Method of distribution of earnings of association--provisions ofbylaws.
357.130. 1. The shareholders of such an association at anygeneral or special meeting, shall apportion the earnings by firstsetting aside not less than ten percent of the net profits for areserve fund until an amount has accumulated in the said reservefund equal to fifty percent of the paid-up capital stock, andthen shall be declared a dividend upon paid-up capital stock, tobe determined by the said shareholders, which dividends shall notexceed ten percent and the remainder of the said net profitsshall then be divided by a uniform dividend, determined and basedupon the amount of sales or purchases or upon both the sales andpurchases of those who have done business with such association.In case the association is both a selling and productive company,such last mentioned dividends may be determined by and based uponboth raw material delivered and goods purchased by patrons. Thenet profits of said association shall be distributed at leastonce in each period of twelve months at such time and in suchmanner as may be provided by its bylaws. Each association may,by a majority vote of its shareholders or by their writtenassent, adopt bylaws.
2. Said bylaws may provide for any or all of the followingmatters:
(1) The time, place and manner of calling and conducting itsmeetings;
(2) The number of shareholders constituting a quorum;
(3) The right of shareholders to vote by proxy or by mail,or by both; and the conditions, manner, form and effects of suchvotes;
(4) The number of directors and the number which shallconstitute a quorum;
(5) The qualifications, compensation, duties and term ofoffice of directors and officers; the time of their election andmode and manner of giving notice thereof;
(6) Penalties for the violation of the bylaws; and if theassociation is affiliated with a statewide farm organization, themanner and method of collecting dues of said statewideorganization, through the association;
(7) It shall be lawful for said bylaws to require the holderof stock desiring to dispose of same to first deposit said stockcertificates with the secretary-treasurer, or chairman of theboard of directors; to be sold or purchased under the directionof the board of directors; provided, that said board shall notdispose of or purchase any stock below its bona fide book valuewithout the written consent of the holder thereof, and unlesssaid stock is disposed of or purchased within sixty days afterthe deposit thereof for sale, as above provided, the ownerthereof shall be free to dispose of same without restriction;provided further, that the bylaws may prohibit the transfer ofstock certificates until all claims of the association againstthe owner thereof have been paid;
(8) The business activities which said association isengaged in, manner and method of conducting same, eitherindependently or jointly with other cooperative associations orstatewide farm organizations; provided, that no bylaws shall belegal which attempt to enlarge the powers of associationsorganized hereunder.
Method of distribution of earnings of association--provisions ofbylaws.
357.130. 1. The shareholders of such an association at anygeneral or special meeting, shall apportion the earnings by firstsetting aside not less than ten percent of the net profits for areserve fund until an amount has accumulated in the said reservefund equal to fifty percent of the paid-up capital stock, andthen shall be declared a dividend upon paid-up capital stock, tobe determined by the said shareholders, which dividends shall notexceed ten percent and the remainder of the said net profitsshall then be divided by a uniform dividend, determined and basedupon the amount of sales or purchases or upon both the sales andpurchases of those who have done business with such association.In case the association is both a selling and productive company,such last mentioned dividends may be determined by and based uponboth raw material delivered and goods purchased by patrons. Thenet profits of said association shall be distributed at leastonce in each period of twelve months at such time and in suchmanner as may be provided by its bylaws. Each association may,by a majority vote of its shareholders or by their writtenassent, adopt bylaws.
2. Said bylaws may provide for any or all of the followingmatters:
(1) The time, place and manner of calling and conducting itsmeetings;
(2) The number of shareholders constituting a quorum;
(3) The right of shareholders to vote by proxy or by mail,or by both; and the conditions, manner, form and effects of suchvotes;
(4) The number of directors and the number which shallconstitute a quorum;
(5) The qualifications, compensation, duties and term ofoffice of directors and officers; the time of their election andmode and manner of giving notice thereof;
(6) Penalties for the violation of the bylaws; and if theassociation is affiliated with a statewide farm organization, themanner and method of collecting dues of said statewideorganization, through the association;
(7) It shall be lawful for said bylaws to require the holderof stock desiring to dispose of same to first deposit said stockcertificates with the secretary-treasurer, or chairman of theboard of directors; to be sold or purchased under the directionof the board of directors; provided, that said board shall notdispose of or purchase any stock below its bona fide book valuewithout the written consent of the holder thereof, and unlesssaid stock is disposed of or purchased within sixty days afterthe deposit thereof for sale, as above provided, the ownerthereof shall be free to dispose of same without restriction;provided further, that the bylaws may prohibit the transfer ofstock certificates until all claims of the association againstthe owner thereof have been paid;
(8) The business activities which said association isengaged in, manner and method of conducting same, eitherindependently or jointly with other cooperative associations orstatewide farm organizations; provided, that no bylaws shall belegal which attempt to enlarge the powers of associationsorganized hereunder.
Method of distribution of earnings of association--provisions ofbylaws.
357.130. 1. The shareholders of such an association at anygeneral or special meeting, shall apportion the earnings by firstsetting aside not less than ten percent of the net profits for areserve fund until an amount has accumulated in the said reservefund equal to fifty percent of the paid-up capital stock, andthen shall be declared a dividend upon paid-up capital stock, tobe determined by the said shareholders, which dividends shall notexceed ten percent and the remainder of the said net profitsshall then be divided by a uniform dividend, determined and basedupon the amount of sales or purchases or upon both the sales andpurchases of those who have done business with such association.In case the association is both a selling and productive company,such last mentioned dividends may be determined by and based uponboth raw material delivered and goods purchased by patrons. Thenet profits of said association shall be distributed at leastonce in each period of twelve months at such time and in suchmanner as may be provided by its bylaws. Each association may,by a majority vote of its shareholders or by their writtenassent, adopt bylaws.
2. Said bylaws may provide for any or all of the followingmatters:
(1) The time, place and manner of calling and conducting itsmeetings;
(2) The number of shareholders constituting a quorum;
(3) The right of shareholders to vote by proxy or by mail,or by both; and the conditions, manner, form and effects of suchvotes;
(4) The number of directors and the number which shallconstitute a quorum;
(5) The qualifications, compensation, duties and term ofoffice of directors and officers; the time of their election andmode and manner of giving notice thereof;
(6) Penalties for the violation of the bylaws; and if theassociation is affiliated with a statewide farm organization, themanner and method of collecting dues of said statewideorganization, through the association;
(7) It shall be lawful for said bylaws to require the holderof stock desiring to dispose of same to first deposit said stockcertificates with the secretary-treasurer, or chairman of theboard of directors; to be sold or purchased under the directionof the board of directors; provided, that said board shall notdispose of or purchase any stock below its bona fide book valuewithout the written consent of the holder thereof, and unlesssaid stock is disposed of or purchased within sixty days afterthe deposit thereof for sale, as above provided, the ownerthereof shall be free to dispose of same without restriction;provided further, that the bylaws may prohibit the transfer ofstock certificates until all claims of the association againstthe owner thereof have been paid;
(8) The business activities which said association isengaged in, manner and method of conducting same, eitherindependently or jointly with other cooperative associations orstatewide farm organizations; provided, that no bylaws shall belegal which attempt to enlarge the powers of associationsorganized hereunder.
