The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1895-08-27

year, these funds must be divided so as
to equalize, as near as possible, the
payments of all losses that occurred in
preceding year or years: Provided,
however, those receiving one hundred
dollars are not entitled to any of the
surplus. J. H. QUINN, Chm.
PLAN OF ORGANIZATION OF SHOE FACTORY
By authority of the charter of the
Farmers State Alliance of North Caro-
lima, chapter $50, section 10, Laws of
North Carolina, 1889, Thaddeus Ivey,
w. s. Barnes, J. W. Denmark, Cyrus
Thompson, w. FL. Worth, John Ora
ham, A. D. K. Wallace, Sandy Creek
Alliance, No. 253 Vance county, N. c.,
and such county Alliances, Sub ALI
ances and other individuals as may be-
come associated with them for the pur-
poses herein set forth, are inc 0rporated
under the name and style of the North
Carolina Farmers Manufacturing Com
pany.
SEC 2 The object of said corporation
shall be to manufacture shoes, cloth
yarns, hats, clothing, meal, fur,
wagons and farming implements, to
tan leather, gin cotton, or carry or any
other branch of manufacturing or bus
mess, as allowed in the State Alliance
charter.
SEC. 8 The capital stock shall con
sist of not less than five thousand dol
lars ($5, OOO) nor more than fifty thou
sand dollars csc, OOO), and when five
thousand dollars shall have been paid
in the company shall organize and be-
gin business. All payments shall be
paid to the Secretary-Treasurer of the
North Carolina Farmers State Alliance,
and when five thousand dollars is re
ceived, he shall notify the stockholders
and call a meeting for organization.
Sec 4 The capital stock shall consist
of whole shares of stock of five dollars
each, half shares of two dollars and
fifty cents each, and one fifth shares of
ore dollar each. A certificate, in such
form as may be prescribed by the di
r~ectors, shall be given each stakeholder,
and each whole share shall be entitled
to n vote, and each fractional share
shall be entitled to it's proportional part
of one vote.
SEC. s.. No member shall be liable for
any Indebtedness Of said company,
save the stock he pays in.
Ono g OkOoH oh0I IN &~o~oEo~0hLn
as provided by the company directors.
All stock shall always be held by Ali
ances, or members of Al iAnces.
SEC. 7. The company shall be gov
erned by a board of directors, consist
ing of the Business Agent and the three
members of the Executive Committee
of the North Carolina Farmers State
Alliance, and three other directors who
shall be elected annually by the sock
holders of the company.
SEC 8. The State Business Agent of
the North Carolina Farmers State AL
lance shall be ex. oficio President, and
the Secretary-Treasurer of the same
shall be ex offcio Secretary and Treas
urer of the Board of Directors of the
company, and the Directors shall elect
a Superintendent and other employees,
and fix their compensation and shall
have power to buy or rent or lease
property, and do all other things nee
essary to execute the objects Of this
company, and as soon as practicable,
after organizing, shall commence the
manufacture and sale of shoes, to be
folio we'd by the manufacture of other
articles, Or engage in such other bust
ness as the stockholders may direct.
SEC. 9. The annual meeting of the
stockholders shall be at the same time
and place as that of the North Carolina
Farmers State Alliance.
SEC. 10. The directors shah provide
regulations whereby stockholders of
the company may receive the products
of the company on better terms than
those who contribute nothing.
SEC II. The place of business shall
SEC. 12rhe three directors elected by
the stockholders shall be entitle d to
the same compensation while attending
to their duties, as may be allowed the
Executive Committee of the North
Carolina Farmers State Alliance, to be
paid out of the earnings of the company,
by the secretary-Treasurer on ap
prevail of the President.
SEC 13 The corporation shall con
tinue for a period of thirty years unle ss
sooner dissolved.
SEC. II. The stockholders shall have
power to make and adopt rules and
r~aoulatiOns for tha norzonnn 49,