As fairly representative of this class of laws, that of Illinois, found in the Revised Statutes of 1905, is reproduced in full:

CHAPTER 32.-Cooperative associations.

SECTION 103. Whenever any number of persons not less than Mode of inthree nor more than seven, may desire to become incorporated as a corporation. cooperative association for the purpose of prosecuting any branch of industry, they shall make a statement to that effect under their hands and seals, duly acknowledged before some officer in the manner provided for the acknowledgment of deeds, setting forth the name of the proposed corporation, its capital stock, its location, and duration of the association, and the particular branch of industry which they intend to prosecute, which statement shall be filed in the office of the secretary of state. The secretary of state shall thereupon issue to such persons a license as commissioners to open books for subscription to the capital stock of such association, at such time and place as they may determine. No license shall be issued to two associations of the same name. The name of the city, village or town in which the association may be located shall form no part of the name.

Sec. 104. No person shall be permitted to subscribe more nor less But one share than one share to the capital stock of such association, nor shall of stock to be

held. any person be permitted in any manner to own or control more or less than one share in such association.

SEC. 105. As soon as ten shares or more of the capital stock Organization. shall be subscribed, the commissioners shall convene a meeting of the subscribers for the purpose of electing directors, adopting bylaws and transacting such other business as shall properly come before them. Notice thereof shall be given by depositing in the post-office, properly addressed to each subscriber, at least ten days before the time fixed, a written or printed notice, stating the object, time and place of such meeting. Directors of associations organized under this act shall be elected, classified, and hold their office for such period of time as is provided by general law governing the election and classification of directors, trustees or managers of corporations.

Sec. 106. The commissioners shall make a full report of their Report of proproceedings, including therein a copy of the notice provided for in ceedings. the foregoing section, a copy of the subscription list, a copy of the by-laws adopted by the association, and the names of the directors elected and their respective terms of office, which report shall be sworn to by at least a majority of the commissioners, and shall be filed in the office of the secretary of state. The secretary shall thereupon issue a certificate of the complete organization of the Certificate. association, making a part thereof a copy of all papers filed in his office in and about the organization of the corporation, and duly authenticated under his hand and seal of state; and the same shall be recorded in the office of the recorder of deeds in the county in which the principal office of such association is located. Upon the recording of said copy the association shall be deemed fully organized, and may proceed to business. Unless such association shall be organized and shall proceed to business within three years after the date of such license, the license to form such association shall be deemed revoked, and all proceedings thereunder shall be void.

SEC. 107. Associations formed under this act shall be bodies Powers. corporate and politic for the period for which they are organized, may sue and be sued, may have a common seal, which they may alter or renew at pleasure; may own, possess and enjoy so much real and personal estate as shall be necessary for the transaction of their business, and may sell and dispose of the same when, in the opinion of the shareholders, it is not required for the uses of the association. They may borrow money at legal rates of interest, and pledge their property, both real and personal, to secure payment thereof, and may have and exercise all powers necessary and


requisite to carry into effect the objects for which they may be

Board of di- Sec. 108. The corporate powers shall be exercised by a board of

directors, the number of which shall be fixed by the by-laws of the
association, but the number may be increased or diminished by a

majority of the shareholders at any properly called meeting. The Officers. officers of the association shall consist of a president, vice-presi

dent, secretary and treasurer, to be elected by the shareholders at
their annual meeting as may be provided for in the by-laws of the
association; who shall be elected at some regular meeting of the
shareholders as may be by by-laws provided. All by-laws of the

association shall be adopted by the shareholders of the association. Compensation SEC. 109. No officer or director shall receive any compensation of officers, etc. for his services except such as may be provided for in the by-laws

of the association. It shall be the duty of the secretary to be
present at all meetings of the directors and meetings of the share-
holders, and faithfully make and preserve a record of all the pro-
ceedings of such meetings, which record shall be kept in a suitable
place accessible to the inspection of any shareholder. He shall be
the bookkeeper of the association, shall keep the accounts between
the association and the individual shareholders, officers and
agents thereof, and between the association and all parties with
whom it may transact business, and such other duties as may be

