230 MASS. EXPERIMENT STATION BULLETIN 193. 



(22) Each stockholder shall have a number or mark which shall be per- 

 manently stamped on every case or other package packed by him, or under 

 his direction, for sale through this association. Any loss occasioned by 

 improper packing or grading shall be chargeable to the stockholder whose 

 mark is found on said package. 



(23) Tobacco packed by, or for, any stockholder shall be inspected by 

 an inspector of this association to establish uniformity of grades. 



(24) Any stockholder may withdraw from this association on the 

 fifteenth day of July by giving written notice to the board of managers 

 thirty days before said date, and by transferring his holdings to the asso- 

 ciation at their book value as shown by the last official report of the asso- 

 ciation, but at not less than the par value of the shares. Such ^vithdrawal 

 shall not affect any right of lien which the association has against the 

 withdrawing member or his property until his indebtedness to the associa- 

 tion is fully paid. Said transfer of shares shall be made only upon the 

 books of this association. 



(25) Any stockholder having a grievance or complaint against the asso- 

 ciation may appeal to the board of managers or to the members at any 

 regular or at any special meeting. No member shall be suspended or 

 expelled or deprived of the benefits of the association without first having 

 charges preferred against him, reasonable notice thereof having been given 

 and a hearing before the board of managers having been duly held. 



(26) After a season's expenses are paid, a sum equal to 10 per cent of 

 the net savings of the association for the past year shall be set aside for a 

 contingent fund until there shall have been accumulated thereby a sum 

 equal to 20 per cent of the capital stock of the association. The balance 

 of the season's savings on products shall be divided among local associa- 

 tions holding the stock of this association in proportion to the amount or 

 value of their products sold, and the balance of the season's savings pur- 

 chased shall be divided in like manner. 



(27) Any stockholder who fails to perform his agreement, or fails or 

 refuses to market his tobacco through this association, as provided in his 

 contract with this association, shall pay to this association, as liquidated 

 damages, the sum of 2 cents for each pound of tobacco which he fails to 

 deliver, and such damages may be deducted from any money in the posses- 

 sion of the association due the stockholder. 



(28) The books and business of this association shall be audited quar- 

 terly by auditors selected, as aforesaid, A complete annual audit shall be 

 made previous to the date of each annual meeting, at which meeting the 

 auditor's report shall be presented in full. Special audits shall be made 

 upon order of the board of managers, or upon a majority vote of the mem- 

 bers at any regular or at any special meeting. 



(29) These by-laws may be amended or repealed at any meeting by a 

 two-thirds vote of the members present, provided that notice of such 

 proposed amendment or repeal is included in tlie call for said meeting, and 

 provided that such changes shall be approved by the local associations. 



