Newspapers / Forest City Courier (Forest … / Dec. 3, 1925, edition 1 / Page 15
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BY-LAWS ADOPTED BY FEDERATION Capital Stock is SSO Per Share —Branch of Buncombe Fed eration Now Being Organiz ed in Rutherford County— Important For All Farmers. Following is a copy of the constitu tion and by laws of the Farmers Federation of Buncombe county, of which a branch is being organized in Rutherford county. 1. The Fairview Federation of Farmers shall be incorporated, under the laws of North Carolina. 2. Stock: The capital stock of this Federation shall be $50,000, di vided into 1,000 shares of SSO each. 3. Directors: The business of this corporation shall be conducted by a board of directors elected for one year, who shall serve until their suc «essors are elected. (a) The stockholders shall elect five directors at their annual meet ing. One of these directors shall be elected president, one vice-president and one secretary-treasurer. These officers shall serve until their succes sors are elected. (b) Vacancies in the board of di rectors shall be filled by the directors themselves until the next annual meeting, when vacancy shall be filled by the stockholders. (c) The directors are authorized ' to employ all necessary help to carry on the business successfully. They ■hall fix the compensation of all offi- j cers and employes, provided the j members of the board shall only be j paid for actual services at the rate of j 30 cents per hour. 4. All elections shall be by ballot; and each stockholder shall have only! one vote, though he may have several j shares of stock. 5. The board of directors are au thorized to pay all the running ex penses and all necessary up-keep out; of the gross earnings of the company, | and to use the capital to make neces-; sary improvements and for working capital. They are prohibited from de- j daring over 6 per cent dividends on the stock subscribed. Out of the gross j earnings they shall take the running expenses, a depreciation fund, and at their discretion an educational fund of one-half dollar for every share of I | I I 1 /l /V I S (ffi) f I iPlr t t I S-V.'sv / ♦ %J' iSJ-i':. ! l I iJ - SigsSa I I gfesa I I FINE BOX CANNES j » FOR THE HOLIDAY TRADE | I * t Box Candies for the Christmas Trade. In our | t box candies we have some of the most beauti- | ful novelties ever shown in Forest City. X GENUINE CHOCOLATES $ 5 Pounds for 51.50 | And others in proportion. X We have the exclusive sale of X Schraffts', Mavis and Virginia Dare | And a full line of specially made HOME-MADE | CANDIES —Made fresh every day. | You will have to see our line of Candies to ap- ♦ preciate it. 2 For the best in FRESH FRUITS, come to the | Candy Kitchen. Don't buy fruit until you see | our line. THE CANDY KITCHEN j JOHN THOMAS, Propr. Forest City, N. C. [ I stock. All earnings over this shall be net earnings and shall be prorated back to the stockholders according to patronage. The net earnings or pro fits of the corporation shall be figured as a per cent of the business furnish ed by the stockholders during the year. 6. No dividends shall be drawn from the corporation by a stockholder until said stockholder shall own one share fully paid. 7. Any man giving his note for SSO with interest at the rate of __ per cent per annum and paying $lO in cash on his note shall be entitled to all the benefits of co-operation in this corporation. He shali be given credit r.'or every dollars worth that he buys or sells and at the annual meeting he shall be entitled to a poration on the business furnished. Provided, that no dividends shall be drawn from this corporation by any stockholder until his note is fully paid and until he owns one share of stock in this com pany. 8. Fraud: No stockholder shall market any other member's produce as his own nor give or attempt to give any outsider the benefits of this cor poration. For each offense he shall be fined SSO. Provided, that he is a enant and a stockholder and the land lord is not a stockholder the tenant may market the entire crops as his own and receive proration on the en tire crop as if it were his own, but the landlord must not be given any share of this proration or receive any benefits of co-operation until he be comes a stockholder. When the land lord is a stockholder and the tenant is not, the landlord may market the entire crop through the corporation, but the tenant shall receive none of the proration. 9. Business may be done with non members, but non-members shall re ceive no proration and must not be given any of the benefits of this cor poration. 