imposed upon him by the by-laws of the association.
Value of SEC. 110. The shares of stock shall not be less than $50 nor

more than $2,000 per share, and subscriptions therefor shall be
made payable to the association, and in installments, and at such
time or times as shall be determined by the shareholders, and an
action may be maintained in the name of the association to recover
any installment which shall remain due and unpaid for the period
of thirty days after personal demand therefor; or in cases where
personal demand is not made, within thirty days after a written

or printed notice has been deposited in the post-office, properly Payments, directed to the post-office address of the shareholder. The associaforfelture, etc. tion may by by-laws prescribe other penalties for a failure to pay

the installments that may from time to time become due, but no
penalty working forfeiture of stock, or the amount paid thereon,
shall be declared against any shareholder until the personal de.
mand, or written or printed notice above provided for, shall have
been made. Whenever a share of stock shall be forfeited, such
share shall then become the property of the association and may
be reissued to any person not already holding a share. But any
proceeds received from such reissue, over and above the amount
due on said share, by the association, shall be paid to the delin-

quent shareholder.
Assignments, Sec. 111. Every assignment or transfer of stock on which there
liability, etc.

remains any portion unpaid shall be recorded in the books of the
association, and each shareholder shall be liable jointly with the
association as well as severally for the debts of the association
to the extent of the amount that may be un paid upon the share
held by him. No assignor of a share shall be released from any
such indebtedness by reason of any assignment of his share, but
shall remain liable therefor jointly with the assignee and the
association, or severally, until the stock is fully paid up. Every
assignee of a share shall be liable for the amount unpaid thereon,
the same as if he had been an original shareholder. No assign-
ment shall be made to any person who already holds a share.
No assignee or transferee of stock shall have any equitable or
legal title in the same, or have the right to vote at any share-
holders' meeting until such assignment or transfer shall be re-
corded as above provided for. On no question shall any share-

holder have more than one vote.
Division of SEC. 112. All dividends of profits made by any association incor-

porated under this act shall be made in proportion to the amount
of work performed, or product produced by each shareholder, and
the association shall decide by by-law whether each shareholder's
work or product shall be measured by the piece, or by the day

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or hour, or may classify the work, and measure some by the piece, some by the day, and some by the hour, as the exigencies of the case may demand. The association shall also provide by by-law how different kinds of piecework shall be rated, and how piecework shall be rated with day' or hour work; shall provide how and by whom all kinds of work shall be received as properly executed from the shareholders for the association; shall provide the manner of giving out material to the different shareholders with which to work, and as to what position or location shall be assigned to each shareholder and by whom. Should any shareholder be dissatisfied with the decision upon his work, or with the material given him, or the position or location assigned him, he may appeal to the association at some regular meeting of the shareholders, whose decision shall be final. The association may provide by by-law how such appeal may be conducted. If in any kind of industry it should be impossible to assign all shareholders to equally advantageous positions or locations in work, the association may provide that shareholders shall periodically change places, or provide any other method of equalizing such matters in accordance with justice and equity.

SEC. 113. It shall be unlawful for the association to hire any · Employment person to engage in the principal business for which the associa- of labor. tion was organized to prosecute, it being the intent of this act that such labor shall be performed by the shareholders of the association to preserve the cooperative feature. It shall be lawful for any shareholder, in case he shall be detained from work by sickness of self or family, or very urgent business, to employ and furnish a competent substitute to perform such labor as would be assigned to the absent shareholder; and in such case the dividends shall be made to such shareholder the same as if he was present performing his labor himself. The association shall not be liable in any manner for the pay of such substitute.

