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Co-operative Explanation by Dean Ames
To the Editors of the Crimson:
It has been explained to many of those, who have taken an active part in favor of or against various plans of incorporation of the Co-operative Society, that under any plan the legal right to elect the directors must be vested in the stockholders and the legal right to choose the president must rest with the directors. In the plan now under consideration, therefore, the obligation of the stockholders, when electing the directors, to respect the will of the members of the Society as expressed at their annual meeting, must be honorary and not legal. The same is true of the obligation of the directors to follow the instructions of the stockholders and members of the Society in electing the President. It was proposed to make this explanation at the meeting called for Friday evening. But it seems desirable to bring it to the attention of the members before the meeting.
It is proper to add that the plan of incorporation about to be considered was recommended in the confident belief that, for all practical purposes, the honorary obligation imposed upon the stockholders and directors would be fully as effective as any legal obligation. JAMES BARR AMES.