The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1913-03-19
Published in The Topeka State Journal
March 10, 1881
BILL No. SO.

SENATE BILL No. SO.
AN ACT authorizing the Incorporation Of
cooperative associations, companies,
exchanges, societies unions defining
their powers and the regulations there
Be it enacted by the Legislature of the
State of Kansas:
Section l. Any number of persons, not
less than twenty who are citizens of the
state of Kansas, may associate themselves
together as a cooperative corporation
for the purpose of conducting any agricul-
turing or mechanical business on the
cooperative plan. The title of such
corporation shall begin with TIE ana q
Corpora ton Exchange, Society, or
Union For the purpose of this act the
cooperative Plan" shall be construed 10
mean business concern that distributes
the net profits of its business by; FIRST
the payment of a fixed dividend upon It's
stock; second, the remainder of its profits
are pro rated to its several stockholders
upon their Purchases from or sales 10
said concern or both such purchases ana
sales.
Sec ? They shall sign and acknowl-
edge written articles of incorporation
which shall contain: The name OF corpo-
ration; the names and residences OF tne
persons forming the same; the purpose
of the organization; the primer al pI4ce OF
business; the amount of capital stocK' the
number of shares and the par value OF
each share: the number of directors and
the names of those selected Tor the tlrst
term; the time for which the corporation
Sec g. The original articles OF 1ncorpo-
ration or a certified copy of the SAM
shall be filed with the secretary of state
who shall return to the corporation GER
titled COW of the same, with the date or
filing and attested with the seal or ms
office. upon the approval CT the Charter
Board.
Sec. 4. For filing the articles of incor-
poration and amendments thereto under
this act the same fees shail De PAID 10 I'M; rnf
secretary of state as is now required
under the general corporation law.
Sec. s. No corporation organized under
the provisions of this act shall commence
business until al least twenty per CEN
of its capital stock has been paid Tor In
actual cash, and sworn statement 10
that effect has been filed with the sec
retary of state. and his receipt for the
same shall be construed as permit 10
do business.
managed by a board of not less than five
directors. The directors shall be elected
by and from the stockholders OF the ass,
citation at such times and for such term
of office as the bylaws may prescribe,
and shall hold office for time for which
elected and until Their s nnoT tbe dig
charge of their duties; but majority OIL
the Stockholders shall have power at any
regular or special stockholders meeting
legally called, to remove any director or
official for cause, and fill the vacancy;
and thereupon the directors so removed
shall cease to be a director of said aSso-
ciation The officers of every such asso-
citation shall be: president, one or moi
vice presdents. secretary, and treas
urer who shall be elected annually py
the directors. and each of said OFFICERS
must be a director of the association.
The office of secretary and treasurer may may
be combined, the person ming the Office
shall be northumberland
Sec + No person shall be allowed TO
ten per cent of the capital stock OF such
Each member shall be en-
titled to one and only one vote Tor each
director to be elected 60
CORPORATION
late bylaws prescribing the duties of th3
directors and officials; the manner OK
the profits of its business;
he manner of becoming member; and
such other rules and instructions to Its
officials and members as Will tend to
make the corporation an ef1ecuNe Dusl-
ness organization
Sec. g. Each corporation organized I'M
der the provisions of this act shall make
an annual report to the secretary of state
the same as is required of other corpora
tons: provided such cooperative corpora
ton shall be required to report the
names of it's stockholders and AMOUNT vi
stock owned by each for such years Only !
as may be required by the secretary of
state.
Sec. 10. All cooperative corporations, |
companies, or associations heretofore or
ganized and doing business under prior
statutes or which have attempted to 80
organize and do business, shall have the |
benefit of all of the provisions of this az,
and be bound thereby on paying the fees
provided for in this act and filing with |
the secretary of state, written declara-
ton signed and sworn to by the presiden~
and secretary to the effect that said CO. |
operative company or association has by |
a majority vote of its stockholders de- |
cided TO accept the benefits of and be |
bound by the provisions of this act No |
associat ton organized under this act shall |
be required TO do or perform anything not |
specifically required herein. in order to /
become a corporation. or to continue Its |
business as such
Sec. IL. No corporation. association or /!
COMPANY now or hereafter organized or |
loing business for profit in this state shat! |
be entitled to use the title "Co-operatVe
name or title unless it has complied with |
the provisions of this act: and any cor /
poratfon association company violat- !
ing the provisions of this section may y |
en- joined from doing business under such !
name at the instance of any stockholder |
Of any associat ton legally organized here /
under
sec. L. This act shall take effect and BE-