Pullman herald. [volume] (Pullman, W.T. [Wash.]) 1888-1989, 1913-02-07

ment OF such articles there shall h.
PAID the sum of ten dollars For 70
oording such articles of association
or an amendment thereto. the county
aQoltor shall charge the sum of nf-
teen cents for each 100 words there
oil and fifteen cents for filing ana in
deXing the same.
Sec. >. Every such associo+,on
shall be managed by a board of NOT
less than three trustees. The trustees
shall be elected by a, from tho
s'ockholders of the association at
such time and for such term of office
as the bylaws may prescribe and
shail mold office during the term for
winch they were elected and until
| thelr successors are elected and
qualified; but a majority Of tba
stockholders shall have power at any
regular or special meeting, legally
called for that purpose, to remove any
trustee or officer for cause and rim
the vacancy. The officers of every
such association shall be a president
one or more vice presidents a secre-
tary and treasurer, who shall be
elected annually by the trustees.
Each of said officers must be a mem
Der of the association. All elections
shall be by ballot.
Sec. 6. The articles of association
may be amended by a majority vote
of the stockholders at any regular
stockholders meeting or at any spe-
cial stockholders meeting called for
that purpose, on twenty days written
notice being given to the stockhold-
ers. Said power to amend shall in
Ic'ude the power to increase or dimin-
| ish the amount of capital stock and
the number of shares: provided. the
amount of the capital stock shall not
be diminished below the amount of
the paid up capital stock at the time
such amendment is adopted. Within
80 days after the adoption of an
amendment to its articles of associa-
ton, the association shall cause
copy of such amendment adopted to
be recorded in the office OF the sec
rotary OF state and of the county
| auditor of the county where its prin-
cipal place of business is located.
Sec. I, An association created
| under this act being for mutual well
fare, the words lawful business"
shall extend to every kind of lawful
effort for business, agricultural,
dairy, mercantile, mining, manu-
featuring or mechanical business, on
the cooperative plan.
Sec. 8. No stakeholder in any as
ISOLATION shall own more than one
fifth of the stock of the association
| except as hereinafter provided, No
stakeholder at any meeting shall be
entitled to more than one vote.
Sec, 8. At any regular meeting or
any regularly called special meeting
at which at least majority of all
the stockholders shall be present, or
represented, an association organized
under this act may by a majority vote
of the stockholders present or repre-
scented, subscribe for shares and in
vest it's reserve fund or any part
thereof in the capital stock of any
ether cooperative association.
Sec. 10. Whenever an association
organized under this act shall pur-
chase any stock of another associa-
ton or the interest or any part there.
of of any person or persons, firm or
partnership engaged in any lawful
business as defined in section Z of
this act, it may pay for the same in
whole or in part by issuing to the
selling association or person, firm or
partnership, shares of its capital
stock to an amount, which at par
value, would equal the fair market
value of the stock or interest so pur-
chased and in such case the transfer
to the association of such stock or
interest so purchased at such yalua-
ton shall be equivalent to payment
in cash for the shares of stock so
issued.
Sec. II. In case the cash value of
such stock or interest so purchased
exceeds one-fifth of the par value OF.
the purchasing association, the trus-
tees of the purchasing association are
authorized to hold the shares in ex-
cess of one-fifth of the par value OF
the purchasing association, in trust
for the vendor and dispose of the
same to such person or persons and
within such time as may be mutually
agreed upon by the parties in inter-
est, and shall pay the proceeds there
of as currently received to the former
owners thereof Certificates OF STOCK
shall not be issued to any subscriber
ht,f