The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1889-03-26
THE DURHAM FARMERS ALL
ANCE WAREHOUSE.
North Carolina Durham County

North Carolina Durham County.
Articles of agreement with reference
to the formation of a corporation to be
known as The Farmers Alliance
Warehouse at Durham:
I. The name of the corporation
shall be the Farmers Alliance. The
principal Office and place Of business
shall be in the city of Durham, and
It's business shall be that of selling,
buying and manufacturing leaf to-
bacco. The duration of the corpora
ton shall be twenty years.
II. The capital stock of the corpora
ton shall be not less than ten thousand
dollars, and not more than one hun
dred thousand dollars, divided into
shares of the par value of five dollars
each. No Individual Alliance shall
hold more than one hundred shares,
and no Sub-Alliance shall hold more
than eight hundred, and no County
Alliance shall hold more than four
thousand shares.
All stock shall be held by members
of the Farmers Alliance in good
standing, or by Alliances; and shall
be transferable to Alliance men or
Alliances only.
III. The corporation shall be gov
erned by a Board of Directors, con
sisting of one member from each
county, which shall hold fifty shares
of stock.
The Board of Directors shall be
elected at the meeting of the stock
holders. All stockholders shall be
entitled to cast one vote for each share
of stock held; and such vote may be
cast in person or by proxy.
Bylaws of the corporation may be
adopted by the Board of Directors;
and may be amended by a majority
vote of the capital stock.
". The annual meeting of the
stockholders shall be held in the Office
OF the corporation, in the city of Dur
ham, on the second Wednesday of
October of each year, at which time
the directors shall be elected; pro-
Vided the time of holding of such an
nual meeting may be changed by a
vote Oh LQ6
Meetings of the stockholders, for
special or general purposes, other than
the election of directors, may be held
upon the call of the Board of Direc-
tors or a majority of them, such call
to set forth the objects to be consid-
cred in said meeting.
". The stockholders of this corpo-
ration shall not be individually liable
for its debts.
VI. In case of a vacancy in the
Board of Directors, the County ALI
ance to which he belongs shall have
the power to appoint his successor to
ill his unexpired term.
VII. No certificate of any number
Of shares of the capital stock of the
corporation shall be issued unless the
par value thereof be fully paid in cash,
bonds, notes or securities approved by
the Board Of Directors; and when
any certificate shall have been issued
for one or more shares, no assessment
shall thereafter be made on such share
or shares.
VIII. The Board of Directors of
the corporation may, through it's chair
man, borrow money on any or all it's
bonds, stocks and securities to aid the
corporation in the conduct of it's bust
ness.
TX. The Board of Directors of the
corporation shall have power to rent,
purchase, build or lease buildings,
grounds, ETC., which they may deem
necessary in the conduct of the bust
ness.
x. The charges of the house for
selling leaf tobacco shall not exceed
two and one-half per cent. commits
sion and one-half the existing charges
of other houses in the city of Durham
at this time.
XI. The Board of Directors shall
have full power to employ all work
ing force, prescribe their duties and
NIX their salaries.
XII. Dividends shall be declared
semi-annually
Respectfully submitted,
- w. K. PARISH, Chm.