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Hampton Negro Conference. Number III. July 1899.

1899VA-State-Hampton_Proceedings (78).pdf

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77

The objects of the Association shall be the purchase of large tracts of real estate and the division, leasing and sale thereof to its active members upon such terms and conditions as may seem best to the Board ; so enabling such members to secure their homes through their own thrift ; and at the same time offering to those who wish to become subscribing members an opportunity of making safe investments of capital. While not limiting the amount of any one subscription, preference shall be given to the smallest subscribers and especially to those whose interests are local.

The Trustees shall have the right and power to conduct for the benefit of the Association a co-operative store, warehouse, cotton gin, creamery, and such other manufacturing and mercantile business as may be found necessary for the mutual good; and also shall provide a Savings Fund Department for the accommodation of the active members of the Association.

The Association may establish branches in different communities throughout the State, each with its local organization for management. All such branches, however, shall be under the control and supervision of the Association proper, through which all cash transactions shall be made. A financial statement shall be issued annually and a copy thereof sent to every member, active and subscribing.

The Association shall be chartered perpetually, it being especially provided by the act of incorporation that from and after the expiration of twenty years (or at any time previous thereto if so decided by a vote of five of the seven Trustees) the surplus assets of the Association shall be set aside as a Special Trust Fund to which fund shall be added the annual net earnings of the said Association as the same may thereafter accrue. The principal of this trust shall at all times be liable for the obligations of the Association but, by a majority vote of said Trustees, the net income thereof shall be annually distributed amongst the Trade and Normal Schools already established within the State or for the establishment of new schools of like character, or to any one or more of said schools as the said Trustees may determine.

THE BY-LAWS OF THE ASSOCIATION.

Shall provide, among other things, that both active and subscribing members may be of either sex and of any race, but that the membership may be restricted to such extent as the Trustees may deem wise, and further that any application for member-

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