I. All persons connected with the university who shall sign the articles and pay in advance an annual fee of two dollars ($2.00) shall constitute the Harvard Cooperative Society. The payment of such fee shall entitle them to the benefits of the society for the academic year within which it is paid.
II. The society shall be governed by a board of direction consisting of a president, and a treasurer, and fifteen (15) directors, appointed as follows: From the Law School, three (3); two (2) from each class in college, and one (1) each from the faculty, the Scientific School, the Divinity School and the Episcopal Theological School.
III. The president and treasurer shall be chosen by the society at large, at a public meeting, which shall be held on the third Tuesday of February of each year, but they shall serve until their successors are chosen. The directors shall be elected at the first public meeting of the society, but vacancies in their membership occurring thereafter shall be filled by vote of the board, subject to the ratification of the next general meeting. I case any name fails to be ratified, the vacancy shall at once be filled by vote of the meeting.
IV. The board shall hold regular meetings and keep records of the same, and it shall be its duty to regulate the conduct of the business of the society; to prescribe the methods of keeping its accounts and auditing them, and to appoint, remove and fix the pay of the superintendent and his assistants, and in general to supervise and control the operations of the society, and to pass and publish suitable rules defining its methods.
V. There shall be a competent superintendent of the society, whose duties and pay shall be fixed by the board of direction. He shall deposit with the treasurer a bond satisfactory to the board of directors. He shall receive the signatures of members to these articles; collect their annual fees, and keep accurate lists of the members of the society. He shall attend to the receipt, storage and sale of second-hand furniture, books and other articles placed with the society for sale on commission, and shall remit to the depositors the proceeds of such sales after deducting the commissions. He shall make all purchases on behalf of the society, of books, stationers' materials, coal, wood, and such other articles as may be specified by the directors, and shall keep an exact and full account of the same, and also a separate and exact account of articles received for sale on commission, and the proceeds, and disposition of the proceeds thereof, as well as of all other sales, and of cash received from fees and other sources. His accounts and vouchers shall at all times be open to the inspection of the directors, and shall be audited by them at least three times each year. He shall at the close of each academic year report in full and in writing to the directors regarding the transactions of the society for the previous year, and shall pay over to the treasurer any balance in his hands.
VI. The board of directors may appoint one or more members of the university as assistants to the superintendent. No assistant shall be appointed for a longer term than one year. Neither the superintendent nor his associates shall obtain pecuniary benefit from the society beyond the amount of their salaries, except the ordinary incidents of membership.
VII. The income of the society shall be derived from the annual fees of members, a commission of 5 per cent. charged on sales of second-hand articles, and a percentage of not more than 5 per cent. charged above the actual cost price on other articles sold to members. If, at the end of any academic year, it shall be found that the income has exceeded the necessary disbursements of the society by a sum greater than the usual reserve or contingent fund, then such balance shall immediately be paid over by the treasurer of the society to the corporation, to be held by them in trust and suitably invested. The income from such investments shall, by vote of the directors, be devoted to the purchase and free distribution among such members of the society as apply for such aid, of text-books, furniture, or fuel. The treasurer shall keep a special record of all such balances, payments to the corporation, receipt of interest and expenditure of the same, as well as of other cash passing through his hands.
VIII. Persons not members of the society shall in general be denied its privileges, but the directors may allow them, in order to convenience members, to purchase, for cash, any second-hand articles deposited with the society for sale on commission.
IX. The general transactions of the society shall be on a cash basis, but it shall be allowable for the board of directors to instruct the superintendent to give credit, limited as to time and amount, to any specified member of the society, who shall deposit with the treasurer a satisfactory bond or other security to the amount of twenty-five dollars ($25.00). Such bond must first be approved by the treasurer and the directors from the Law School. The time of credit shall not exceed two weeks, nor extend beyond class day, and the amount of credit shall not exceed the amount of the bond.
X. In any cases where the superintendent finds difficulty in gaining credit when contracting for the purchase of articles in large quantities, as in the case of fuel, etc., it shall lie in the power of the treasurer to apply to the corporation to guarantee payment for such articles when delivered.
XI. It shall be the duty of the members of the faculty serving on the board of directors to aid the superintendent in obtaining in advance from the faculty lists of text books to be used in the various courses, and the number of copies likely to be required.
XII. All powers which must of necessity be exercised for the successful management of the society, which are not specifically set forth in the preceding articles, are hereby vested in the board of directors.
XIII. These articles may be amended by a two-thirds vote of the directors and treasurer, approved by the president, or by a three-quarter vote without his approval. Notice of such proposed change must be published in full in the college papers, at least two weeks before the amendment is voted.