Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1907-08-08
No. 235, Al Published June 81, 1907
CHAPTER Al. LAWS OF 1907.

AN ACT to amend section 1T86e, statutes
Of 1893, relating to the organization Of
The peope Of RSe State of
scented In Senate and Assembly. do enact
Section /. Section 1860, statutes of
1898, Is amended to read Section 1889.
!. Any number Of persons, not less than
Ave, may become body corporate for the
purpose Of engaging in and carrying on
any trade or business. upon the mutual. re
ciprocaI or cooperative plan, under such
rules and regulations as they may adopt,
conformably to the provisions of this sec
ton. Such association may sue and be
sued, hold property. execute deeds and con
tracts and have all the rights and privileges
Of other corporations.
h 2 No member of such association shall
hold more than one Office at one time.
Members. and not shares of stock, shall
vote IN electing officers and transacting
bushes shaft W. N6 oe but
be elected nor the constitution or bylaws
be changed except by two-thirds vote by
ballot of all the members present at a
regular meeting Of which each member shall
have had reasonable notice; nor shall any
new business or trade be entered into con-
tracts made or property bought or sold, ex-
cept by such a vote so taken unless the
executive committee or other elected officers
shall be expressly empowered to do SO by
the constitution or bylaws.
8. The shares shall not be less than one
dollar nor more than one hundred
dollars each, but members or the associa-
ton itself may own shares In any similar
association limited in respect to numbers
holding Office as herein mentioned pro-
vided, that the association as such may
own as much as one-third OF the capital
stock Of any similar association; but no
association shall have more than one vote
in the management Of the affairs Of any
other association in which 1t may be a
shareholder.
act may adopt and cause to be printed or
written on each certificate or share of stock
issued the provision hereinafter specified,
and when adopted as aforesaid the holder
Of any stock In such association, in excess
of one or more shares as may be specified,
shall be required to transfer the same in
accordance with such provision as follows :
Whenever the stock held by any person shall
exceed (insert number) shares, such stock
holder shall hold the excess Of said stock sub
ject to sale at the par or face value there
of, to any person complying with the pro-
visions hereof Any person, whether there
tofore st0ckhoder or not, may upon ap-
plicatiOn make such purchase to an amount
which, together with the stock previously
held by such person, shall not exceed a total
of said (insert number) shares. Such ap-
plication shall be made in writing and shall
be filed with the secretary together with a
deposit in cash Of the par value of such
stock, designating the name Of the holder
of such stock and the number of shares
applied for and thereafter no transfer or
assignment of such stock shall be valid ex-
cepting to such applicant and the secretary
shall forthwith give notice to the holder
or Sucn STOCK OF SuCn appIIcaClOu, VINO Sndll
thereupon assign the stock so applied for
on the books of the secretary, or in the
event of his failure SO to do within thirty
days from the filing of the application, the
secretary shall make such assignment and
transfer and pay such deposit to the holder.
5. Persons not members may be en-
pIoyed by such association, but no officer,
member or employee shall hold or handle
any funds belonging to the association or
in any manner transact Its business without
first giving bond to the association in such
sum as it shall require, with three sureties,
who shall each qualify in double such
amount. No such association shall ever
become indebted or enter into obligations
for any property or thing whatsoever for
more than two-thirds of the capital stock
fully paid up.
6. The capital stock held by members
shall be exempt from execution and at
tachment except for debts of the associa-
ton and no member shall be liable for such
debts beyond a sum equal to the par value
of his capital stock paid up and then only
in the proportion that his stock bears to
the entire paid-up stock. Taxes shall be
levied and collected on the property and
goods actually owned and possessed by any
such association at the time of making the
assessment and not on its capital stock or
shares.
Approved June %, 1907.