Page:United States Statutes at Large Volume 54 Part 1.djvu/516

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Contents. Within the limitations of this Act the articles shall contain- (1) A statement as to the purpose or purposes for which the asso- ciation is formed; (2) The name of the association which shall include the word "cooperative"; (3) The term of existence of the association which may be perpetual; (4) The location and address of the principal office of the asso- ciation; (5) The names and addresses of the incorporators of the asso- ciation; (6) The names and addresses of the directors who shall manage the affairs of the association for the first year, unless sooner changed by the members; (7) A statement of whether the association is organized with or without shares, and the number of shares or memberships subscribed for; (8) If organized with shares, a statement of the amount of author- ized capital, the number and types of shares and the par value thereof which may be placed at any figure, and the rights, preferences, and restrictions of each type of share; (9) The minimum number or value of shares which must be owned in order to qualify for membership; if organized without shares, a statement of whether the property rights of members shall be equal or unequal, and if unequal, the rule by which their rights shall be determined; (10) The maximum amount or percentage of capital which may be owned or controlled by any member; including a statement of whether or not each member shall be limited to a single share, and whether such single shares shall be of various par values; (11) The method by which any surplus, upon dissolution of the association, shall be distributed, in conformity with the requirements of section 36 herein for division of such surplus. Other provisions. The articles may also contain any other provisions not inconsistent with law or with this Act, for the conduct of the association's affairs. SEC. 6 . SAME; FILING; RECORDATION; FEES; EFFECT OF CERTIFICATE.- Filing; recordation; The articles shall be delivered to the recorder of deeds. If he fees; etc. finds that the articles conform to law, he shall file the same upon the payment of a fee of $5, and he shall record the same, upon payment of a fee of $1. Said fees shall be in lieu of any other fees or payments provided in section 552 of the Act entitled "An Act to establish a Code of Law for the District of Columbia" alstat. 1276. approved March 3, 1901, or in any other section of the Code of Supp. v, 14. Laws of the District of Columbia, to be paid for at the time of said filing; and the last paragraph of section 552 of such Act of March 3, 1901, shall have no application to associations organized under Issuance of certifl- this Act. After such filing and recording, he shall issue a certificate cate of incorporation; effect. of incorporation, whereupon the corporate existence shall begin. Such certificate shall be conclusive evidence of the fact that the Quo warranto pro- corporation has been duly incorporated. This shall not preclude ceedings. the institution of quo warranto proceedings under sections 1538 through 1548, both inclusive, of the Act entitled "An Act to estab- 31 tat. 1419. lish a Code of Law for the District of Columbia", approved March 231-2D;' SCpp.e 3, 1901. The filing or recording of the articles or of amendments 231-233 . thereto, or of any other papers pursuant to this Act is required for the purpose of affording all persons the opportunity of acquiring Constructive notice. knowledge of the contents thereof, but no person or incorporated or unincorporated group dealing with the association shall be charged with constructive notice of the contents of any such articles or papers by reason of such filing or recording. [54 STAT. 482 PUBLIC LAWS-CH. 397-JUNE 19, 1940