"At the annual meeting held on October 2, 1944, in Pittsburgh, the members of the Pennsylvania corporation adopted six resolutions amending its charter. The charter had provided that voting shares be issued to contributors of funds to the Society’s work, but the third amendment eliminated that provision. A report on that annual meeting noted: “Membership in the Society will be limited to not more than 500 . . . Each one chosen must be a full-time servant of the Society or a part-time servant of a company [congregation] of Jehovah’s witnesses and must show the spirit of the Lord.”Thereafter, directors of the Society were to be voted into office by individuals who were fully devoted to Jehovah, irrespective of the amount of money that they contributed to advance the Kingdom work."
I wonder if someone familiar with US corporation law could help me out with this. In England & Wales, the 'members' of a company or corporation are generally shareholders or subscribers. In other words a person (real or corporate) pays or promises to pay a sum of money and in return owns a share of the company. The shares can be of different classes and some may have rights to vote in the running of the company. So far so good.
The quote above seems to indicate that there would be no more than 500 'members' (shareholders), each presumably owning one or more shares. Only those 'qualified' were allowed to own shares and their votes were not in proportion to their investment.
I assume that WT&BTS Penn was not a public corporation (I.e. the shares could not be traded on the open market) but what happened to those who owned shares prior to this amendment? How were voting rights distributed if not by the value of shares owned?
This all sounds like a can of worms to me.