First Capital Credits
Co-op Co-op Co-op Votes For Refunds An amendment to the by-laws by-laws by-laws permitting the directors to order refunds of some $90,000 in capital credits to members was approved at the annual business meeting here Friday of the Broad River Rural Electric Cooperative. The meeting was held in connection connection with a : two-day two-day two-day electric fair staged in a tent on the Gaffney Gaffney High School grounds. The Cooperative's by-laws by-laws by-laws were amended three years ago authorizing authorizing capital credits and provision was made whereby capital credits could be paid to members when the Cooperative capital equals 40 per cent of its total assets. ' : Under the amendment voted at the membership's annual business session, capital credits may be paid from time to time at the dis- dis- rretion of directors. Another by-laws by-laws by-laws amendment eliminates proxy voting at business business meetings. About 1,000 persons, among them 221 bona fide members, were on hand for the session highlighting highlighting the second day of a two-day two-day two-day electric fair. Trustees re-elected re-elected re-elected for three year terms were: J. C. Cash of Grover, Fred L. Going of Jones-ville Jones-ville Jones-ville and G. L. Horton of Spartanburg. Spartanburg. The annual financial statement was read by Atty. Harry Cline and reports of the past year's activities presented by Co-operative Co-operative Co-operative president president Carlisle Hart of Kelton and Manager Broadtis V. Brown. The co-operative co-operative co-operative has some 4,26? member on 1,162 miles of lines, most of them in Cherokee, Spartanburg Spartanburg and Union counties. The headquarters is about half a mile south of Gaffney on the Spartanburg Spartanburg highway.