlu,
thereof has been fully paid in cash. lib,
said capital stock may at any time bel in
creased by resolution Of the SHAREHOLDERS I,
an amount not exceeding one million dol
lars prOrided, said resolution be certified
signed and sworn to BY a majority Of th
directors, recorded in the office for recorain,
deeds for the City Of Philadelphia, and klet
in the Office Of the Auditor General within
-ixty days after the same shall have Seel
adopted
SEC. 6. The shareholders shall be e1be
individual journeymen iron molders, susbor
diH0te associations or unions ofjoaneylae,
iron moLderS /; none others shall be permit
ted to tecome shareholders unless by kot
Of the board Of directors said subordihat
associations or unions shall only be entitled
TO certificates Of the shares owned by then
in their official or organic name, after hrs
subscribing to and re-eBacting the cousitu
ton, bylaws and other rules Of the corr fora
ton hereby constituted.
SEC. Z. The said subordinate assbcis
Citations or unions shall be entitled TO zen,
to each meeting of the stockholders rdpre
sentatives or delegates in proportion toi tb
number oftheir members, which proportion
shall be regulated by the constitution o
bylaws Of this corporation; and at all n eet
ings Of stockholders each Of said reprd sen
tatives or delegates and each indivldua
shareholder shall be entitled to one votd
SEC. 8. The regular meetings Of tn
stockholders shall be held biennially il th
City of Philadelphia, on the WedneI sda,
following the first Thursday Of July, thd frs
10 be held in the year one thousand high
hundred and seventy; special met; ing
may be called in accordance with the Cd nsti
tuition or bylaws Of the corporation.
SEC. 8. The corporation shall be man
aged and conducted by board Of not les
than five directors, and such other officer
and with such powers as the constitution O.
bylaws may determine they shall be }lect
ed biennially, at the regular meetings df The
stockholders.
SEC. 10. The said corporation shall pa,
into the Treasury of the Commonwealth !;
bonus of one-fourth Of one per centum @f tb,
capital stock hereby created, or any ind reas,
thereof, in four equal annual installIents
the first of which shall be paid at thd tim
Of payment of the enrolment tax.
SEC. II. That so much of the fifth, sixth
seventh, eighth, ninth, tenth and eleventh
sections of the act, entitled " AN act reIat
ing to the organization Of co operative asso
Citations, for the purpose of carrying Oh an,
mechanical, mining, manufacturing or trad
ing business in the Commonwealth of Penn
sylvania, approved April fourteenth, Ann,
Domini one thousand eight hundred anc
sixty-eight, not inconsistent with the BROW
siODs Of this act, shall apply to and govern
the corporation hereby created as if the sam,
were herein specifically set forth
B. B. STRANG,
Speaker of House of Rep
CHAs. FL. STrNsoNl
Speaker Ofhe &n0te
Approved the fifteenth day Of March
Ammo Domni one thousand eight buAdreG
and seventy. JNo W CIT
OFFICE OF THE SEcY. OF THE CoxMoNwKAlu
HARRISBURG, April G, A. D. IS7I
Pennsylvania, So.
avo 49, - III ,.' In"t lhr foregoing snt
;-;SI ~ .i% % anu correct copy iOf The
f" An Act to Incorporate the Iron MIldass
international Cooperative Union :" as thJ sam,
remains or file in this Office
In testimony whereof, / have hereupto se
my hand aud caused the Seal of the Secrltary'
Office to be be affixed, the day and year aboy
written. j. NJ MEAEAEY
Deputy Secretary Of the Common ealth