Word: stocked
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Dates: during 1900-1909
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...Harvard Co-operative Society makes all of its purchases on a cash basis--wisely, in order to secure the maximum discount. Practically its only outstanding obligations, therefore, are its leases, and its realizable assets, its stock, are vastly in excess of these liabilities. In proportion to its business it is probably more sound financially than even the Memorial Hall or Randall Hall Dining Associations, excellent institutions as they are. The Directors now propose that this very successfully managed co-operative organization be discontinued, for the new form of organization is co-operative neither in form nor in effect...
...point to any specific harm that is likely to befall, and if they stop to think a moment, they will see how absurd such a supposition is. Is it conceivable that members of the Faculty, who are legally bound by the conditions on which they receive their stock not to make personal profit out of the business, whose interests are closely bound with those of the students, who are peculiarly subject to popular opinion, and finally who are under the control of the President and Fellows of Harvard University, would do anything dishonest or even contrary to the wish...
...this vote the three important points are (1) the direction that the stock of the corporation shall be vested in a stable body of stockholders; (2) the express exception from the privileges of future ticket-holders of "the power of direct management of the affairs of the company;" (3) the provision that the plan when proposed shall be passed on by the members of the Society voting by Australian ballot...
...accordance with this vote, the Directors recommend that the Society apply for a charter under the statutes of Massachusetts. If the recommendation be adopted, the stock will be issued by the present Board of Directors to five stockholders; the present organization will thereupon cease to exist. Certain conditions are specified for acceptance of stock: That the stockholders shall make no personal profit; and they shall provide for the addition each year to the capital stock of a portion of the profits and for the distribution of the rest of the profits to the ticket-holders of the Society. The transfers...
...stockholders, all members of the Faculty, will practically hold their stock in trust for the benefit of members...