The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1911-12-27

u the RTDSS SdltS VI Tue bobdttO htiV-
by pledged in the Burley Tobacco
Company, Incorporated, or some other
company 10 be incorporated, to be left
to the decision Of the District Board
OF the Burley Tobacco Society prior
to October /, 1872 the stock sub
scribed by him being. .........per
cent of the gross sales OF his tobacco,
and in case Of the failure Of the un-
dersigned to indicate at the time OF
the signing Of this pledge the amount
Of stock subscribed for by him, his
signature to this contract shall be con-
strued as a subscription to said stock
TO an amount equal to twenty per cent
of the gross sales of his tobacco. When
tobacco is sold the undersigned au.
thorizes the Burnley Tobacco Society
to pay for said stock out of the pro-
ceeds Of said tobacco. The shares OF
said stock to be issued to the under
signed, but no fractional shares shall
be issued
The undersigned by reason of this
contract becomes and is entitled to all
the privileges Of a member of the said
Burley Tobacco Society.
Upon his failure to fully comply with
the terms and conditions of this con.
tract, the undersigned hereby agrees
to pay to said society as liquidated
damages twenty per cent of the value
of said tobacco for the benefit of the
members Of said society; but this shall
not be construed as waiver of the
right Of said agent to enforce this con-
tract or to enjoin its breach In equity
The Board of Directors of the Bur
ley Tobacco Society shall dissolve the
pool in any year provided two-thirds
in interest of those who were men,
bers in the preceding year and are still
members in the year in which the vote
Is taken vote accordingly, the proper
tionate interest of each voter to be de-
termined by the quantity of tobacco
which he may have grown and deliv-
cred to the pool in the preceding year.
The Board of Directors may in any
year order and provide for such cleo
| ton to be held at the time Of the an
nual precinct election and shall do so
upon the written demand Of one
fourth of the members of the society.
said demand to be made by written
notice to the society thirty days be-
fore the annual precinct election.
Should the undersigned make a bona
fide sale of any farm or farms pooled
under this pledge or should the title
thereto pass from him by descent or
devise, then and in that event this
contract shall be cancelled on the first
day of January following the sale, or
change of ownership by descent or de-
wise. as to any tobacco grown on such
farm or farms after such date; but the
purchaser, heir or devisee of such
farm or farms shall have the option
to become party to this contract and
to comply with and carry out its terms
and conditions, the exercise of which
option shall be indicated by him on or
| before such date, to-wit: January /, by
endorsing his signature on this pledge I;
| but before a purchaser can exercise
such option the vendor must indicate
his assent thereto by his signature
endorsed on this contract.
If he does not consent to the exercise
of such option by the purchaser, the
vendor shall have the right to sub
stitute in the pool in lieu of the land
sold by him an approximately equal
/ number of acres of land; but his de-
sire to make such substitution must be
indicated on or before January fol-
lowing the sale of his pooled land by
written endorsement signed by him
on the back of this pledge, which en-
dorsement shall describe the land sub.
stituted
| 1t is further understood and agreed
that the pool will be closed, so far as
landlords are concerned, on or before
March l, 1912. in the discretion of the
District Board. and that thereafter no
new members can be admitted but
the District Board of the Burley To-
bacco Society at their regular annual
! meeting in October of each year by
two-thirds vote, may open the books
/ or the Society for the admission of
! new members at such time and upon
such terms and conditions as the Board
may prescribe. The time for closing
the books for the admission of new
members shall be left to the discre.
ton Of the Board.
IL Is distinctly agreed that the earn.
lngs, income and surplus made by the
hurley Tobacco Company upon the
1909 crop shall belong to the mem,
bers of the 1909 pool and that the
BOARD OF Directors of the Burley To.
Dacco Society may invest the same
Tor their benefit in the discretion OF
said Board. On the LIST of October in
each year the Board Of Directors Of
the Burley Tobacco Company shall
nave the right and authority In thei,
discretion to pro rate the estimatef
earnings and surplus of the compan,
among the various stockholders of rec
ord ON the books Of the company al
such date and either to pay same tc
the stockholders in cash or to issut
stock to them for their proportionatt
part OF same.
The undersigned further agrees &c
leave his stock In the Burley Tobacco
Company and to vote same SO as Re
continue that company; but authorizes
the Board of Directors Of the Burle,
Tobacco Society to invest same in the
stock OF such other company as they
may In their discretion organize.
The undersigned further agrees that
the Board of Directors of the Burie,
Tobacco Society may handle and man
age said Burnley Tobacco Compan,
| and anX other aOpnanu In ,.,I,.L