| 937 at the next annual conference sixty thousand more may be granted.
15. That all machinery requisite for factories and other implements, shall be procured among the members if possible, and that payment for these shall be taken in shares where practicable, and that the wants of the shareholders shall first be supplied out of any stores belonging to the society, at a small remunerating profit, others buying, to pay the market price.
16. That no money shall be returned to the shareholders, until the end of five years, and if at the annual meeting, then to be held, a majority of the members or their delegates shall see proper, and resolve that the business of this association can be carried on solely with the accumulated profit, then they may order that the amount of shares paid up, shall be repaid to the stockholders, or if otherwise that the business shall be carried on for other five years, with the original capital and profit thereon, paying a dividend to the shareholders, at the rate of not less than ten per cent, per annum.
17. That this association be legally constituted, viz: by Deed of Partnership, Enrolment [Enrollment] in Chancery, or Act of Parliament in Great Britain, and by Congress Act, or Registration in America, as the Committee of Directors shall see proper.
18. That the directors shall be empowered to find offices, clerks, &c., at the expense of the association.
19. That five per cent, and no more, on all business done be reserved to cover these and other office expenses.
20. That two directors, viz: Thomas Ward, President, and Thomas Wilson, Secretary, sue and be sued in their own names on behalf of this association, and be supported and indemnified therein from the funds of the same.
21. That the business of this association be allowed to have commenced on the 7th of April, 1845.
22. That the sale and transfer of shares be recognized by the directors, who shall determine the form thereof.
23. That if any shareholders neglect to pay their monthly instalments [installments] due, one penny per month of fine shall be imposed, and if they neglect to pay the instalments [installments] for six months, the amount paid shall be forfeited, and added to the stock, but that they be warned in writing, at least fourteen days before the expiration of the said six months, under the hand of the secretary of the district.
24. That the names, places of abode, and number of shares of each proprietor be entered in the shareholders' register.
25. That these shares be considered personal property, and as such may be devised and disposed of.
26. That two-thirds of the fifteen directors may remit forfeitures, and have a discretionary power to act in all matters not herein provided for, as they shall deem best for the welfare of the association; distinctly recording these and all their other acts in minutes to be laid before the annual meeting of proprietors or delegates.
27. That the directors books be balanced every six months, and a balance sheet containing all the particulars of business be at the said annual meeting submitted, audited, and passed if approved of by the shareholders or their delegates, an abstract of which may be published if ordered at the said annual meeting.
28. That the directors appoint their own chairman and deputy chairman from time to time as need may be, and upon the disease of any director, they vote another into his place until the next annual meeting.
29. That the directors if necessary may appoint committees, delegates, and agents, to assist in promoting the welfare of the association.
30. That these directors may purchase and sell shares, and be the general brokers of this society, and in any of all cases of dispute, be empowered to refer matters to arbitration, one arbiter being appointed by each aggrieved party, and the two so named to appoint a third, before entering on the reference,-their award in writing to be final.
31. That letters of attorney, and other legal documents not herein named, be executed in the names of the directors aforesaid, appointed to sue and be sued in all legal matters connected herewith.
32. That directors may resign, and others be appointed, as in case of death aforesaid.
33. That two-thirds of the directors have power to remove any directors for conduct prejudicial to this company, their places being supplied within ten days as aforesaid, until the general annual meeting of shareholders or delegates.
34. That notices of general meetings be sent through the post fourteen days before these be held; that the weekly and monthly meetings be convened, as the committee and directors shall see fit.
35. That the obligations of shareholders on transfer or forfeiture of their shares shall cease, and that the person in whose name they shall be registered be considered the real owner; all transfers to be duly registered, and the husband of any female proprietor must become a proprietor by sale or transfer as aforesaid, and by the approbation of two thirds of the directors or
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