The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1906-05-03
Articles of Incorporation of the West
Branch Cooperative Cream.
cry Company.

w !AucnOtd, uO nefeDy associate our
selves as cooperative association
under the laws of the State of Mime
sofa and have adopted the following
constitution, viz:
ARTICLE I.
The name of the association shall
be the ''West Branch Co-operatiye
Creamery association" and it's place
OF business shall be at Long Siding,
section seven (D in the town OF
Princeton in said Mile Laos county.
ARTICLE II.
The object of the association shall
be the manufacture of butter and
cheese or both from whole milk at
actual cost.
ARTICLE III.
This corporation shall commence as
a body corporate on April 10, 1906,
and the continuance of this corpora
tlon shall be for a period of twenty
years.
ARTICLE ".
The amount of capital stock of this
corporation shall be twenty (2O)
thousand dollars to be divided into
400 shares, of $50 each, said shares to
be paid in, in cash as rapidly as they
shall be subscribed. Each stockhold-
er shall be liable only for the amount
OF stock subscribed for by him.
ARTICLE V.
The highest amount of Indebtedness
or liability to which said corporation
shall at any time be subject shall be
So, 900.
ARTICLE VI.
The officers of this corporation shall
be president, vice president, secre-
tary, treasurer and three trustees,
who shall be elected annually at the
regular annual meeting of the associa-
ton to be held on the first Monday of
January of each year, and their term
OF Office shall be one year and until
their successors shall have been duly
elected and qualified.
ARTICLE VII.
The duties of the respective officers
shall be as follows:
The president shall preside at all
meetings of the association, sign all
drafts and pay over to the treasurer
all moneys which shall have come
into his possession, by virtue of his
official position, taking the treasur-
er's receipt therefor. He shall have
power to call special meetings of the
association when in his Judgment the
business of the association shall re-
quire it.
The vice president shall perform
the duties of the president when he is
absent Or otherwise unable to attend
to them.
The secretary shall keep a record of
all the meetings of the association.
The treasurer shall receive and re-
ceipt for all moneys belonging to the
corporation and shall pay out the
same only upon tie orders which shall
be signed by the secretary. He shall
give a bond in such sum as the asso-
citation shall provide.
The president, vice president, secre-
tary, treasurer and three trustees
whose duties shall be to audit and al
low all Just claims against the corpor-
alton. They shall compute the milk
receipts, the amount of product sold,
and the moneys received therefrom.
and after deducting from the total
receipts the percentage provided for
as sinking fund and also the run
ming expenses, on the Goth day of each
month shall divide the remaining re-
ceipts of the preceding month among
the members and patrons of the asso-
citation, proportionately to the amount
of whole milk or fat furnished by
each. Provided however that in case
of the withdrawal of any member from
this association before the money
herein provided to be borrowed shall
have been paid in full, principal and
interest, all product furnished by such
withdrawing member then in hand,
and any money received from such
product then in the possession of the
association shall be retained until all
such moneys SO borrowed shall have
been fully repaid and thereafter said
moneys or any remainder thereof after
applying the just share of such with
drawing member therefrom to the pay
ment of balance of such Indebtedness
not paid from the sinking fund, shall
be paid over to him or his assigns.
The board of directors shall cause
the secretary to make, in writing, a
report to the annual meeting of the
association, setting forth in detail the
gross amount of milk receipts, the net
amount of receipts from product sold
and all other receipts, the amount
paid out for running expenses, the
sum, if any paid out for milk. and all
other matters pertaining to the bust
ness of the association. A like state
ment, containing the gross amount of
milk receipts, the net receipts from
product sold and all running expenses
of the creamery shall be made and
posted, conspicuously in the creamery
building at the time of the division of
the prior months receipts as afore-
said.
The board of directors shall bor-
row sum not exceeding 5000 dol
lars, to be used by them in the cree
ton, completion and furnishing of
the creamery building and for no
other purpose. Said members of said
board may borrow such money on
their individual responsibility, and
in case they shall do so, then the sink
ing fund herein provided for shall by
them be applied in payment of such
borrowed moneys as the same fall due
in the same manner as though said
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