7. If the number of its shares is not limited either by its rules or its practice, it is not chargeable with income tax on the profits of its business.

8. It can, in the way provided for by the act, amalgamate with or take over the business of any other society, or convert itself into a company.

9. It can determine the way in which disputes between the society and its officers or members shall be settled.

10. It can dissove itself, either by an instrument of dissolution, signed by three-fourths of its members, or by a resolution passed by a three-fourths vote at any special general meeting, of which there are two forms,-(a), purely voluntary, when the resolution requires confirmation at a second meeting; (b), on account of debts, when one meeting is sufficient. In such a winding up hostile proceedings to seize the property can be stayed.

11. Members cannot be sued individually for the debts of the society, nor compelled to pay more towards them than the sum remaining unpaid on any shares which they have either expressly agreed to take or treated as their property, or which the rules authorize to be so treated.

12. If they transfer or withdraw their shares, they cannot be made liable for any debts contracted subsequently, nor for those subsisting at the time of the transfer or withdrawal, unless the other assets are insufficient to pay them.

13. Persons not under the age of 16 years may become members, and legally do any acts which they could do if of full age, except holding any office.

14. An individual or company may hold any number of shares allowed by the rules not exceeding the nominal value of £200, and any amount so allowed as a loan. A society may hold any number of shares.

15. A member who holds at his death not more than £100 in the society as shares, loans, or deposits, may, by a writing recorded by it, nominate, or vary, or revoke the nomination of any person to take this investment at his death; and if he dies intestate, without having made one subsisting nomination, the committee of management of the society are charged with the administration of the fund; subject in either case to a notice to be given to the Commissioners

of Internal Revenue whenever the sum so dealt with exceeds £80. 16. The members may obtain an inquiry into the position of the society by application to the Registrar.

17. A registered society must have a registered office, and keep its name painted or engraved outside and give due notice of any change to the Registrar.

18. It must have a seal on which its name is engraved.

19. It must have its accounts audited at least once a year and keep a copy of its last balance sheet and the auditor's report constantly hung up in its registered office.

20. It must make to the Registrar, before the first of June in every year, a return of its business during the year ending the 31st of December previous, and supply a copy of last returns gratis to every member or person interested in its funds on application.

21. It must allow any member or person interested in its funds to inspect its books other than the loan or deposit account of any other member.

22. It must supply a copy of its rules to every person on demand, at a price not exceeding one shilling.

make out in February and up in its registered office, a and it has also to make a

23. It it carries on banking, it must August in every year, and keep hung return, in a form prescribed by the act; return every February to the stamp-office under the Banking Act. The non-observance by a society of these duties exposes it and its officers to penalties varying from £1 to £50, which are in some cases cumulative for every week during which the neglect lasts.

UNITED STATES.

CONNECTICUT.*

1. Seven or more persons, of lawful age, inhabitants of the State, may, by written articles of agreement, associate themselves together for the purposes of trade, or for carrying on any lawful mercantile, mechanical, manufacturing or agricultural business within the State, and when such articles of association shall have been executed, and recorded in the office of the town clerk, in the town in which the business is to be carried on, such persons shall be and become a corporation, and enjoy all the powers and privileges, and be subject to all the duties, restrictions and liabilities set forth in all general laws, in relation to similar corporations, except so far as the same may be limited or enlarged by this act.

2. The objects for which such association is established, and the place within which its business is to be carried on, shall be distinctly set forth in its articles of agreement, and it shall not do business in any other place or places than those mentioned in its articles.

3. The business of the association shall be managed and conducted by a president, a board of not less than five directors, and a treasurer, which shall be styled a board of managers, and who shall be chosen annually by the stockholders, and shall hold their offices until others are chosen and qualified in their stead, and such association shall have such other officers as it shall prescribe by its by-laws, and the mode of appointment and choice of such officers shall also be prescribed by the by-laws.

4. The first meeting of such association shall be called in the manner provided for calling the first meeting of joint stock corporations by Section 1,945 General Laws. Such association may make its own by-laws, provided they be not repugnant to this

Act in relation to co-operative associations (1875). See Tittle 28, ch. 118, §§ 1895-1904, Gen. Statutes. This is a transcript of the original Minnesota Act of 1870.

By two of the incorporators by notice in county newspaper, at least fifteen days before the time appointed Such notice may be waived by written consent of all subscribers to capital stock.

chapter nor to the laws of the State, and shall file in the town clerk's office of the town where they transact their business, a copy of all by-laws by them made.

56. The amount of capital stock of such association shall be fixed and limited by its articles of association, at any sum not exceeding fifty thousand dollars. The association may increase or diminish its amount and its number of shares at any meeting of the stockholders, especially called for that purpose, and within five days after the passage of any vote increasing or diminishing the capital stock, shall cause such vote to be recorded in the town clerk's office of the town where its business is carried on, but no share shall be issued for less than its par value.

6. When the association shall have organized, it shall be the duty of the board of managers to prepare a statement of the condition of the association, containing the amount of the capital stock, the par value of the shares, the number of shares issued, the names and residences of the shareholders, and the number of shares owned by each, and the same shall be filed and recorded in the office of the town clerk of the town in which the association proposes to do business; and on or before the tenth day of March in each year thereafter, the board of managers shall prepare a like statement of the same facts as they existed on the first day of March, with a statement of the kind and amount of the property of the association on that day, and of all its debts and liabilities of every kind, and the same shall be filed and recorded in the office of the town clerk of each town in which the association does business, and shall also be filed in the office of the Secretary of State. All the statements provided fo in this section shall be signed and sworn to by a majority of the board of managers.

7. Such association may take, hold and convey such real and personal estate as is necessary for the purposes of its organization, and may sue and be sued in its associate name; and no member thereof shall be entitled to hold or claim any interest therein exceeding the sum of one thousand dollars, nor shall any member upon any subject be entitled to more than one

vote.

8. No certificate of shares shall be issued to any person until the full amount thereof shall have been paid in cash, and no share.