Organization and management of consumers' cooperative associations and clubs; (with model by-laws) July 1934

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1934 Excerpt: ... a member who withdraws or is dismissed. Note.--(a) This rule is in the interest of accounting regularity. There is no reason why members should be permitted to withdraw their capital whenever the whim seizes them. The interest of the society and the majority of its members is paramount to that of any one individual. (b) This rule also is to permit sufficient time for consideration by the board of directors, not only of the application itself but of the financial condition of the society as well. Seo. 7. Expulsion from membership.--The board of directors shall at all times have the right to dismiss and repurchase the shares of stock of any member or members who have failed to patronize the business of the society to a minimum amount in the previous fiscal year, as specified in article IV, section 11, or it shall have the right to dismiss and repurchase the shares of stock of any member who has been judged by the board of directors to be acting contrary to the best interests of the society (association): Provided, That said member has had the opportunity to appear in his own defense before the next regular or special meeting of the society (association) and the board of directors has been sustained in its action by a majority vote of the members present. Note.--(a) This minimum amount will vary according to the nature of the business and other local considerations. A society handling milk or bread only would set a much lower figure than one handling a full line of general merchandise. (6) This rule is to insure also the consumer nature of the membership. There are societies whose membership is largely that of nonpurchasing stocKholders, while the business is done largely with nonmembers. In such a case the interest of the member becomes increasingly a stockh...