Hopkinsville Kentuckian. [volume] (Hopkinsville, Ky.) 1889-1918, 1906-09-20
CONDITIONS
OF CHARTER
AS Agreed to Are Set Forth
BY Association.
OBJECTIONS LESSENED.
Explanatory Agreement Sent
Out By Officers of the
Company.

Whereas, The Planters Protec-
tive Association of Kentucky, Ten
nessee and Virginia was not organ
lied for profit to it's stockholders,
but solely for the purpose, of aiding
the tobacco farmers of said states to
sell their tobacco through said Asso-
citation, in order to more effectually
fight depression of prices by the
tobacco trust.
Therefore, the stockholders of
said Planters Protective Association
of Kentucky, Tennessee and Virginia,
do hereby agree with it, and with
each other, to conduct the business
of the said Association, solely to ac-
complish the above object. They
further agree that no dividend or
division of profits, if any should ever
arse, shall ever be declared or paid
upon any of its capital stock, and
every subscriber. to, and every pur-
chaser of, said capital stock, accepts
his stock with this condition and.shall
hold same under this agreement and
with this understanding.
1t is further agreed, that when
this corporation shall expire, by
limitation of its charter, or shall be
wound up by agreement of its stock
holders or by law, or shall otherwise
cease to do business, if afgef pay
ment of all its debts and liabilities,
there shall remain a surplus in its
treasury, in that event, said surplus
shall be paid over to those parties,
who have during that year, in which
said corporation ceased to do bust
ness sold their tobacco through said
Association, in proportion to the
amount of each of such persons
sales for that year. Every director
in this corporation shall subscribe
and pay for three shares of stock at
one dollar per share and shall hold
same uIder'this agreement and I'M
derstanding, and when his term of
Office shall expire and his successor
be elected, he shall sell and transfer
his stock to his successor at the
same price, to be held by .such sue
cessor, as herein provided.
1t is further agreed that all sales of
shares of the stock Of this Associa-
ton shall be void, without the con-
sent of the Board of Directors
thereto given in regular meeting of
said Directors; the stock shall be is
sued and accepted on this condition.
1t is further agreed that the
farmers who have pledged their
tobacco to this Association, shall on
the first Saturday in September,
annually, assemble at their several
voting places or precincts, and elect
one of their number, chairman; and
said district chairmen shall, on the
second Saturday in September, an
nually, assemble at the court house,
in their several counties, and elect
their county chairman and said
county chairmen shall be reported
to the stockholders of this Associa-
ton, who shall elect said county
chairmen, Directors of the Associa-
ton; so that the affairs of this AS
ISOLATION shall, at all times, be UNI
der the control of those who pledge
their tobacco to this Association.
1t is further agreed that the
President, General Manager, Sec
rotary and Treasurer shall have the
right to sit in the meeting of the
Board of Directors and have the
right to participate in the proceed
ings thereof.
All of the above conditions and
provisions are hereby agreed to by
all persons, who are now, or shall
hereafter become shareholders in
this Association, shall accept and
hold same subject to all of the
above conditions and all of said con-
ditiens shall be fully set out in every
certificate of stock.