The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1920-08-01

permanent directors. To be held within
30 days after incorporation.
(bJ The association when organ.
zed, shall make every reasonable effort
to secure signatures Of additional
growers to the standard marketing
agreement. to cover the largest possi-
bic percentage OF the cotton crop of
this state.
| IL. (a) The organization commit
tee shall, after due investigation and
after the necessary minimum of sub
scribers has been secured. organize a
corporation, the Oklahoma Growers
Warehousing Corporation, with com
mon capital stock in nominal amour.
and with preferred capital stock IN an
| amount estimated as sufficient, at
par value, to lease, purchase. construct
and begin the initial business of ade-
quate warehouses or other plants to
handle, treat, process, warehouse or
store any or all Of the cotton de-
livered by the members of the asso-
citation.
(b) The preferred capital stock
shall be divided into seven equal
NldSStot ill st'Ni lNA NN''N
cumulative dividends and having sim
liar preferences. subject to retire
mcnt with Il bonus of two per cent
at the rate of one class or one-seventh
thereof annually, beginning with De
cember, 1922,
(c) All the common stock Shall be
sold and issued to the association as
such. in consideration of its obliga-
ton under the cross-contract or for
cash or otherwise; and such shares
shall be forever held by the associa-
ton, excepting that 1t may issue
certificates for single shares to quail
| ify directors of the corporation, upon
the condition that the certificates be
Immediately returned, properly en-
dorsed, to the association.
The association shall provide by
contract to control the operations and
activities for the corporation and Sc
lect the general, district and local
managers thereof and all superintend-
cnts and employees thereof
(d) The preferred stock of the cor
poration, may be sold TO any person,
firm or corporation whatsoever.
The original issue of preferred stock
shall not exceed ten (s10.00) dollars
for each bale of cotton of the 1919
crop covered by the agreements; but
this amount may be increased pro
portionately as the membership in'
creases.
le) The organization committee, act
| ing conditionally for the corporation,
when organized, shall take every step
permitted by law to secure the neces-
sary funds and the warehouses or
plants here referred to.
Cf) The association shall make a
crosscontract with the corporation,
providing substantially as follows:
That the corporation shall handle,
process treat, store, ship and de-
liver, all as required and directed
by the association. the cotton deiiv-
cred TO it by and at the order of
| the association. Such service Will
| be on non-proft basis; and
the corporation will receive there.
for only the actual costs OF
such operations and amounts, mp
portioned over the entire operations
of any one season, sufficient TO pay
the dividends on the outstanding pre-
ferred stock and to retire in each
of the seven calendar years, begin
ming with 1922, one-seventh Of the
preferred stock. or one class thereof
and sufficient amounts for taxes, in
surance, depreciation, betterments and
commercial and secondary charges. all
as the directors of the association may
instruct and limit the corporation
and not otherwise
(g) As preferred stock is retired,
the association will calculate, as ad-
vances, the value of the contribution
from each growers cotton towards
such retirement and toward pay