SELLING AGENCIES 183 



central organizations to have the same rules governing 

 each. This gives more flexibility to the local organiza- 

 tions and prevents them from getting into any peculiar 

 conditions which would make it difficult to operate them. 



One local society might desire to build a warehouse. 

 Another local organization might not. There are a 

 number of other similar cases which might be mentioned 

 due to peculiarities of local conditions. This would not 

 make it feasible or advisable for both of them to be 

 governed by the same strict rules. The by-laws or con- 

 stitution contains the working agreement of these organ- 

 izations. It specifies: (1) The powers and duties of 

 the directors. (2) Powers and duties of the officers. 

 (3) The meetings. (4) The declaring and handling of 

 the dividends. If it is non-profit sharing, the arranging 

 of the taxes for operating and plan for disposing of 

 the surplus. (5) The method of electing the directors. 

 (6) The methods of issuing stock certificates, kind and 

 dimension, and so on. (7) Membership. 



The membership agreement is necessary and provides 

 ways and means for new members to get into the organ- 

 ization, as well as for a way for dissatisfied ones to get 

 out. No individual will sign himself up for life and, 

 therefore, he must have a means of withdrawing from 

 the exchange if not satisfied. This is usually provided 

 for during one month of each year, most always follow- 

 ing the annual meeting and the closing of the business 

 for the fiscal year. Most apple exchanges would have 

 their annual meeting probably in March or April, after 

 the season's crop was all sold, and then the following 

 month an opportunity is given for any member to with- 

 draw by settling his account with the exchange. (8) 



