The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1895-04-12

ness; provided, however, that no aggregated in
d~ebtedness at any time be incurred by the COM
pany IN excese of 100000. The intention
thFfeof being, that no indebtedness shall be con-
-tYacted for or on behalf of the company except
9~ifSarred in the payment of freights or ad-
9Pon purchases on account of merchAn-
ut by and delivered to the company.
Sec. 2. DUTIES OF DIRECTORS DEFINED.
1t shall be the duty OF the board of directors.
First: 10 cause to be kept a complete record of
their meetings and acts, and also OF the proceed
ings Of the stockholders, and also to present a
full statement at the regular annual meeting of
the stockholders, showing in detail the assets
and liabilities Of the company, and generally
the condition of its affairs, which statement
shall be printed and mailed or delivered by the
secretary to each stakeholder. A similar state
ment shall be presented at any other meeting of
the stakeholder when requested by persons
representing at least Onefourth ofthe subscribed
capita! stock. Second: TO supervise all acts OF
the officers and employees; require the secretary
and treasurer to keep full and accurate books
and accounts, and to prescribe the form and
mode OF keeping such books; Third: To cause
to be iseued to the stockholders, in proportion
to their several interests, certificates OF stock,
not to exceed i'll the aggregate, the capital stock
of said company; provided that no one stock
holder shall own or control to exceed twenty
shares Of said stock.
Sec. 3. POWER OF DIRECTORS TO REMOVE Off
GERS, AND REQUIREMENTS Of EMPLOYEES.
The board Of directors shall have power to
remove any officer or employee of this company
~" y OAASO l. OAARAOy z VA oSSOuhV "
incompetency, ineficiency or wilful neglect or
misconduct. immoral conduct, or other just
cause; and no employee Of this company now
employed, or hereafter to be employed. shall be
permitted to engage in the service OF the com
pany until he has first signed n contract releas-
ing the individual aud joint liability OF the other
stockholders Of the company from the payment
of his claim for such service OF employment.
ARTICLE v.
SEC. 1. PAY OF DIRECTORS.
The members Of the board Of directors shall
each receive for their compensation the sum Of
two dollars each day actually engaged at any Of
and mileage at the rate OF five cents per mile for
each mile actually Travelled by the nearest Gus.
tomary route coming to and going from such
meetings.
EEs.
The president, secretary, general manager or
superintendent. and the other employees OF the
company shall receive such compensation for
their services as the beard of directors shall de-
termine; provided, however. that to fix such
salary OrcOmp enSatiOn shall require amajOrity
vote Of AL the members OF the board of direct
ors.
ARTICLE VI.
CONTRACTS OF OFFICIALS.
No contract by any officer Or employee of the
company shall De valid without the previous
authorization or subsequent ratification of the
board OF directors.
ARTICLE VII.
CERTIFICATES OF STOCK.
Certificates of stock shall be Of such form and
device as the beard of directors may direct; and
such certificate shall be signed by the president
and secretary (and in case OF the ahsense of the
president, by the vice president) with the seal
OF the company affixed; and said certificates
shall express on their face their number, date
OF issuance, number Of shares for which. and the
person to whom issued. Several shares may
be issued to the same person or persons, pro-
Vlded that, in the aggregate, they do not exceed
the number OF shares belonging to such person
or persons; and provided further, that no per-
son Shall have issued to him or her nor be the
owner of to exceed twenty shares at any one
time.
The certificate book shall contain a margin
on which shall be entered the ru1nber, date.
number OF shares, aud name or names of the
person or persons, expressed In the correspon-
ding certificates.
ARTICLE VIII.
HOW TO TRANSFER STOCK.
Shares Of stock may be transferred at any
time by the holder or holders thereof, or by
attorney legally constituted. OR legal represent
alive, to any otter member OF this company;
but no such transfer shall be valid except be-
tween the parties thereto, until the same is so
entered upon the books of the company as to
show the names OF the parties, by and to whom
transferred, the number and designation of the
shares, and the date of the transfer.
Before any such transfer shall be entercdupon
the books OF the company the certificate of
stock so transferred shall be surrendered and
cancelled and a rev certificate shall be issued
in lieu thereof. Compiled laws, Sec: 2915.)
The trans er Of any shares OF stock shall not
be valid upon which any portion OF the amount
subscribed is unpaid, Or tne holder OF which is
indebted to the company on amy account what
ever.
ARTICLE ".
BOOKS OPEN TO INSPECTION.
The books and papers i'll the Office of the Sec
rotary and treasurer, or other officers of the
company. Shall be open to inspection as pro-
vided by law.
ARTICLE K.
CORPORATE SEAL.
The seal of tx company shall be circular in
shape, and shall havo inscribed upon the outer
ring Of the circle the words: BLACK Hills Cooper
ative Co.. South Dakota, AMI upon the inner
ring the word: Seal
ARTICLE XII,
AMENDMENTS TO BYLAWS.
These bylaws may be repealed or amended,
or new bylaws may be adopted. at any annual
meeting, Or ut any other meeting OF the stock
holders called for that purpose by tie directors,
by a vo< representing tWo.thlrdS OF the sub
,scrIbs0 .,ock. Compiled laws, Sec. 2922)
ARTICLE Xii.
vs MUST BE CERTIFIED. BYLAWS OPEN
ryss&cr1ox,
AN bylaws adopted must be certified by a
majarity vote of the directors and the secretary
OF tie corporation. and copied in a leg BILE hand
IN some book sept in the Office of the company
10 be known as the "BoOk of Bylaws, and no
bylaw shall take effect until SO copied; and the
Dook shall then be open to Inspection, as pro-
Vlded by law.
Whenever any amendment or new bylaw is
M AOOnfl1 If shall a Mo i ~ fhl hnnL n hv-l1 y