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pointment and qualification of their successors.
b. The term of all officers may be fixed by the by.laws of the corporation, the same, however, not to exceed two years.
C. The corporations may, by by-laws, make regulations concerning the subscription, or transfer of stock; fix upon the amount of capital to be invested in the enterprise; the division of the same into shares; the time required for the payment thereof by the subscribers for stock ; the amount to be called at any one time; and in case of failure of any stockholder to pay the amount thus subscribed by him at the time and in the amounts thus called, a right of action shall exist in the corporation to sue said defaulting stockholder for the same.
1. Any number of persons, not less than five, may become a body corporate for the purpose of engaging in and carrying on any trade or business upon the mutual, reciprocal or co-operative plan, under such rules and regulations as they may adopt comformably to the provisions of this chapter.
2. Such associations, having duly filed articles of incorporation according to law, may sue and be sued, hold property and execute deeds and contracts, and have all the rights and privileges of other corporations or of citizens.
3. No member of such association shall hold more than one office at one time.
4. Members and not shares of stock shall vote in electing officers and transacting any business of the association of whatsoever nature, but no proxies shall be allowed. No officer shall be elected, nor the constitution or by-laws be changed, added to or repealed, except by a two-thirds vote by ballot of all the members present at a reg. ular meeting, of which each member shall have reasonable notice, nor shall any new business or trade be entered into, or contracts made or property bought or sold except by a two-thirds vote by ballot of all the members present, unless the executive committee or other duly elected officers shall be expressly empowered to do so by the constitution or by-laws.
• Laws of 1887, chapter 126, pp. 120-122.
5. The shares shall not be less than one dollar nor greater than ten dollars each. But members of any such association, or the association, itself, may own shares in any similar association, limited by section three of this act; provided, that the association as such may own as much as one-third of the capital stock of any similar association ; but no association shall have more than one vote in the management of the affairs of any other association in which it may be a shareholder.
6. Persons not members may be employed by such associations, but no officer, member or employe shall hold or handle any funds belonging to the association, or in any manner transact its business without first giving good and sufficient security, signed by at least three persons who will each justify in twice the amount of the bond.
7. No association permitted by this chapter shall ever, under any circumstances, become indebted, or enter into obligations for real estate, goods or any property or thing whatsoever for more than two-thirds of the capital stock fully paid up.
8. Persons not members may purchase goods from such associations, but never for anything but cash or products at cash prices. All sales at retail shall be for cash or products at cash prices; provided that any association formed in pursuance of this act, when engaged in manufacturing or wholesaleing, shall not be prevented by this section from granting the terms and credits usual to the trade, so far as may be deemed judicious and safe.
9. The capital stock of members shall be exempt from execution and attachment, except for the debts of the association; and no member shall be liable for such debts, beyond a sum equal to the par value of his capital stock paid up; and then only in the proportion that his stock bears to the entire stock paid up of the association.
10. Taxes shall be levied and collected on the property and goods actually owned and possessed by any association formed under this chapter at the time of making the assessment, and not on the capital stock, or shares.
11. Nothing contained in this act shall be construed to apply to or add to or take from the powers and privileges of existing corporations, nor to enlarge or abridge or take the place of statutes now in force relating to corporations.
LAWS RELATING TO THE EMPLOYMENT OF LABOR AND AFFECTING THE
INTERESTS OF WAGE EARNERS IN THIS STATE.*
A Supplement to an act entitled “An act providing for the establishment of
schools for industrial education," approved March twenty-fourth, one thousand eight hundred and eighty-one, and making the trustees of such schools a body corporate, and giving them power to lease and purchase real and personal property, to sell and mortgage the same, and to accept and receive donations and bequests of money and property. 1. That the board of trustees of schools for industrial education, provided for and organized under the act to which this is a supplement, be and they are hereby created a body corporate under the name and style of the board of trustees of schools for industrial education,” with the right of perpetual succession, to sue and be sued, to purchase, lease and bold personal and real property, and to sell and mortgage the same, and with power to accept donation and bequests of money and property to be used for the purposes for which the said boards are constituted and organized.
2. That this act shall take effect immediately. Approved March 3d, 1890.
* For the labor legislation of previous years, see the eighth (1885) and subsequent Bureau reports.