The Hartford herald. [volume] (Hartford, Ky.) 1875-1926, 1922-03-29


ed and render written report there
, OF to the Board of Directors OF the
Association when organized: and
shall thereupn turn over to the AS
ISOLATION any balance remaining In
its hands. free of obligation. II 1t
is not so organized. such balance
shall be prorated among the signers
hereof. W
Committee Authority
(. Is. (a) We do hereby authorize
/, the Organization Committee, as the
representative of all subscribers, to
take such steps as 1t may deem
proper, especially in Kentucky, Ten
nessee, Indiana and any other dark
tobacco growing States, to secure
subscribers hereto; and, when the
adequate number has been secured,
to hold primary elections and have
the signers select delegates to elect
the organizing directors from among
growers subscribing hereto; to name
two temporary public directors; and
to take all steps necessary and ad-
visable to organize the Association.
To Keep Up Organization Work
(b) The Association, when organ
ICED shall make every reasonable
effort to secure signatures of addi-
tional growers to the STANFORD Mar
keting Agreement.
Finance and Plants for Storing
Tobacco
16. (a) After due investigation
tae Association may cause a ware
housing or other corporation to be
organized in any community or dis
trict, or generally where any such
need is indicated, for the purpose of
leasing, purchasing or constructing
and operating warehouses. drying or
curing, or rehandling plants, store /
houses or factories. or other places |
to dry, handle, treat, rehandle, pro-
cess, manufacture and warehouse or
store any or all of the tobacco deliv-
cred by members of the Association.
The Association, in all such cases,
shall endeavor to acquire or lease
existing warehouses and plants, es-
pecially where they are owned by
growers.
OBJ Such corporation shall have
an appropriate name, indicating the
district; and shall have common
capital stock and preferred capital
stock and serial bonds, in amounts
estimated as sufficient for their pur-
poses by the directors of the Asso-
citation.
Association Cannot Put Up Plants
Against Desire of Members
(c) The Association shall send o
written notice to every member in
that district or generally, notifying
the members of the intention to or
ganize such corporation, specifying
the amount of capital stock involved;
nature of plants; location of plants
and specific purposes.
The members shall have one week
within which to signify their dissent !
DR. disapproval Of such a plan. II
within one week after the mailing OF
such notices by the Association, the
fail to file written notices
Of such disapproval or dissent, the
Association shall proceed with its
programme and shall organize the
as indicated.
Cd The Organization Committee
nay arrange such plan and send out
such notices accordingly at any time
lfter the minimum sign-up has been
occurred and announced, the notices
" dissent to be filed within one
week after mailing of notices OF the
'lan by the Organization Committees.
For this purpose, the Organization
shall have the right to
lind the Association, when organiz-
ID subject to such dissent or disap-
'roval by members.
COMMON StOck-Only Grower Men,
bers Can Own
(e) The authorized common stock
hall ultimately exceed in amount \
he authorized preferred stock. The
ommon stock shall be sold only to
members of the Association at par;
'ut no member shall purchase origi-
tally or directly more than three !
hares. The common stock shall 4
ave all the voting power Of the \
orporation.
Preferred Stock Has No Vote
(f) The preferred capital fstock
hall be divided into five equal class
S, all bearing eight per cent cumu- y
alive dividends and having similar 4
references, subject TO retirement at I
he rate OF one class or one-fifth