CONNECTICUT VALLEY CIGAR LEAF TOBACCO. 225 



less than $60. Such note may be given at the time of joining the corpora- 

 tion, or at any time thereafter when called upon by the board of directors. 



Section 2. The board of directors may pledge these notes as collateral 

 security for any loan that may be necessary for conducting the business of 

 the corporation. The note of any member may be available in settlement 

 of any liquidated damage that may result from the failure of a meniber to 

 live up to his contract with the corporation. 



Section 3. For the purpose of buying, leasing or constructing land, 

 warehouses or other necessary buildings, or in providing machinery or 

 equipment, the board of directors may require each member to loan to the 

 corporation an amomit, to be determined by the board but based on acreage 

 of tobacco, not less than $5 nor more than $15 in cash per acre during one 

 year. Such loans may be required at the time of uniting with the corpo- 

 ration or at any time thereafter. Thej^ shall draw interest at the rate of 

 5 per cent per annum. 



Such loans shall be repaid from a special loan fund collected by levying 

 a percentage assessment on the produce sold and the supplies bought 

 through the exchange, the amount of such percentage to be fixed by the 

 board of directors; but not more than one-fifth of the entire loan and 

 interest thereon shall be paid in any one year. 



Article XIII. 

 Contracts. 



Section 1. Every member of the corporation shall enter into a con- 

 tract with the corporation in the form required by the board of directors. 

 Such contract shall provide that the member appoints the corporation his 

 sales agent, to handle all products grown by him for sale or purchased for 

 his use, or such part thereof as shall be satisfactory to the board of direc- 

 tors, and obligates himself to deliver such products for sale at the time and 

 place which the corporation directs. Said contracts shall run continuously 

 unless cancelled by the member on April 1 of any year by giving written 

 notice to the corporation at least sixty days prior to said date that he 

 desires to cancel his contract, subject to any indebtedness due from him 

 to the corporation, and by delivering his copy of the contract to the corpo- 

 ration on or before April 1. Said canceling of contract shall not apply to 

 the previous year's crop. 



Section 2. On or before April 1 of each year each member shall report 

 to the corporation the number of acres of products to be grown by him and 

 to be marketed through the corporation. During the year each member 

 shall furnish such information concerning the products pledged to the 

 corporation as may be requested by the manager. 



The directors may authorize increases or decreases in the acreage re- 

 ported by any member, as required by this section. 



Section 3. In case any member is offered a price in excess of the price 

 then obtainable by the corporation, said member shall turn over such bid 

 to the corporation for filling from said grower's goods. 



