The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1888-03-13

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nor for q shorter time than one year,
on such terms as may be agreed upon;
provided, a higher rate Of interest
than ten per cent. shall not be given.
They shall also have power to adopt
any rules and Negotiations not in con-
fiet with the Constitution and By
Laws that they deem of advantage to
the business, and all such rules and
regulations shall be binding on the
Association and it's members until re-
scinded by the Directors or rejected
by the Association; and to this end
such rules and regulations shall be
submitted to the Association at the
first regular meeting after their:
adoption for ratification or rejection
1t shall be their duty to keep their
capital stock as closely invested as
practicable in articles demanded and
used by members and others, which
shall be sold at such q per cent. profit
as they may determine. 1t shall also
be their duty to report in writing at
the regular meetings Of the Associa-
ton, giving a true statement of the
progress of the business, method Of
doing the same, and financial condi-
ton, together with such other infor-
nation as the Association may require
from time to time; and to this end
they shall meet once every four weeks,
and also within three days of the reg
ular annual meeting, and have before
them all books, papers and other data
necessary tota complete correct report
of the condition Of the Association.
The Directors shall have power to dis
charge any and all persons employed
| by them or under their direction; to
suspend any persons who have been
employed by them and confirmed by
the Association, which suspension
shall be acted upon by the Association
at the next regular meeting, and con-
frmed, or the suspended party rein
stated, as the S may be.
SEC. 5. 1t shall be the duty of the
Manager under the direction of the
Board of Directors, to take and exer-
else general supervision over the bus
mess of the Association in buying and
selling, to have charge of all employees,
and obey all orders and instructions
from the Directors. He shall keep, in
books provided for that purpous,
| complete and correct accounts of all
his transactions, which books shall at
all times be open for inspection by the
Directors or those appointed for that
purpose. He shall render to the Di-
rectors semi-annual and annual &C.
counts of his transactions at their
meetings, and upon their order take
an inventory of all goods, merchan-
disc and property under his charge,
and make a balance-sheet as often as
required, which, together with the re-
port of the Board of Directors, shall
be presented to the Association for ap-
proval and fled with the Secretary for
record; and, from time to time, pay
over to the Treasurer such sums of
money as may be in his hands, when
80 directed by the Board of Directors.
He shall receive such compensation
for his services as may be determined
upon by the Directors, subject to the
approval of the Association. He shall
give bond in such sum as may be re-
CURED by the board of Directors.
ARTICLE IV.-MEMBERsH1P.
SECTION l. This Association shall
consist of members of Alliances in.
good standing, who can be admitted
as shareholders by making application
and paying for share, to the Sec
rotary or the Manager at the store at
any time.
SEC 2. No individual member shall
be allowed more than n vote in his
own right, but may cast as many as
ten votes for other shareholders.
Proxies must be in writing.
Sec. 8. Shareholders may send a
delegate to represent their interest at
the meetings of the Association, pro-
vided,' such delegate is in good,
standing.
ARTICLE V.-sTocK.
SECTION l. No member of this Asso-
citation shall hold more than FIVE (5).
shares in the capital stock of this Asso-
citation.
Sec. 2. All money for stock shall
be paid to the Secretary, who shall
give a receipt for same. ,a
Sec. 3. At each meeting of Direc-
tors, the Secretary shall make applica-
ton for persons having one or more
shares deposited, who desire other
shares, and upon being granted by the