Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-04-11

such, shall not be considered as an
officer. but as function. Of the board
secretary shall perform the usual ac-
counting duties OF the treasurer, ex-
cept that the funds shall be deposited
only as and where authorized by the
board OF directors. and whenever
there is a change in the ONCE Of
clerk. the clerk shall file a certificate
Of his election as provided by section
twenty-four Of chapter fifty-one OF
the revised statutes, and an attcsted
copy of such certificate shall be sur
ticent evidence that he Is clerk. for
service of process upon the corpora
ton. until another certificate has
been filed.
Sec. IS. Each officer, employee and
agent handling funds or negotiable
instruments or property of or for any
required to execute and deliver to
the association a bond, satisfactory
to the board OF directors, for the
faithful performance of his duties and
obligations,
Sec. ~. When a member OF an as
ISOLATION established without capital
stock has paid his membership fee in
full. he shall receive a certificate of
membership
No association shall issue stock to
a member until it has been fully
the members may be accepted by the
association as full or partial pay
ment. The association shall hold the
stock as security for the payment of
the note: put such retention as
security shat not affect the mem
No member shall be liable for the
debts OF the association to an amount
exceeding the sum remaining unpaid
on his membership fee or his sub
scription to the capital stock. in
GLIDING any unpaid balance or any
promlssory note given in payment
therefor.
No stocllholder Of a cooperative
association shall own more than one
of the association; and and an 'G as
,s,ociiatlon, IN its bylaws, may
limit the amount Of common
stock which one member may own
TO any amount less than one-twen-
tleth or the common stock
No member or stock holder shall be
gardless Of the number of shares OF
common stock owned by him,
ANY association organized with
ferred stock. with or without the
night to vote. Such stock may be
soid to any rson. member or
non member. and may be re-
deemable or retircable by the as
ISOLATION on such terms and condi-
tons as may be provided in the GER
tlhcate of organization and printed
ON the face of the stock certificate.
The bylaws shall prohibit the trans
Ter or the common stock of the assoc
the production of the agricultural
products handled by the association
and such restrictions shall be print
ell upon every certificate of stock
subject thereto.
The association may. at any time
SnprltjpI tho i -,
when the debts of the association
exceed fifty per cent of the assets
thereof. buy In or purchase its com
mon stock at the book value there
OF, as r"nr!usivoly determined by the
board of directors. and pay for il In
cash within one year thereafter.
Sect. 10. Any member may bring
charges against an officer or director
by ming them in writing with the
secretary OF the association, together
with a petition signed by not less
than I'VE per cent of the members
requesting the removal Of that Off
Ger or director. The removal shall
be voted upon at the next regular o.
special meeting Of the association
and, by vote of a majority of the
members the association may re-
move such officer or director and i'll
the vacancy created b. such removal
The director or officer against whom
such charges have been brought shall
on charges preferred against him. he
Informed in writing of such charges
| and nave opportunity at such meet
| ing to be heard in person. or by coun-
Sci, and to present witnesses: and
| the person or persons bringing the
charges Shall have the same oppor.
! tunty.
| In case the bylaws provide for
election of directors by districts with
primary elections in each district
l f,.y
| director must be signed by not less
| than twenty per cent OF the mem.
| hers residing in the district from
| which lie was elected. The board OF
directors shall call special meeting
! of the members residing in that dis
| tri"t to consider the removal Of the
| director; and by vote of a majorit,
OF the members of that district. the
director in question may be removed
| from office.
Sec. JIG. Upon demand Of one-third
| OF tho entire board of directors. made
| Immediately and so recorded cat the
| same meeting at which the original
motion was passed.. any matter OF
| policy that has been approved or
| passed by the board shall he referred
| to the entire membership or the
| stockholders for decision at the next
special or regular meeting. and a
! special meeting may be called for
| the purpose.
Sec. il. An association and its
| members may make and execute mar
ketinS contracts, requiring the mem
| bers to sell. for any period of time,
not over ten years, all or any speci-
fled part of their agricultural prod
| ucts or specified commodities exclu-
SiVely to or through the association,
or any facilities to be created by the
association. If they contract a sale
| to the association. it shall be conclu-
sively held that title to the products
passes absolutely and unreservedly
| to the association upon delivery ex-
| cept for legally recorded chattel
mortgages given for value and prior
| to the first day of July in any season
on such products or commodities
whether such mortgages are given
contract of sale The contract may
provide. among other things, that the
association may sell or resell the
products delivered by its members,
with or without taking title thereto;
! and pay over to its members the re-
sale price, after deducting all neces-
sary selling. overhead and other
costs and expenses. including inter
est or dividends on stock. not eX-
! ceedng eight per cent per annum,
and reserves for retiring the stock,
il any; and other proper reserves;
and for any other deductions.
Sec. IS. (a) The bylaws or the
marketing contract may fix. as liz
u'datcd damages. specific sum to
be paid by a member or stakeholder
to the association upon the breach by
him of any provision of the market
ing contract regarding the sale or
delivery or Withholding of products
and may further provide that the
member shall pay all costs. premiums
for bonds. expenses and fees, in case
any action is brought upon the con-
tract by the association; and any
such provisions shall be valid and
cnforclble in the courts of this
state: and such clauses providing for
lluuidated damages shall be enforc-
lble as such and shall not be re-
Garded as penalties.
CD In the event OF any such
hraarh M. hrn a