Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1911-08-04
+. 391. AL Published June II, 1911.

passage and publication.
Approved June Is, l9l1. copy A@"'
No. 391, Al Published June IT, 1911
CHAPTER 1858, LAWS OF 19ll.,
AN ACT to create sections 1786e-l to
1786e-17, inclusive, Of the statutes,
relating to the incorporation, OF co
operative associations, and the lees
The people Of the State of Wisconsin,
represented in Senate and Assembly,
do enact as follows:
Section /. There are added to the
Istatu.es seventeen new sections to read:
Section 1786e-1 Any number OF per
sons, not less than five, may asso-
ciate themselves as cooperative I'VE as as
for the purpose of conducting any agr1-
cultural, dairy, mercantile, mining,
manHfaeturng or mG zee or tbe nr
poses Of this act, the words "aSsocla-
ton" Company" "corporatiion,' "eX-
change" society or union" shall be
Section 1786e-2. They shall sign
and acknowledge written articles
which shall contain the name OF sald
ences of the persons, forming. the same.
Such articles shall also contain state
ment of the purposes of the association
and shall designate the city, town or
business shall be located. Said art1co
cles shall also state, the amount OF
capital stock, the number OF SHARES ana
the par value of each.
Section 17S6e-3. The original artl-
cles of incorporation organized under
this act or true e2R9Y ms Jhere of two Of
the Signers thereof, shall be flied with
| the secretary Of state. A like verified
! copy of such articles and certlflcateS
Of the secretary Of state, showing the
date when such articles were filed with
and accepted by the secretary OF state,
within thirty days Of such filing ana &C
| ceptance, shall be filed with and re-
corded by the register of deeds of the
county in which the principal place or
| business of the corporation is to pc
| located, and no corporation shall, until
such articles be left for record have
legal existence. The register of deeds
! shall forthwith transmit to the secre-
tary of state a certificate stating the
time when such copy was recorded.
! Upon receipt of such certificate the
secretary of state shall issue a certifi-
cate of incorporation.
Section 1786e--4. For filing of arti-
cles of incorporation of corporations or
| ganized under this act, there shall be
paid the secretary Of state ten dollars
and for the filing Of an amendment to
such articles, five dollars. For record
i ing copy of such articles the register
of deeds shall receive fee Of twenty
five cents to be paid by the person
presenting such papers for record
Section 17S6e-5. Every such asso--
citation shall be managed by board
! of not less than five directors. Inc dt-
|
the stockholders of the association, at
such time and for such term o. office
as the bylaws may prescribe, ana shal1
| hold office for time for which elected
and until their successors are elected
and shall enter upon the discharge Oh
their duties; but a majority OF the
| st0ckh olders shall have the power at
any regular or special stockholders
| meeting, legally called, to remove any
! director, or officer for cause, and fill
the vacancy. and thereupOn the direc-
for an n 81
| to be director or officer of said aSSO-
citation. The officers Of every such as
ISOLATION shall be a president one or
more vice presidents, a secretary and
| q treasurer, who shall be elected an
nually by the directors, and each of said
officers must be q director OF the as
ISOLATION. The office Of secretary and
treasurer may be combined, and when
so combined the person filling the Of
flee shall be secretary treasurer.
Section 1786e-6: The association
ton by majority vote of it's stockhoId-
erS at any regular stockholders meet
ing, or at any special Stockholders,
ten days notice to the stockholders.
Said power to amend shall include the
power to increase or diminish the
amount Of capital stock and the num-
Der of shares. Provided, the amount
Of the capital stock shall not be dimin-
ished below the amount of paid-up CAPT
tai at time amendment is adopted.
Within thirty days after the adoption
of an amendment to it's articles of in
! corporation an association shall cause
a copy OF such amendment to be adopt
ed to be recorded in the office Of the
secretary OF state and Of the register of
deeds OF the county where the prinCi-
pal place Of business is located.
Section 1786e-7. An association
created under this act shall have pow
er to conduct any agricultural, dairy,
mercantile, mining, manufacturing or
mechanical business, on the co-opera-
tive plan and may buy sell and deal
in the products of any other co-OpeYa-
tive company heretofore organized or
hereafter organized under the provis-
ions of this act
Section 1786e-8. No stakeholder in
any such association shall own shares
of greater aggregate par value than
one thousand dollars, except as here
matter provided, or be entitled to more
than one vote.
Section 17S6e-9. At any regular
meeting, or any regularly called spe-
ciaI meeting at which at least a major
ity of all it's stockholders shall be pre-
sent, or represented an association or
gained under this act may, by a ma
jOrity vote of the stockholders present
or represented subscribe for shares and
invest its reserve fund, or not to ex-
tai, in the capital stock of any other
CO. Operative association
Section 17S6e-10. Whenever an as
ISOLATION, created under this act, shall
purchase the business of another as
ISOLATION person or persons, it may
pav for the same in Whole or in part
by issuing to the selling association
or person shares of it's capital stock to
an amount, which at par value would
equal the fair market value of the
business so purchased, and in such
case the transfer to the association of
such business at such valuation shall
be equivalent to payment in cash for
the shares Of stock SO issued.
Section 17S6e-11. In case the cash
value of such purchased business ex-
| ceeds one thousand dollars, the d.
rectors of the association arc authoriz-
ed to hold the shares In excess Of one
thousand dollars in trust for the vendor
a~d dispose of the same to such per
sons, and within such times as may be
mutually satisfactory to the parties in
interest and to pay the proceeds there
| of as currently received to the former
owner Of said business. Certificates
of stock shall not be issued to any
subscriber until fully paid but the
bylaws of the association may allow
: subscribers to vote as ockholders:
| provided, part of the stock subscribe
for has been paid in cash.
Section 1786e-12. Al any regularly
called general or sr ecial meeting of the
stockholders written vote received by