Vermont farmer. [volume] (Newport, Orleans County, Vt.) 1870-1877, 1875-04-09

i
The man who did the business working
on stated salary aud having no greater inter-
est 10 the profits thaa any other stockholder
would not be tempted to give fourteen ounc.
es for pound or "a inches for a yard, nor
to put water 10 his oysters or sand in his
sugar. The thorough quarterly overhauliDg
Of the affairs of the concern by the directors
would make the slightest stealing by the
agent impossible, aud the fact that every.
thing is done on the cash system would make
failure impossible. If the concern should
begin to run behind il would of course be
Immediately discovered, under this system,
so that at any time when the stockholders
deemed it advisable the affairs could be
wound up and closed out
Rich and poor stand on the same basis
the vote Of the man owning but one share
having as much power as that Of the owner
Of City shares.
There are many difficulties to be met
with IN the running Of a cooperative store,
and the FARMER has never favored the es-
Establishment Of them by oranges or councils,
but il they are to be had this plan looks like
the safest and best we have seen, provided
the Importance Of securing a capable agent,
placing him under proper bonds, and scru.
pulous attendance to their duties by the d.
rectors, are sufficiently felt 50 that there
shall be no possibility Of failure here.
The personal interest Of the stockholders
should be enough to ensure these precau-
tiOns, but "what is everybodys business is
nobody's business" to such an extent that, to
our mind, the greatest danger to cooperative
: stores, and the rock on which the greater
) part of the old union stores split, was too
great confidence in the personal integrity of
individuals placed in positions of trust.
| The following are articles of incorporation
= which, with slight changes, govern the " Sow
! ereigns' Store" at Worcester, Mass. OF
course in Vermont Patrons aud Sovereigns
5 would unite where both orders exist, or
Patrons alone could work on the same plan
where there is no council, and the wording
. of the articles may be changed accordingly !:
l Articles OF Corporation for a General store.
5 We, the subscribers, hereby associate our
, selves for the purpose of conducting n CO.
operative store for tho purchase and sale OF
general merchandise, under the following
conditions, regulations and restrictions:
s ART. 1. The business shall be known as
: Cooperative Store No. - Gown (state }
4 ART. g The shares of stock shall be g.
/ each, and are to be issued to Sovereigns only
They shall bear interest ut the rate of per
cent. per annum, payable quarterly, and
may be redeemed ut par. by the treasurer,
e any time afler six months from the date oil
n purchase, on demand or within sixty days,
at the discretion of said officer. No person
:, shall ever own or control more than $500 in
- shares of this stock.
ART. 3. All purchases and sales of mer.
= chandse shall be made for cash on delivery
n The prices on sales shall be uniform to nj
= persons, and shall not be less than tho lowest
!. market rates of the locality for unadulterated
goods.
ART. 4. Soverelgns only, who are pur
~ chasers, shall share in the profits of the
o business, pro rata on the amount OF then
l, purchases; but all Sovereigns who are moi
D. stockholders shall allow the treasurer t
a retain such profits until they amount to a
least one share of stock which he shall ther
= issue TO them.
u ART. S. The business shall be carried OF
r under the general supervision of three di
D. rectors. who shall be chosen annually, from
pr the stockholders. on the first Monday il
:, January. In the choice of these directors
or in any other matter relating to the bust
10 ness, each stakeholder shall be entitled /,
m one vote, and only one, without regard 4
e the number or amount of shares owned b.
4 him.
4 ART. 6. 1t shall be the duty of the direct
ors to employ a suitable person. to sell tn
goods, who must be n stockholder, and b
i known rs treasurer 1t shall be their flrthe
W duty to act as advisers, make monthly exam
id nations of the business, and audit all the nc
n counts of the treasurer, which shall be made
=, to them quarterly. The treasurer shall Civ
such bonds to the directors for the faithful
VI performance of his duties as shall be salts
lr factory to them. No director shall ever b.
of allowed TO act rs treasurer
a ART. 7. The treasurer, by advice of tn
directors, may employ such assistance as tn
business requires such persons to be stock
holders, At the end of every quarter,
shall ascertain the exact profits of the bust
ness and dispose of the same rs follows
d First, pay all store expenses. Second, tn
II, salaries of the treasurer and his assistants
We Third the interest on stock. Fourth, nine
,st tenths of the balance shall be divided pr
al rata on tho sales to Sovereigns and paid t
them IN cash if stockholders, or issues
:, stock if they are not.
IL ART. 8. The directors shall be entitled I
be a suitable compensation for the time engage
ii, III their duties. The treasurer and his a.
r. sistants shall, in all cases, be paid for the
Ia services by fixed salary. In no case Ca
either directors, treasurer or his assistant
be allowed TO receive any commissions, G
W. share in any way Il percentage Of profits,
CHI any way connected with the business, Other
=, wise than such rs are herein provided iC
~ all other stockholders and purchasers {
al goods. 49,,
~ fore the division Of profits, the treasure
he shall reserve one-tenth part of said prof
10 and carry tho same to the credit Of q n
demption fund, to cover any loss in the d.
he probation of merchandise, and ensure tn
.hs general safety of the business. This reserv
shall be continued until the redemption fun
OK amounts 20 thirty per cent on all Outstandin
oF stock. The same shall be permanently helC
~ and divided only in the event of final cosin
ng up of the business; in that case pro rata o
be the amount of the existing stockholders.
40 CERTIFICATE.
'te No. Shares. No. Share
~, Shares q Each
jill This Is 10 certify that ---
IN Is the owner Of-ShATos Of $50
'u' Owner. In Cooperative Store No. (towI
of (state) Entitled ~ tho benefits ar
VI subject 10 the restrictions a. define