276 



Cooperation in Agriculture 



"The net profits of the three Credit Unions for the 

 five months were $61.93, or at the rate of over 9| per cent 

 per annum on their capital. 



"The form of organization of these Credit Unions is 

 similar to that of the Raiffeisen Banks in Germany, upon 

 which most other credit banks throughout the world are 

 modeled. They are controlled entirely by the members. 

 Shares in these Credit Unions are $5 each, and the 

 holder of one share has the same voice and the same rights 

 as the holder of, say, 100 shares. Membership in these 

 Unions is open only to members in good standing of the 

 local Jewish Farmers' Associations. The entire member- 

 ship of a Credit Union constitutes the General Assembly, 

 which has the final decision on all questions. The direct 

 management is in the hands of a Board of Directors of 

 seven members, four of whom are the officers, namely, 

 the President, Vice President, Secretary, and Treasurer. 

 The four officers also constitute the Credit Committee 

 and are in complete charge of the granting of loans. The 

 other three members of the Board constitute a Super- 

 visory Committee, whose duty it is to audit the books 



