The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1886-04-30
holders representing one third of the
paid up stock of said corporation. No
tice of such meetings shall be given in
the same manner as provided in Art. 8
| of these hy-laWs

tIle Sdllle IlldlllleI 1S pTOY1Qeu IN iArC.
of these bylaws.
ARTICLE X.
The Board of Directors shall have
power and authority to employ an agent
oragenIs or clerks to conduct and sup.
erintend the business of this corpora
tion. Such agents or clerks to be un-
der the management and control of
the board of directors and such agents
or clerks shall each before entering up
on said duties give good and sufficient
bonds to this corporation for the faith
full discharge of such duties in such
sum and form as the board of directors
shall require.
ARTICLE NJ.
In no case shall the indebtedness of the
corporation exceed one third of the paid
up capital stock. The business of the
corporation shall be so far as practical
BILE be conducted upon cash basis.
ARTICLE XII.
Any person approved by the board
of directors may become member of
this corporation by paying for one
share of stock. A correct list Of the
members or stockholders of this cor
poration containing the name, post
office address and number of shares
owned by each, shall be kept by the
secretary in the stock and transfer
book, which shall be open to the inspec-
tion of any stockholder thereof. No
person shall transfer his stock in this
corporation without the consent of the
board Of directors and in case such
transfer is made the same shall be not
ed in said "stock and transfer book by
the Secretary.
ARTICLE XIII.
The President and Secretary shall
issue certificates of stock, signed by the
President and countersigned by the
Secretary, for all paid up shares, and
for all shares upon which at least ten
per cent is paid up and notes with ap-
proved security given for the balance
ARTICLE XIV.
The net profits of the business of this
corporation shall be divided annually
by and under the direction of the board
of directors pro-rata among the stock.
holders according to the amount OF
stock held by each.
ARTICLE XIV.
In case of a vacancy in the board OF
directors for any cause, the board shall
make an appointment to fill such va
cancy until the next annual meeting Of
the stockholders.
ARTICLE XVI.
The real estate, warehouse OF othel
buildings of this corporation shall moi
be sold, mortgaged or in any way trans
ferred or incumbered by the board o1
directors except by the conset or direc
tion of majority of the stockholders
expressed or given at any special O.
general meeting of such stockholders
ARTICLE XVII.
No stockholder of this corporation
shall be entitled to more than one vot,
upon any subject
ARTICLE NVIII.
Any director or officer of this corpor
alton who shall willfully violate any O
these Bylaws shall be liable to pa.
such fine as may be imposed by tn,
board of directors not to exceed fift,
dollars.
We the undersigned stockholders o
"The Farmers Purchasing and Ship
ping Association" and holders of NOR
than two-thirds of the subscribed stool
of said corporal on, do hereby assent tt
and adopt the annexed bylaws, as tn
bylaws Of said corporation.
Dated at Mitchell this 18th day O
April, 1886.
B. S. BARNARD.
w. N. BLACKMAN.
C.F. DRAKE.
e. c. RUGG.
r. p. SNYDER.
S. Fl. R4AAIsBoTTOM.
/. SHEEDER.