The Hartford republican. (Hartford, Ky.) 18??-1926, 1922-03-17

to the Board Of Directors Of the AS
ISOLATION when organized; and shall
thereupon turn over to. the Associa-
tion any balance remaining in its
hands, free of obligation. II it is not
so organized, such balance shall be
prorated among the signers hereof.
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 prop
er, especially in Kentucky. Tennessee,
Indiana and any other dark tobacco
growing States. to secure subscrib-
ers hereto ;and, when the adequate
number has been secured, to hold pri-
mary elections and have the signers
select delegates to elect the organic
lag directors from among growers
subscribing hereto; to name two tenn
porary public directors; and to take
all steps necessary and advisable to
! organize the Association.
To Keep Up Organization Work.
(b) The Association, when organ
lied shall make every reasonable e.
fort to secure signatures of addition
al growers to the standard Marketing
Agreement.
Finance and Plants for Storing
Tobacco.
16. (a) After due investigation
tbs 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, process,
manufacture and warehouse or store
any or all of the tobacco delivered
by members of the Association. The
Association, in all such cases, shall
endeavor to acquire or lease existing
warehouses and plants, especially
where they are owned by growers.
OBJ Such corporation shall have
an appropriate name, indicating the
district; and shall have common capt. |
tai stock and preferred capital stock /.
and serial bonds, in amounts estimat-
ed as sufficient for their purposes |
by the directors of the Association.
Association Cannot Put Up Plants I
Against Desire of Members.
(c) The Association shall send .
written notice to every member in |
that district or generally. notifying
the members of the intention to orr
ganize such a corporation. specifying
the amount of capital stock involv-
ed; nature of plants; location of
plants and specific purposes.
The members shall have one week
within which to signify their dissent
or disapproval of such a plan. If,
within one week after the mailing of
such notices by the Association, the
majority fail to file written notices of
such disapproval or dissent, the As
ISOLATION shall proceed with its pro-
gramme and shall organize the cor
poration as indicated.
Id The Organization Commit
tee may arrange such plan and send
out such notices accordingly at any
time after the minimum sign-up has
been secured and announced, the no
tees of dissent to be filed within one
week after mailing of notices of the
For this purpose, the Orga Iization
plan by tn, Organization Committees.
Committee shall have the right TO
bind the Association, when organic
I'd subject to such dissent or disap-
prevail by members.
Common StOck-Only Grower Men,
Bers Can Own.
(e) The authorized common
stock shall ultimately exceed in
the authorized preferred
stock. The common stock shall be
sold only to members of the Associa-
ion at par; but no member shall pur-
,hase originally or directly more than
.hree shares. The common stock
hall have all the voting power of
he corporation.
Preferred Stock Has No Vote.
tD The preferred capital stock
STALL be divided into five equal class
IS, all bearing eigh; per cent cumu-
alive dividends and having similar
subject to retirement at
he rate of one class or one-fifty
hereof annually, beginning Deem
Der, 1928. Il
The preferred stock may be sold to
my person. firm or corporation what