10. Duties of officers: (a) The president shall preside at the meetings of the stockholders and at the meetings of the directors. He shall sign all certificates of stock, call special meetings of the directors or of the stockholders when he deems it necessary or when 20 per cent of the stockholders demand a meeting in writing by petition. He shall sign all bonds, contracts or other instruments in behalf of this corporation when so ordered by the directors. (b) Vice President. In case of the absence of the president or when call ed upon to serve, the vice president shall perform the duties of the pres ident. He shall be a member of the board of directors. (c) The Secretary-Treasurer shall keep correct minutes of all the meet ings of the directors and of the stock- j holders, have charge of seal, records, books and assets of the corporation, subject to the orders of the directors, j He shall sign all certificates of stock j and attach seal thereto. (d) All officers and employes handling the money of this corpora tion must be sufficiently bonded and the bookkeeper's books must be aud ited once, at least, every year. 11. Safe Margin. The board of; directors shall insist that the manager I buy and sell on a safe margin. They shall not declare over 6 per cent divi dends. All over this shall be net earn ings and shall be prorated back to the stockholders in a patronage dividend. All stockholders who have paid one share in full shall receive cash divi dends. All others shall have the amount due them at the annual meet ing credited on their notes until they own one share, and after this they shall receive cash dividends. 12. Complaints: All complaints shall be made to the directors in writ ing and signed by the complaintant. The directors shall make such investi gation and decision thereon as they shall deem proper, subject to an ap peal to the next regular annual meet ing of the corporation, which decision at the annual meeting shall be final. 13.. The directors shall carry on a continual campaign for more mem bers of the Federation and more stockholders in this corporation and thus increase capital and patronage. 14. The regular meeting of the stockholders shall be on. .. of each year unless that date falls upon Sunday, when the annual meeting shall be..— instead. At the annual meeting the board of directors shall make a full report of the business of the company for the past year. 15. The directors and manager shall make a cut off on December 31 of each year. 10. When a stockholder moves out of the territory so that he cannot pa tronize this corporation he may pre sent his share or shares to the board of directors for sale and it is agreed that the said board of directors will pay him full par value for his stock as soon as they have sale for another share or shares. 17. These by-laws may be amend ed by a majority at any regular an nual meeting of stockholders, or at a special meeting called for that pur pose, conformable to the provision of the law of the state. .18. Quorum. A majority of the directors shall constitute a quorum of that body, and a majority of the stock represented either in person or by proxy shall constitute a quorum at the annual meeting or at a special meeting, but each and every one must be notified of the time, place and ob ject of the meeting. Note: Non-members may purchase through this corporation at prevail ing market prices. GET AT THE CAUSE 1 Many Forest City Fo'ks Are Showing How to Avoid Needless Suffering There's nothing more annoying than kidney weakness or inability to pro erly control the kidney secretions. Night and day alike, the sufferer is tormented and what with the burning and scalding, the attendant bachache, headache and dizziness, life is indeed a burden. Doan's Pills —a stimulant diuretic to the kidneys—have brought peace and comfort to many Forest City people. Profit by this— Mrs. V. G. Lynch, Church St., says: "My little boy, Willie, was troubled with his kidneys. His kidneys acted too often and the secretions were scanty. He seemed to have no control ,over the passage of the secretions. I had used Doan's Pills myself with good results and gave them to him. Doan's relieved him." Price 60c, at all dealers. Don't simply ask for a kidney remedy—get Doan's Pills—the same that Mrs. Lynch had. Foster Milburn Co., Mfgrs., Buffalo, N. Y. Locally at Reinhardt Drug Co. GOITRE GONE "In Three Days I Began to Get Re lief," Says Mrs. Linhart. A Mild Liniment Did It- Ml'S. Chester Linhart, Lewistown, Met, says, "I feel my goitre gone. Am feeling fine. I hope my experi ence will be a benefit to many oth ers. Sorbel-Quadruple can be obtained at most drug stores or write sorbol Company, Mechanicsburg, Ohio. Lo cally at Drue Cm. f™ L •'' , .' r \I -■ I .'" .*4 > ' J 1 jg B ' I : | *mt JIL _ Is*P ':• IJ^L W- ESORAI 1 • I FLFI bSfS i»I is ]S g $«$E ■ ! QBKfi} Farmers Federation Through "The Farmers Federation, Inc." the farmers of Rutherford county may find their salvation. It is incorpor ated under the laws of North Carolina. It is dependable. It is the farmer organized for business. It is the nearest perfect or ganization for the distribution and mar keting of farm products in North Carolina. We send out of North Carolina, annua 1- ly §230,000.000 for food alone, while our banks have saved only §170,000,000 in fif ty years. The Farmers Federation can remedy this deplorable condition. Why not leave this money in the hands of our farmers? The Farmers Federation is endorsed by the reliable institutions of our county, such as The Farmers Bank & Trust Co. of Forest City, by which this space is donated, Farmers Bank £% g«w«a & trust Company FOREST CITY - - CAROLEEN "A Friendly Bank" * \ M naasi !M Capital and Surplus $400,000.00 AN EXTRA MEASURE OF SAFETY AN EXTRA MEASURE OF SERVICE
Forest City Courier (Forest City, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Dec. 3, 1925, edition 1
15
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