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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
directors, the number of which shall be fixed by the by-laws of the
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
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
imposed upon him by the by-laws of the association.
more than $2,000 per share, and subscriptions therefor shall be
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
remains any portion unpaid shall be recorded in the books of the
holder have more than one vote.
porated under this act shall be made in proportion to the amount
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  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  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
powers may have expired by limitation or otherwise, shall con-
to cause to be kept at its principal office, or place of business, in
books of account of the association.
day designated in the by-laws, or on the day for which notice was
unpaid shares of stock of any association shall be levied by the
pro rata upon all the shares of stock.
amount of its capital stock, the directors and officers of such asso-
excess to the creditors of such association.
tion is insolvent, or any dividend, the payment of which would
continue in office.
by-laws, and when such officers shall be present at any meeting,
held within the limits of this State.
provided by the by-laws, and shall be presided over by the presi-
preside, and in his absence, the meeting may elect a president Quorum.
pro tempore, who shall preside during that meeting. It shall re-
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
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
The following States have laws of this class :
Minnesota.—Revised Laws of 1905, sections 3073 to 3077; Acts of 1907, chapter 293.
Montana.-Civil Code, sections 870 to 880.
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 1–New 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,