Industrial freedom. [volume] (Edison, Wash.) 1898-1???, 1898-11-12
DEED OF TRUST.
How the Cooperative Brotherhood
Secures Collective Ownership.

Secures Collective Ownership.
This indenture, made this 9th day of No
vember, A. d. 1885, by and between Cyrus
Field Willard, James b. Fowler and James
S. Ingalls,, parties of the first part and Will
ford p. Borand, Cyrus Field Willard, James
b, Fowler, james D. Ingalls,, Jerome G. De
Almond, William E. Richardson, Francis II.
Clarke, Thomas A. Barnes, d. Burgess, q.
E. FELTON, Alex. Pugh and Archie L. Flint,
parties of the second part
Witnesseth, that whereas The Cooper
alive Brotherhood has been ouly incOrpo-
rated under and 10y virtue of the laws OF the
State of Washington, with capital stock of
Five Thousand Dollars, which said capital
stock has been divided into five hundred
shares of Ten Dollars each; and
Whereas, The purposes for which said
corporation has been formed are to organize
persons for the cooperative production OF
wealth: to secure the equitable e'stributiOn
thereof among those producing it., thereby
dispensing with the wage system; to provide
for the collective ownership OF the means of
production and distributions; and make it
possible for those so organized to recognize
in practical way the brotherh nod of hui
manity; and
Whereas, The said parties of the first part
are the owners and holders OF four hundred
ninety lone shares of the capital stock of said
corporation and desire that all thereof except
one shaie to be held by each OF the directors
of said company, shall be assigned to and
held by the said parties of the second part as
trustees Tor the purpose OF carrying into
effect the objects and purposes herein set
FORTH and
Whereas, Said par ties of tn second part
have agreed to accept said tru and faith.
fully carry out its provisions
Now, therefore, in cOnsiderat' on of the
premises and of the agreement of the said
no nj tn faif hf,,l1x
out and execute said trust, the said parties
OF the first part do, by these presents assign,
transfer and set over unto the parties of the
second part, and to their successors four
hunsred lightweight shares of said stock,
TOR which said parties of the first part have
this day, and as part of this transaction,
executed assignments in the usual form,
which said stock shall be held by the said
parties of the second part as trustees for the
purposes herein specified and subject to the
conditions hereinafter set forth.
MILFORD p. BOrland, Cyrus Field Willard
and James b. Fowler shall be trustees under
this deed until the first Monday of December,
1903; James S. ingalls,, Jerome G. De Almond
and William E. Richardson until the first
Monday of January, 1902; Francis III. Clarke,
Thomas A. Barnes and ID. Burgess until the
first Monday of January 1901; and G. L.
Pelton. Alex. Pugh and Archie L. Flint until
the first Monday of January 1900.
On the first Monday OF December, $780,
and annually thereafter three trustees shall
be elected by the members of The Co-oper-
alive brotherhood to succeed those whose
terms expire on the first Monday of January
following. Such ballot may be taken by
mail ana all members of The Cooperative
brotherhood sn good standing and all CO.
operators over q years of age both male and
female shall be entitled to vote. The three
persons receiving the highest number of votes
shall be declared elected, and shall hold
their Office for four years in each case.
Should any vacancies occur in the Board
of Trustees by death or resignation, persons
shall be elected herein provided at the
next succeeding election to fill out the unex-
pired term.
The said trustees shall carefully keep and
preserve said stock and shall not assign.
transfer, hypothecate or in any manner en-
cumber the same or any part thereof.
AT each annual meeting of the stockholders
of said corporation the said trustees shall
elect board of twelve directors all of
whom shall be in full sympathy with the
purposes of said company, and who will pro-
coed as rapidly as possible to the establish
ment OF all kinds of cooperative industries
for the benefit of those engaged therein
AT such annual meetings seven trustees
shall constitute quorum and may vote all
of the four hundred eight shares of stock
hereby conveyed provided however, that
any trustee VINO may be unable to be present
in person may indicate by letter his prefer
ences for directors and his vote shall be so
recorded with the sams effect as though he
were personally presedt and voting.
Said parties OF the second part shall cause
such regulations to be made and such by
laws to be adopted that no dividend shall
ever be declared or paid ON any of the stock
of said company: that all OF the fixed capital
shall, as rapidly as it shall be created, be
considered as partial payment of the CAPT.
ial stock OF said corporation; that all of the
products of its industries, other than the
hxed capital shall be used in supplying the
wants and providing for the comfort, educa-
tlon and well-being of those engaged in such
industries and for providing empl oyment and
home for persons that may be entitled
thereto under the bylaws, provided that
nothing herein contained shall be construed
to prevent creating fund TO provide for con-
tingencies and liabilities; that provision
shall be made for the maintenance of the
young, the aged, the sick and the intirm who
may have been admitted to any COLONY or
settlement established by said corporation:
that ali OF the wealth produced in said indus
tries shall be produced comparatively and
when distributed shall be distributed eouit-
ably among those producing it, without dis
elimination as to sex, thereby dispensing
with the wage system; that no rules or regu-
lations shall ever be adopted establishing
any system of religion or standard of belief.
After the first day OF January, 1902, no
bonds or other obligations for the payment
OF money shall be issued unless the same shall
be approved in such a manner as NAV be de-
termlned by majority vote of the members
of The Cooperative Brotherhood in good
standing.
Upon the payment OF all the indebtedness
OF said corporation, or SO much thereof as
snail be presented for Davmant after sivty