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Debra G. Olson, Digital Project Assistant
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ARTICLE I.
The object of this Association is the organization of the Agricultural, Mechanical and Mercantile interests of the community for mutual benefit.
ARTICLE II.
The officers, for the management of its concerns, shall consist of a President, a Vice President, a Recording and Financial Secretary, a Treasurer, and a Board of Directors, seven in number, of whom five shall constitute a quorum ; all of which officers shall be stockholders, elected annually by ballot, each shareholder to have one vote only, and a majority of all the ballots cast shall be necessary to an election; and each officer thus elected shall hold his office until another shall, in the form aforesaid, be elected in his stead.
ARTICLE III.
The President shall preside at all meetings of the
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Association, and have a vote only on questions on which the votes shall be equally divided. He shall call a special meeting whenever in his judgement the interests of the Association require it, and also whenever a written request shall be made therefor by fifteen or more shareholders, giving at least ten days public notice by written or printed notices posted up in at least six public places where they shall seem most likely to be seen by the shareholders.
ARTICLE IV.
The Vice President shall, in the absence of the President, discharge the duties of the office.
ARTICLE V.
The Recording Secretary shall keep a full and true account of the proceedings of each meeting of the Association, and in case of the absence of the President and Vice President, he shall call the meeting to order, and a President pro tem. shall be chosen without ballot. In case of the absence of the Recording Secretary, a temporary Secretary shall be chosen without ballot.
ARTICLE VI.
The Financial Secretary shall conduct all the correspondence of the Association; submit the same to the Board of Directors; file all the papers of business or correspondence; and keep a full record of the transactions of the Board. In case of his absence, a temporary Secretary shall be orally chosen.
ARTICLE VII.
The Treasurer shall give to the Directors satis-
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factory bail for the full discharge of all his duties; shall safely keep all moneys belonging to the Association; shall pay out the same as ordered by the Board of Directors; and shall report to them monthly, and oftener if required, all receipts and all payments, with the vouchers therefor.
ARTICLE VIII.
The Board of Directors, whenever two thousand dollars shall have been paid in, shall provide a suitable building or buildings, for the transaction of business; shall procure such a stock of Goods as the funds will permit; shall employ such and so many clerks and assistants as they shall deem necessary; shall as often as once a month investigate the affairs of the Association; and at each quarterly meeting, make a summary exhibit of its standing and condition.
ARTICLE IX.
At the annual meeting, the Directors shall cause to be exhibited a full inventory of all merchandise, and all property and all funds belonging to the Association; and a true statement of all expenses incurred; and a balance struck, showing the true condition of the Association's concerns.
ARTICLE X.
The surplus of the available funds, above the stock invested, shall be equally divided among the shareholders according to their stock, if a majority of shareholders attending said annual meeting shall pass a resolution to that effect.
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ARTICLE XI.
The stock of the Association shall consist of shares of twenty dollars each, and shall be transferable on the books of the Treasurer.
ARTICLE XII.
The merchandise of the Association shall be sold to shareholders at an advance of six per cent. only, as nearly as may be, on the whole cost of the article when placed in the store; and at an advance of twelve per cent. on such cost to all others. But nothing shall be sold unless paid for at the time of the sale.
ARTICLE XIII.
This Association shall continue its trade until a majority of all the shareholders shall, at an annual or some quarterly meeting, vote to discontinue its operations. But any shareholder, after his stock shall have been employed two years, may, with the consent of the Directors, withdraw the same, receiving it in goods at the lowest price, after having given sixty days notice of the intended withdrawal.
ARTICLE XIV.
All officers, clerks, agents, or persons having charge of any property or funds of the Association, shall, when required by the Board of Directors, give good and sufficient bail for the faithful, performance of the duties assigned, or to be assigned, them by the By-Laws of the Association; and shall deliver up to their successors, or the Directors when they shall so require, all books, accounts, papers, docu-
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ments, property and funds belonging to the Association.
ARTICLE XV.
No shareholder shall purchase goods at the lower percentage to re-sell to others; nor shall he in any way defraud the Association of their interest in the difference of percentage; and any one transgressing this regulation shall forfeit his stock and privileges in this Association.
ARTICLE XVI.
The books and papers of the Association shall, at all times, be open and subject to the inspection of the shareholders.
ARTICLE XVII.
No spiritous liquors shall be kept or sold by the Association.
ARTICLE XVIII.
The annual meeting of the Association shall hereafter be held at the place of business of the Association, or adjourned thence to some more convenient place, and shall be held on the first Monday in April; and quarterly meetings shall be held in the like manner on the first Monday in July, October, and January, yearly and every year; at which quarterly meeting any vacant offices may be filled; and at any annual or quarterly meeting any proceeding By-Law may be amended, or others added, by a vote of a majority of all the shareholders - but not to violate the fundamental principles of the Association.
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Amendments of Constitution.
I.
ARTICLE XVIII, amended at annual meeting on Saturday, April 7th 1855, - amended to read: The annual meeting "to be held on the first Monday in January; and quarterly meetings to be held on the first Monday of April, July, and October."
II.
ARTICLE XVIII. amended at annual adjourned meeting held Saturday, Jan. 19th 1856, (majority of stockholders being present,) - amended to read: "by a vote of two-thirds of all the shareholders present," instead of "by a vote of a majority of all shareholders."
III.
ARTICLE II., amended same time as above amendment, - to read: "a Board of Directors, three in number, of whom two shall be a quorum;" instead of "a Board of Directors, seven in number, of whom five shall be a quorum."
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URL: http://libwww.syr.edu/digital/collections/g/GerritSmith/701.htm Last modified: January 21, 2003 11:19 AM |
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