INFORMATION KICLATINO TO CO-OPERATION AND ASSOCIATION 13 



a fraction of ten rupees being treated as ten full rupees, and shall be ad- 

 ded to the principal at the end of each half year. Societies must execute a 

 pro-note for the maximum amount fixed in the order sanctioning cash 

 credit. 



Short-Term Cash Credit. — Credit of this description may be allowed to 

 societies in classes II and III. 



Societies may draw from the Central Bank loans to be used exclusively 

 for making short-term loans to their members. A society must fix the 

 maximum amount it will need for making such loans at its annual.meeting, 

 held before 15 August. Any sum thus needed may be drawn, in the form 

 prescribed, from the Central Bank — the purpose for which it is drawn, the 

 date of repajonent and the security offered being stated — provided the 

 total amount outstanding do not exceed the limit fixed at the annual 

 meeting. All sums so borrowed shall be repayable with interest before 

 the 31st of May next after the date of the loan. 



In order to qualify to receive short-term cash credit, societies must sub- 

 mit to the Central Bank, before certain fixed dates, a statement in abstract 

 as to monthly receipts and disbursements, a statement as to the property 

 of members, and an annual balance-sheet and profit and loss statem,ent. 



They must execute a pro-note for the maximum amount of short-term 

 cash credit fixed at the annual meeting. In calculating interest a fraction 

 of ten rupees is treated as ten full rupees. 



Long and Short-Term Loans. — lyoans of this description may be made 

 with the sanction of the board after full information has been obtained from 

 the bank supervisors as to the working of societies applying for them and 

 the needs of the members of these. A society is not entitled to such a loan 

 until it has supplied all the particulars required in the form of application. 

 The board of management will fix the dates of repayment, no loan being made 

 however for more than ten years. Interest and instalments of principal 

 are payable annuall3% within the quarter between i April and 30 June. 

 Statements as to the property of the members of the applying societies must 

 be submitted annually before 30 December, this being an indispensable 

 condition of obtaining a loan. 



UNITE)D STATES. • , 



I. CO-OPERATIVE BUIyl, ASSOCIATIONS. — Wixkjer (Joel G.) in Yearbook of the De- 

 partment of .Agriculture 1916, Washington, Government Printing Office, 19x7. 



Co-operative Bull Associations are formed by farmers for the joint 

 ownership, use and exchange of good, purely bred bull;;. They also may en- 

 courage the careful selection of cows and calves, introduce better methods 

 of feeding, help their members to market dairy stock and dairy products, 

 intelligently fight contagioiis diseases of cattle, and otherwise help to raise 

 the level of the dairy industry. 