SEC. 114. Whenever any shareholder may die, his share shall Death become a personal asset of his estate, and may be sold by his shareholder. legal representative to any person, or may be awarded as a dividend of the estate to any person competent to work the share, or to any devisee or legatee competent to work the share, not already a shareholder, and the same may be assigned or transferred in the same manner, and subject to the same regulations prescribed in section 9 [111] of this act. Such legal representative shall have the right to furnish a competent substitute to work the share of such deceased person for the space of two years after the death of the deceased, unless the same shall have been sooner sold, or awarded as an estate dividend, or devise or legacy, as in this section provided, and during the time such substitute may be furnished, such legal representative, for the use of the estate, shall be entitled to vote, receive dividends and shall inure to all the benefits to which the deceased if living and working his share would have been entitled. · Whenever such share shall become a part of the widow's allowance in the course of the administration of the estate of any deceased shareholder, she may furnish Substitute. a competent substitute to work such share, and shall be entitled to all privileges, dividends, etc., to which her husband would have been entitled, so long as she may desire to hold such share. She shall also have the privilege to sell the same whenever she may desire under the provisions of section 9 [111] of this act.

SEC. 115. Any association licensed to operate under this act Increase of may increase its membership of shareholders in such manner as membership. it may by by-law provide, not inconsistent with any of the provisions of this act. SEC. 116. The general assembly hereby reserve the power to

Power represcribe such regulations and provisions governing any and all served. associations incorporated under this act as it may deem advisable, such regulations and provisions to be binding on associations incorporated at the time such regulations may be made as well as those thereafter incorporated.


Powers sur- SEC. 117. All associations organized under this act, whose
giving charter

powers may have expired by limitation or otherwise, shall con-
tinue their corporate capacity during the term of two years for
the purpose only of collecting debts due the association, and selling
and conveying the property and effects thereof, and during such
time shall be capable of prosecuting and defending suits in law
or equity. The dissolution for any cause whatever, of any asso-
ciation incorporated under this act, shall not take away or impair
any remedy given against such association, its shareholders,
officers, or agents, for any liabilities incurred previous to dis-

Access to SEC. 118. It shall be the duty of the directors of any association

to cause to be kept at its principal office, or place of business, in
this State, correct books of account of all its business, and every
shareholder of such association shall have the right at all reason-
able times, by himself or his attorney, to examine the records and

books of account of the association.
Failure to SEC. 119. A failure to elect directors or officers, or both, on the
elect officers.

day designated in the by-laws, or on the day for which notice was
given for election, shall not have the effect of dissolving the asso-
ciation, but such election may be held at any time after proper

Assessments. SEC. 120. All assessments or installments of the unpaid or partly

unpaid shares of stock of any association shall be levied by the
directors in accordance with the provisions of the by-laws, but
any assessment or installment required to be paid shall be levied

pro rata upon all the shares of stock.
Liability for Sec. 121. If the indebtedness of any association shall exceed the

amount of its capital stock, the directors and officers of such asso-
ciation assenting thereto shall be individually liable for such

excess to the creditors of such association.
Paying divi- SEC. 122. If the directors or other officers or agents of any
dends when in association shall declare and pay any dividend, when such associa-

tion is insolvent, or any dividend, the payment of which would
diminish the amount of the capital stock, all directors, officers
and agents assenting thereto shall be jointly and severally liable
for all debts of such association then in existence and for all
which shall thereafter be contracted, while they shall respectively

continue in office.
Meetings of SEC. 123. The board of directors shall hold stated meetings not
directors. less frequent than once each month, as may be provided by the

by-laws, and when such officers shall be present at any meeting,
however called or notitied, or shall sign a written consent on the
record of such meeting, the acts of such meeting shall be as valid
as if legally called and notified. All directors' meetings must be

held within the limits of this State.
Meetings of SEC. 124. The shareholders of every association shall hold regu-
shareholders. lar meetings not less frequently than once each month as may be

provided by the by-laws, and shall be presided over by the presi-
dent of the association, or in his absence the vice-president shall

preside, and in his absence, the meeting may elect a president Quorum.

