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Scripto | Transcribe Page
Colored Convention of the Texas Farmers Association
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A motion proposing semi-annual, instead of annual meetings of the stockholders, was lost. The following
were then submitted:
Article 1. Each stockholder shall have the privilege of casting one vote at all elections for the first share held by him, and one vote for every additional share.
2. The treasurer shall give bond to the directors with approved security, for the faithful performance of his duties, and may at any time be required to increase the bond to a sum equal to double the amount of funds in his hands.
3. The salaries of the agents and employes of the association shall be fixed by the board of directors, and shall always be liberal and in proportion to the amount of funds in hand, and the extent of the business operations being carried out.
4. The stock shall be paid in installments of .... per cent.; the payments to be made twice a year, on the first day of July and January.
The by-laws were adopted seriatim, after thorough discussion. The blank in article 1 was filled with ten, the object, as explained, being to forestall any attempt on the part of capitalists to get control through plurality of shares. The bond of the secretary was fixed at $5000, and the installment payments in the fourth section at twenty-five per cent.
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