ALBERT C. RITCHIE, GOVERNOR. 441

are distributed to the members in proportion to the volume of
business transacted by said members with the association.

SEC. 470. (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, processing, prepar-
ing for market, handling, storing, and marketing in interstate
and foreign commerce, such products of persons so engaged, or
of acting as the selling or buying agent or both for its mem-
bers. Such associations may have marketing agencies in common
and such associations and their members may make the neces-
sary 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 8A 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, with-
out 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 re-
taining 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 there-
of 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 mem-
bers shall be equal or unequal, and if unequal, the rule by
which the property rights of the respective members shall be
determined. The Association may admit new members 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property rights, shall not be amended or repealed by the asso-
ciation, except by the vote of at least three-fourths of the mem-
bers.