pro tempore, who shall preside during that meeting. It shall re-
quire a majority of all the shareholders entitled to vote, to be
present, either in person or by written proxy, to constitute a
quorum to transact business, but a smaller number may adjourn

from time to time if they desire or until the next regular meeting. By-laws, vot- SEC. 125. No by-law shall be adopted, amended or repealed, exing, etc.

cept by an affirmative vote of a majority of all the shareholders
entitled to vote. Such vote shall be taken by a call of the roll of
shareholders by the secretary of the meeting, noting the responses,
whether aye or no, opposite their respective names, and which vote
shall be spread upon the records of the proceedings. Votes upon
other questions may be viva voce, showing of hands, or a division
of the house, unless three shareholders by themselves or proxy
shall call for the ayes and noes, when in such case the roll shall be
called and the a ye and no vote taken. If in calling the roll upon
any question, less than a quorum votes, the pending question shall

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still remain as undecided until a quorum shall vote upon the question. Any proposition to amend, repeal or enact any by-law must set forth the by-law as amended, or the one repealed or the new one proposed, and be read at large in open meeting and its consideration postponed until the next meeting, unless a majority of all the shareholders of the association shall, on an aye and no vote, be in favor of considering the question at once.

Sec. 126. If any association or its authorized agents shall do or Forfeiture of refrain from doing any act which shall subject it to a forfeiture of charter for its charter or corporate powers, or shall allow any execution or

cause. decree of any court of record for a payment of money after demand made by the officer, to be returned, “no property found," or to remain unsatisfied thirty days after such demand, or shall dissolve or cease doing business, leaving debts unpaid, suits in equity may be brought against all persons who were shareholders at the time, and liable in any way for the debts of the association by joining the corporation in such suit, and after the assets of the corporation shall have been exhausted, each shareholder may be required to pay his pro rata share of such debts to the amount of his unpaid stock, or to any extent to which he may by law have become individually liable.

SEC. 127. Courts of equity shall have full power, on good cause Dissolution of shown, to dissolve or close up, or take charge of the business of insolvent asso

any association for the benefit of the creditors, to appoint a re-
ceiver therefor who shall have authority, by the name of the re-
ceiver of such association, (giving the name) to sue in all courts,
and do all things necessary to close up its affairs, or to make the
money charged against it and restore it back to the shareholders
of the association, as may be commanded by the decree of court.
Said receiver shall be a citizen of the State of Illinois, and shall
enter into bonds, payable to the people of the State of Illinois, for
the use of all parties interested, in such penalty and with such
sureties as the court may, in the decree or order appointing the
same, require.

The following States have laws of this class :
Alabama.-Code of 1907, sections 3573 to 3588.
California.—Civil Code, sections 653a to 6531.
Connecticut.-General Statutes of 1902, sections 3992 to 4001.
Illinois.-Revised Statutes of 1905, chapter 32, sections 103 to 127.
Kansas.-General Statutes of 1901, sections 1454 to 1456.
Maryland.-Public General Laws, 1903, article 23, sections 14, 16.
Massachusetts.-Revised Laws of 1902, chapter 110, sections 7, 69, 70.
Michigan.-Compiled Laws of 1897, sections 7465 to 747

Minnesota.—Revised Laws of 1905, sections 3073 to 3077; Acts of 1907, chapter 293.

Montana.-Civil Code, sections 870 to 880.
Nevada.-Acts of 1901, chapter 60.
New Jersey.-General Statutes of 1895, pages 894 to $96.
Ohio.-Annotated Statutes of 1900, section 3837.
Pennsylvania.—Brightly's Purdon's Digest, pages 389–397.
Wisconsin.-Annotated Statutes of 1898, section 1786e.

Wyoming.-Constitution, article 10, section 10.

The following statement shows the days which, besides Sunday, have been appointed as legal holidays by the legislatures of the various States and Territories and by the United States Congress for the District of Alaska and the District of Columbia:

January 1New Year's Day.-Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma,

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