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Scripto | Transcribe Page
Hampton Negro Conference. Number III. July 1899.
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ship, active or subscribing, may be refused by the Trustees without explanation and free from any liability whatsoever. That all applications for active membership shall be accompanied by such credentials as the Trustees may see proper to require.
That the execution of the "Contract and Agreement" (hereinafter particularly set forth) by any person shall, upon the approval of the Trustees, constitute such person an active member. And that a subscription by any person or corporation to the shares of the association shall, upon the sanction of the Trustees, constitute such person or corporation a subscribing member thereof.
That the shares of the Association have a par value of $100, each. Shall be sold at par; shall be redeemable (at the option of the Association) after 5 years and within 12 years, and shall bear interest at a rate not exceeding six per cent, and that said interest shall be Cumulative.
That all transactions between the active members and the various departments of the Association shall be under a system of pass books and credit tickets which shall not be negotiable nor transferable.
That all money transactions such as the purchase and sale of merchandise, stock, crops, etc. shall be conducted through the main office of the Association.
That the Association shall forever retain its control over the Savings Funds and also over the mercantile and manufacturing departments established by it, insuring to all active and ex-active members a continuance of their profit-sharing privileges therein so long as they continue the prompt payment of their annual dues.
That the Association shall provide the services of an expert in agriculture (to be known as the Association Superintendent) who shall direct the whole matter of cultivation, planting, harvesting, etc.—whose instructions shall be followed in every detail, and whose judgment shall be final.
For the purpose of presenting the proposition it is assumed that the Association will start with subscriptions to its Capital Stock to the amount of............................$100,000
It is then proposed to purchase, say 5,000 acres of land at an average price of $6.00 per acre..........................$30,000 dividing the same into 200 farms containing, on an average, 25 acres each.
As these farms are taken up by Active members, the Association to make the following expenditure upon each:—
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