856 ARTICLE 23.

be allowed. The Association may issue preferred stock or certificates of
indebtedness and may provide by contract with its members or patrons,
for retaining out of any money due from the association to said members
of patrons, any amount sufficient to pay the dividends on such preferred
stock and to accomplish the retirement thereof and of the said certificates
of indebtedness.

(d) The articles, if the association is organized without capital stock,
shall state whether the property rights of members shall be equal or un-
equal, and if unequal, the rule by which the property rights of the respec-
tive members shall be determined. The Association may admit new mem-
bers who shall be entitled to share in the property of the association upon
the same basis as the old members. This provision relating to property
rights, shall not be amended or repealed by the association, except by the
vote of at least three-fourths of the members.

1922, ch. 197, sec. 471.

421. The original articles of incorporation of an association organized
under this sub-title, or a true copy thereof verified as such by the affidavits
of two of the signers thereof shall be filed with the State Tax Commis-
sion who shall record and transmit a copy in all respects as provided in
Section 6 of this article for other corporations, but such cooperative asso-
ciations shall be exempt from the bonus tax provided in Section 106 of
this article.

1922, ch. 197, sec. 472.

422. The articles of incorporation of any association organized under
this sub-title or which may elect to come under the provisions of this sub-
title may be amended in the following manner: The board of directors,
by majority, vote of its members, may pass a resolution setting forth the
full text of the proposed amendment and also the full text of such section
or sections as may be repealed by such amendments. Upon such action by
the board of directors, notice shall be mailed to each and every member
containing a copy of the resolution so adopted, the full text of the pro-
posed amendment and also the full text of such section or sections as
may be repealed by such amendment. Such notice shall also designate the
time and place of the meeting at which such proposed amendment shall
be considered and voted upon, in the same manner as elsewhere provided
in this sub-title. If a quorum of the members is registered as being present
or represented by mail votes at such meeting, a majority of the members
so present or represented by mail vote, may adopt or reject such proposed
amendment; provided that no amendment may be adopted inconsistent
with Section 420.

Said power to amend shall include the power to increase or diminish
the amount of capital stock and the number of shares; provided, that the
amount of the capital stock shall not be diminished below the amount of
the paid-up capital at the time that the amendment is adopted. Within
thirty days after the adoption of an amendment to its articles of incorpora-
tion, an association shall cause a copy of such amendments adopted to be
filed with the State Tax Commission, who shall record and transmit a