Peninsula enterprise. [volume] (Accomac, Va.) 1881-1965, 1899-10-07
Exmore, Va.
October list, 1899.

The Committee appointed Mt On
lev, Va, on September 10th, 1889, by
the persons there present in meeting
assembled, to draft an outline on the
working plans of Produce Exchange
for the Eastern Shore, beg to submit
the following:
They advise the formation Of a
Joint stock company to be known as
1.-The Eastern Shore Produce Ex-
change, and the chartering of the
same, with minimum Capital Stock
of SO 600. 90, with shares at $500 each,
for the purposes of buying and sell
ing produce, selling produce as agent
of the producer, consigning produce
as agent of the producer, inspecting
all produce it may handle, and own
ing and operating storage warehous-'
es and packing houses for produce.
They advise for said Exchange a
Board of Directors, President, Vice
President. Secretary, Treasurer, Bust
ness Manager, General Inspector,
Local Boards, Local Inspectors and
Local Agents, and that one person be
allowed to hold two or more of said
Offices if elected thereto by the per-
sons authorized to fill said offices.
They advise: That the Exchange
market the produce of any person
placing it with the Exchange to mar
ket, provided such persons be the
holder of at least one share in the En-
change, except that tenants whose
Landlords are shareholders need not
hold shares; but if the produce falls
below the lowest grade handled by
the Exchange, theh it is to be reject
ed;
That the charge for handling pro-
duce be five per cent of the price OBJ
tanned for the same, subject to be In.
creased or diminished by the Board
of Directors as found necessary for
running expenses, and that the Ex-
change shall receive no other proht
or emolument;
That in case any person is not sat
isfed with the grade given to their
produce and desires to withdraw it
from the hands of the Exchange af-
ter it has been inspected they can
do SO provided it has not been brand
ed. or if branded then by transfer
ing it to unbranded packages. but
such withdrawal can only be made
Oh the payment of an inspection fee
of five cents per barrel to the Local
Agent;
That no produce shall receive the
brand of the Exchange except what
is sold or shipped through the Ex-
change;
That there be no restriction on any
shareholder selling his shares in the
Exchange in any way or to whom he
pleases;
That all shareholders in the Elk
change be compelled to ship through
the Exchange, but they shall be al
lowed to sell to outsiders at an ad-
vance on the price quoted by the EX
change, and every violation of this
provision shall work forfeiture Of
one share Of stock for each violation;
That each person shall be entitled
to one vote for each share OF stock
held, but that no one person be al
lowed to hold more than ten per cent
of the whole number Of shares out
standing;
That the person furnishing the pro.
duce be always given the option OF
having his produce shipped or Of hav
ing it sold by the Exchange for him;
That the shareholders fix the sala.
ries of the Directors and the Local
Board members;
That the Board of Directors fix the
salaries Of the Officers, Inspectors
and Agents and direct the Treasurer
when to pay the same;
That after the minimum has been
subscribed as capital for the Ex-
change and paid in, then should any
Local Board at any shipping point
desire to have the Exchange erect a
storage house or packing house at
that point and such Local Board
shall sell and collect for and pay over
to the Treasurer the money for suf11-
cient stock of the Exchange to erect
such house or houses, then it shall be
the duty of the Business Manager to
have such buildings erected as the
Local Board may prescribe and the
amount Of money so raised Will pay
for, and the Business Manager shall
pay for such buildings by orders on
the Treasurer whose duty it shall be
TO pay such orders;
That regular brand for the pro-
duce handled by the Exchange be
adopted by the Directors and copy
right obtained by them for the same;
That potatoes may be presented TO
the Inspectors in baskets but If
brought in barrels they they shall be
dumped and thoroughly inspected;
That all potatoes be shipped in
standard barrels;
That the Boards, Officers and
Agents be respectively elected as