duct of co-operative companies and associations. [Act 398, P. A. 1913.] The People of the State of Michigan enact: § 9950. SECTION 1. Any number of persons, not less than who may five, desiring to become incorporated for the purpose of con- incorporate. ducting any agricultural, dairy, mercantile, manufacturing. or mechanical business in the State of Michigan upon a cooperative plan, or in accordance with the principles of cooperation, may associate themselves as a co-operative corporation, company, association, society or exchange, and by complying with the provisions of this act, they and their successors and assigns may become a body politic and incorporate. § 9951. SEC. 2. For the purposes of this act, the words, Certain words "corporation," "company," "association," "exchange," "so- defined. ciety," or "union" shall be construed to mean the same, and are defined to mean a corporate body whose earnings are distributed, either wholly or in part, on the basis of, or in proportion to, the amount of value of property bought from or sold to stockholders or other persons, or labor performed for, or services rendered to the association. to state, etc. § 9952. SEC. 3. They shall sign and acknowledge written Articles, what articles which shall contain the name of said association and the names and residences of the persons forming the same. Such articles shall also contain a statement of the purposes of the association and shall designate the city, town or village where its principal place of business shall be located. Said articles shall also state the amount of capital stock, the number of shares and the par value of each. § 9953. SEC. 4. The original articles of association or- Where filed. ganized under this act or a true copy thereof, verified as such by the affidavits of two of the signers thereof, shall be filed with the secretary of state. A like verified copy of such articles and certificates of the secretary of state, showing the date when such articles were filed with and accepted by the secretary of state, within thirty days of such filing and acceptance, shall be filed with and recorded by the county clerk of the county in which the principal place of business of the corporation is to be located, and no corporation shall, until such articles be left for record, have legal existence. The county clerk shall forthwith transmit to the secretary of state a certificate stating the time when such copy was recorded. |