990 ARTICLE 23

An. Code, 1924, sec. 419A. 1935, ch. 529.

431. The provisions of this sub-title (Sections 430 to 458, both in-
clusive) and amendments thereto, are hereby extended to catching, taking,
harvesting, cultivating, farming, propagating, processing, marketing and
distributing fishery products, which term shall include fish, shell fish,
Crustacea, sea weeds and other aquatic forms of animal and vegetable
life, and the products and byproducts thereof, and the term "Agricultural
Products" wherever the same appears in this sub-title shall be deemed
to include "fishery products" as herein defined.

An. Code, 1924, sec. 420. 1922, ch. 197, sec. 470.

432. (a.) Any number of adult persons, not less than five, at least
two of whom are residents of this State, engaged in the production of
agricultural products as farmers, planters, ranchmen, dairymen, bee
keepers, nut or fruit growers may organize a cooperative association, with
or without capital stock, for the purpose of collectively producing, proc-
essing, preparing for market, handling, storing, and marketing in inter-
state and foreign commerce, such products of persons so engaged, or of act-
ing as the selling or buying agent or both for its members. Such associa-
tions may have marketing agencies in common and such associations and
their members may make the necessary contracts and agreements to effect
such purposes.

(b.) Said persons shall sign and acknowledge written articles which
shall contain the name of said association and the name and residences of
the persons forming the same. Such articles shall contain also a statement
of the purposes of the association and shall designate the city, town or
village where its principal office shall be located and shall designate an
officer of the association who shall be the resident agent of the association
as required by Section 10 of this article.

(c.) The articles, if the association is organized with capital stock, shall
state the amount of such stock, the number of shares and the par value of
each share. The issuance of stock, without expressed par value, shall not
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.

An. Code, 1924, sec. 421. 1922, ch. 197, sec. 471. 1929, ch. 226, sec. 421 (p. 720).

433. 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 Commission
who shall record and transmit a copy in all respects as provided in Section
5 of this Article for other corporations.