The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1889-08-07

dollars $50 each, with liberty to begin
business whenever $4,000 of the capital
stock shall have been subscribed. No
subordinate alliance holding stock shall
ever be held liable or responsible for the
contracts or faults OF this corporation
in any further sum than the unpaid
balance due on the shares of stock held
bv it, nor Shall any mere informality in
organization have the effect of render
ing this charter null, or of exposing 4
subordinate alliance holding stock to
any liability beyond the amount of its
stock.
ART. 5. This capital stock shall be a
sacred trust fund to be used only for rhe
purchase of goods. ltshall not be used
70 pay salaries or for any other purpose.
al orders from individuals must go
through the sub-truStee, and from him
ti-ough the County trustee to the State
agent.
ART. 6. Subscriptions to shares of
capital stock shall be made in the name
OF subordinate alliances and not III. the
name Of individual members thereof.
Applications for .arcs of stock must be
accompanied bv twenty-five per cent. in
cash of the amount of stock subscribed;
tie balance to be paid when called for;
when certificate of stock shall be issued
as soon as the full amount subscribed
for shall be paid for.
ART. !. It is hereby understood and
agreed that each sub-alliance adopting
this exchange system and thereby ratify-
ing this plan, is firmly bound to subscribe
for ard make settlement on stock, as
above specified, to the number Of shares
due from it. under the following sched-
ule Of ability, d g., those having less
Than thirty-tive go members shall be
appoi tloned one share; thirty-five to
iXty-ive members, two shares; sixty
five 70 ninety-ive members, three shares;
all over Dinety-five members, four
shares: T. ocideti. It's shall not prevent
any alliance from taking rs many shares
as it chooses.
ART. 5. Each sub-alliance taking
sock in this corporation shall be entitled
to one trustee stakeholder, who shall be
elected annually at the time of the regu-
lar election of officers The first trustee
stockhoider shall be elected by each sub
alliance when It decides to subscribe for
stock, and shall serve until the next an
nual election. Wnen three trustee stock
holders nave been selec, ID they may pro-
ceeG to organize. and elect a County
trustee stakeholder. He shall represent
his alliance in the meetings Of trustee
stockholders from and for all
the sub-alliances in that County, and
shall be entitled to us many votes as he
represents shares of stock. The County
convention of trustee stockholders shall,
at Il regular annual NEE ing, to be held
after tlc County meeting IN July and
before the State meeting, elect from
their number one delegate, who shall be
Known as County trustee stOckholdcr,
and who shall be authorized to represent
the sock held in that County in State
meetings Of the trustee stockholders of
tlc COZ poration, and shall he entitled to
Us many woes as he represents shares OF
stock. Efc'l 'uS:ec Stockho der shall
be the rcprc;c native Of the exchange IN
his alliance. and shall give bond in. the
sum of $500 for thc f;liti III Performance
OF his d@ty.
ART. .. The County trustee stock
hoidcIs shall hold an annual meeting at
the same time ald place as the Farmers
State Alliance of South Carolina: Pro-
ri1ed. That the board Of directors shall
have the power to call a meeting When
ever, in their judgment, it is necessary.
ART. 10. That each board of County
lruStcc stockholders shall elect 4 business
;,ser,. inc trustee stockholders in each
Corpty shall, at the regular annual
meeting, elect a board of directors of
not more than seven from their number
to serve for one year, who Shall super
wise the work OF the County agent. fix |