Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1911-08-04
WISCONSIN PASSED DURING SESSION OF 1871

signed by him may be read in such
meeting and shall be equivalent to a
| vote Of each of the stockholders so
signing; provided, he has been pre-
viously notified in writing of the exact
motion or resolution upon which such
! vote is taken and a copy of same is for
warded with and attached to the vote
| SO mailed by him.
Section 17S6e-13. The directors, sub
ject to revisions by the association at
any general or special meeting, shall
apportion the earnings by first paying
dividends on the paidup capital stock
not exceeding six per cent per annum,
then setting aside not less than ten per
cent of the net profits for a reserve
fund until an amount has accumulated
| in said reserve fund equal to thirty per
cent of the paid-up. capital stock. and
| five per cent thereof for an educational
fund to be used in teaching co-opera
ton, and the remainder of said net
profits by. uniform dividend upon the
amount of purchases of shareholders
and upon the wages and salaries of
| employees, and one-half of such uniform
! dividend to Observation-Disclosures on the
amount OF their purchases, which may
! be credited to the account of such non
| shareholders on account of capital
stock of the association; but in pro-
les, canneries, elevators. factories, and
the like, dividends shall be on raw
material delivered instead of on goods
/ purchased. In case the association is
the dividends may be on both raw ma
| teriaI delivered and on goods pur-
Section 17S6eN14. The profits or net
earnings of such association shall be
distributed to those entitled thereto,
at such times as the bylaws shall pre-
scribe, which shall be as often as once
in twelve months. If such association,
for five consecutive years shall fail to
declare a dividend upon the shares of it's
paid-up capital, five or more stock
fact, may apply to the circuit court OF
the county, wherein. is situated it's
principal place of business in this state,
for it's dissolution; If, upon hearing;
the allegations of the petition are found
to be true, the court may adjudge
dissolution Of the association.
organized under the terms of this act
shall annually, on or before the first
day of March of each year, make a
report to the secretary of state; such
company, it's principal place OF bust
ness in this state, and generally
statement as to it's business. showing
total amount of business transacted,
amount Of capital stock subscribed for
and paid in, number of stockholders.
total expenses of operation, amount OF
Indebtedness or liabilities. and It's prof
Section 1786e-16. All cooperative
corporations, companies, or associa-
tions heretofore organized and doing
business under prior statutes, or which
have attempted to so organize and do
business, shall have the benefit of all
of all the provisions of this act and be
bound thereby on filing with the secre-
tary of state a written declaration
signed and sworn to by the president
and secretary to the effect that said
cooperative company or association
has by a majority vote of it's stock
holders decided to accept the benefits
of and to be bound by the provisions Of
this act. No association organized un
der this act shall be required to do or
perform anything not specifically re-
CURED herein, in order to become a
corporation or to continue it's business
as such.
Section 1786e-17. No corporation or
association hereafter organized or doing
business for profit in this state shall
be entitled to use the term "co-oper-
ative" as part of it's corporate or other
business name or title, unless it has
complied with the provisions Of this
act; and any corporation or association
violating the provisions of this section
may be enjoined from doing business
under such name at the instance of any
stockholder Of any association legally
organized hereunder.
Section 2. This act shall take effect
and be in force from and after it's
passage and publication.
Approved June Is, 1911. Copy Law.