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) 
