Greenbelt cooperator., 1940-01-25
COOP KEEPS LkAKSO
Continued from Page ~

The directors selected to serve on the management
committee were Joseph P. LOTUS, Mrs. carnie Harper
and Howard c. Custer. This committee will choose
its own aIman.
The managenent committee consists of three direc-
tors whose duty it is to study management problems
and to advise the entire board in this connection.
The committee has no authority to decide policies
to give orders to the general manager.
The purpose of selecting such committee is to
going into all the details Of various questions which
arise in connection with management problms-con-
stituting large task in themse1ves-which leaves
the other directors with time to devote to
their many other duties Each director has at least
one major asst gnment.
The directors have been ready to take over
since their selection January 3 but techni
associated with the declaration Of patronage re-
turn have necessitated the delay. Howard Custer,
one OF the new directors, was in New York on jan
uary Is conferring with Consumer distribution Cor
poration officials and assisting In getting all de-
tails strai ghtned That conference speeded up
matters considerably and the amended charter was
filed with the State Of Maryland January le which
legally made effective the transformation Of the
organization into consumers cooperative
Action at Saturdays meeting of the directors in
cluded formally ratifying the action taken by the
previous board of directors in connection with the
Reorganization procedure. This included retirement
of stock held by c.. adoption of the financial
scribers Who have paid for at least share, adop
tion of the final form for the certificate of stock
of Series (voting) and Series (non-voting), and
adoption of the final form for the application for
membership and for the commitment to be signedW
the stoclhol ders.
The financial agreement acknowledges the indebt-
edness Of Greenbelt Consumer Services Inc, to Con-
Smer Distribution Corporation to the amount Of
$4,000. c.D.c. originally loaned G.c.s. $4,000
but S. ZOO returned last week. This s., 900 In
cluded $3.50 which local subscribers had paid IN
for shares by the first of the plus 81, $40 Of
the money G.c.S. had on hand.
The commitment to be signed by each stockholder
is statement accepting restrictions voting by
proxy and agreeing to offer his stock to the cooper
ative if and we the shar eholder leaves Greebelt.
The cooperative is not compelled to accept the stock
but this is a device to make that control of
the organization remains in Greenbe1t.
Discussion of the matter of patronage return
postponed for few days inaanuch definite
decision could be arrived at until true financial
picture Of the corporation could be shown by
dit Of the books. Louis Englander, accountant from
the Cooperative League Accounting Bureau, Is now
nearing the compl elton of the annual audit Of the
books Of Gc.s. and it Is expected that the patron
age rebate matter will be considered this week.
The board of directors decided upon the first
Saturday and the third Tuesday of each month the
regular dates for their semi-monthly neeting Spe-
cia1 meetings may be called they become necessary.
All action taken, including the selection of Of
ficers, at Saturdays meeting Of the directors
by unanimous vote.