Gardnerville record. (Gardnerville, Nev.) 1898-1902, 1901-05-02
NEW LAWS OF NEVADA.
Acts Passed By the Last Leg
is|atuTe and ADDToVGd By
The Governor.


incorporation, operation, and man.
agement of cooperative associations.
(Approved March Is, 1901 The
people Of the State of Nevada, repre-
sented in Senate and Assembly, do
enact as follows:
Section ]. 1t shall be lawful for five
or more persons to fof&f n co-operative
association for the purpose of Transact
ing any lawful business Such associa-
tions shall not have or issue any capital
stock, but shall issue membership cer-
tificates to each member thereof, and
such membership certificates cannot be
assigned so that the transferee thereof
can by such transfer become member
of the association except by the reso-
luton of the Board of Directors of the
association. But by the resolution or
consent of the Board Of Directors, such
certificates may be transferred, so that
the transferee may become member
in lieu of the last former holder thereof.
Sec. 2. In such association the
rights and interest of all members shall
be equal, and no member can have or
acquire greater interest therein than
any other member has. At every elec-
ton held pursuant to the bylaws each
member shall be entitled 10 cast one
vote and no more. All persons above
the age of eighteen years, regardless of
sex, shall be eligible to membership, II
otherwise qualified and elected as the
bylaws may provide; provided, that
minors cannot be empowered to make
contracts for the association. The by
laws shall provide for the amount of
the Indebtedness which such associa-
ton may incur. And no member shall
be responsible individually, or person.
ally liable, for any Of the debts or
liabilities of the association in excess OF
his proportion of such Indebtedness;
but in case of the failure and insolvency
of such association may be required to
pay any unpaid dues or installments
which have before such insolvency be-
come due from such member to the as
sociation, pursuant to the bylaws.
Sec. g. Every association formed
under this Act shall prepare articles of
association, i'm writing, which shall set
forth: The name of the association,
the purpose for which 1t is formed, the
place where It's principal business is to
be transacted, the term for which it is
TO exist mot to exceed fifty years., the
number of the Directors thereof, and
the names and residences of those St.
lected for the first year, the amount
which each member is TO pay upon adj
mission as membership fee, and that
each member signing the articles has.
actually paid in such sum, and that the
interest and right of each member
therein IL to be equal. Snch articles of
association must be subscribed by the
original associates or members, and ac-
knowledged by each before some per-
son competent 10 take an acknowledge
articles so subscribed and acknowledged
shall be filed In the Office of the Secre-
tary of State, who shall furnish certi-
fled copy thereof, which shall be filed
in the Office of the County Clerk of the
county where the principal business of
such association is TO he transacted; and
from the time of such filing in the office
of said County Clerk the association
shall he complete, and shall have and
exercise all the powers for which il was
formed.
Sec. 4. Every association formed
under this Act must, within forty days
after il shall 80 become m association,
adopt code OF bylaws for the govern
ment and management of the associa-
ton, not inconsistent with this Act.
A majority of all the associates shall
be necessary to the adoption of such
bylaws, aud the same must be written
In a book, and subscribed by the mem
bers adopting the same; and the same
cannot DE h11lellucu VI hiodiiSu cA'Spi
by vote of the majority of all the
members, after notice of the proposed
amendment shall be given, as the by
laws may provide. Such association
NAV, by its code of bylaws, provide
for the time, place and manner of call
ing and conducting its meetings; the
number of Directors, the time of their
election, their term of office, the mode
and manner of their removal, the mode
and manner of filling vacancies IN the
Board caused by death, resignation,
removal, or otherwise, and the power
and authority Of such Directors, and
how many thereof shall be necessary
to the exercise Of the powers of such
Directors, or any officer; the number
of the officers, If any, other than the
Directors, and their term of office, the
mode of removal, and the method Of
filling vacancy, the mode and man
ner of conducting business, the mode
and manner of conducting elections,
and may provide for voting by ballots