CITRUS GROWERS' EXCHANGES 63 



the year such subscriptions were or will be respectively paid. 

 The debit balance of such stock investment shall be inven- 

 toried each year as packing house supplies, and all principal 

 or interest repaid shall be ratably credited to the boxes 

 packed each year as repaid respectively. 



6. The Board of Directors may fix the boundaries of 

 the territory tributary to the packing house of this Asso- 

 ciation from which fruit will be received and packed, but 

 after a member has been accepted no change shall be made 

 in boundaries which will exclude him without his consent 

 until his property right and interest in the corporation has 

 been appraised by the Board of Directors and the value 

 thereof so found paid to him in gold coin on surrender of 

 his membership certificate. 



7. The annual meeting. . . . The Secretary shall mail 

 to each member a notice of said meeting at least two weeks 

 prior to the date thereof. 



The President of the Board of Directors shall preside. . . . 



At this meeting Directors shall be elected, who shall serve 

 for one year, or until their successors shall be elected and 

 qualified; and such other business shall be transacted as 

 may properly come before the meeting. In the election of 

 Directors, or the transaction of any other business, each 

 member shall have as many votes as he has acres of bear- 

 ing orchards marketed through this Association. 



Proxies may be voted by any member or representative 

 of a member, authorized in writing to do so, such authority 

 having first been filed with the Secretary. 



Special meetings . . . , and one-third of the resident mem- 

 bers shall constitute a quorum .to do business at any meet- 

 ing of members. 



At any such meeting, by a majority of all votes, the office 

 of any Director or Directors may be declared vacant, and 

 the meeting may at once proceed to elect Directors to fill 

 such vacancies. 



8. [The Directors shall organize themselves for business 

 by electing one of their number President and one Vice- 

 President.] They shall also elect a Secretary and Manager, 

 and designate such bank or banks to act as Treasuries as 

 they may see fit. 



