The patron of husbandry. (Columbus, Miss.) 1875-1883, 1881-07-02

chased goods from the association
during the preceding quarter. Ito
non members one half the propor-
ten of members, in proportion to
the amount of their purchases du
ring the quarter.
/ CUMULATIVE FUND.
| Art. II. One half the net profits
on the purchases of non members is
hereby made commutstive fund
and shall, atthe directors meeting in
october, be divided among the
ASSOCIATION, pro rata. by the number
81 shares standing to their credit on
the books of the association. The
| directors shall order certificates of
shares, like unto those held by the
members of the association to be
issued to each member to whose
| credit appears a sufficient amount
OF the communicative fund for one or
| more shares; which shares shall be
transferable but not withdrawals,
and shall be entitled to interest and
Communication as other shares, The
directors shall then order all the
amounts less than sS standing to
the credit of the members, on &C
count of the communicative fund, to be
placed to their credit on the books
OF the association; which amounts
shall not be entitled to interest or
communication nor shall it be with
drawable.
ELECTION OF DIRECTORS
Art. IL. At the annual meetings
of this association nine members
shall be elected as board of direc-
tors, to manage the affairs and bust
ness of the association for the en-
suing twelve months, or until their
successors are duly elected and
qualified.
ELECTIONS.
Art. u. All elections shall be by
ballot.
Art. Is. The directors shall meet
on the first Monday in January,
April, July and October. Five di
rectors shall constitute a quorum,
which meetings shall be called
quarterly meetings.
I'd. The directors chosen shall IN
five days after their election meet
and elect from their number pres
ldent, a secretary, treasurer, two
auditors and such other officers,
agents or servants as they may see
fit, and shall assign to them such
special duties and compensatlons as
they may see fit; but whose regular
duties shall be such as are pre-
scribed by these BY Laws. Which
meeting shall be called the directors
annual meeting, and six members
shall constitute quorum.
sd. The directors at any quarterly
meeting, by a majority vote of the
whole number of directors, may dis
charge the president or any other
officer, agent or servant. -
18th. In case any vacancy occurs
in the board Of directors, by death,
resignation or otherwise, such va
cancy shall be filled by the directors.
5. The directors shall in all things
act for and in the r he of the asso-
citation, and all acts and orders of
the directors under the powers dele
gated to them shall have like force
and effect as if they were the acts
and orders of majority of the
members of the association at the
annual meeting thereof All ques-
tons at such directors meetings shall
be decided by a majority of votes.
ANY two of the directors may call
a special meeting thereof by giving
three days notice to the secretary
setting forth in writing the business
to be transacted at such special
meeting. And no business shall be
transacted at such special meeting,
except that for which said special
meeting was called as set forth in
in said notice.f
9th. The directors shall cause the
accounts of all business carried on in
behalf of the association to be regu-
larly entered in proper books, and
shall cause statement of the &C
counts of the association, with all
necessary vouchers up to the last
day CT the previous quarter, to be
made out and laid before the audi
tors at least by the first Monday of
the new quarter. Provided that
nothing herein contained shall be
so construed as to prevent the same
from being laid before the auditors
at a later date should death, sick
ness or any unforeseen cause pre-
vent the same from being presented
as above prescribed.
7. 1t shall be the duty of the di
rectors to procure suitable sales
rooms, either by purchasing or leas
ing the same, as in their judgment
may seem best for the interest of the
association.
MANNER OF CoDUCTING BUSINESS.
Art. IS. All moneys received on
account of shares, contributions or
otherwise shall be paid to the cas-
urer unless otherwise ordered by
the association.
I'd. The business of the associa-
ton shall be conducted tor cash.
cd. All persons trading with the
association shall be furnished with
checks representing the amount of
their purchase.
INVESTMENT.