The policies, purposes, and guidelines of "Stage 40," an educational repertory company for students, are presented in this paper, which also explains how the company functions. The paper discusses the company's history, the relationship between the company and academics, and the responsibilities of a company member. Letters by the board members concerning what their membership has meant to them, as well as the company constitution and an explanation of the point system used in classifying the actors are included. (DF)