131 



STATEMENT OF COMMITTEE CONCLUSIVE 



(d) For all matters of production or signatures and for all statements of 

 fact in connection herewith, the written statement of the organization com- 

 mittee, signed by its chairman, shall be absolutely conclusive, with or without 

 notice to the subscriber. 



COMMITTEE KEEPS TRUE ACCOUNTS 



14. The organization committee shall keep a full, true, and detailed account 

 of expenditures, including salaries, fees, and costs of every kind; and shall 

 have such accounts audited and render a written report thereof to the board 

 of directors of the association when organized ; and shall thereupon turn over 

 to the association any balance remaining in its hands and free of obligation. 

 If it is not so organized, such balance shall be prorated among the signers 

 hereof. 



COMMITTEE AUTHORIZED TO GO AHEAD 



15. (a) We do hereby authorize the organization committee as the representa- 

 tive of all the subscribers, to take such steps as it may deem proper, especially 

 in North Carolina, Virginia, South Carolina, and Tennessee, and later in Ken- 

 tucky and other tobacco-growing States to secure subscribers hereto ; and when 

 the adequate number has been secured to hold primary elections and have the 

 signers select delegates to elect the organizing directors from among growers 

 subscribing hereto, together with the three public directors, conforming as 

 closely as possible to the provisions of paragraph 4 ; and to take all steps neces- 

 sary and advisable to organize the association. 



ASSOCIATION TO KEEP UP ORGANIZATION WORK 



(6) The association when organized shall make every reasonable effort to 

 secure signatures of additional growers to the standard marketing agreement, 

 to cover the largest possible percentage of the tobacco crops grown within the 

 United States. 



HOW YOU SECURE, FINANCE, AND CONTROL ANY PLANTS YOU MAY NEED FOR CURING, 

 DRYING, PROCESSING, OR STORING ANY TOBACCO 



16. (a) After due investigation the association may cause a warehousing or 

 other corporation to be organized in any community or district where any 

 such need is indicated, by written request of at least 100 members, .for the 

 purpose of leasing, purchasing, or constructing and operating warehouses, dry- 

 ing or curing plants, storehouses or factories, or other places to handle, treat, 

 process, manufacture, and warehouse or store any or all of the tobacco de- 

 livered by members of the association. 



APPROPRIATE NAME 



(6) Such corporation shall have appropriate name, indicating the district, 

 and shall have common capital stock and preferred capital stock in amounts 

 estimated as sufficient for their purposes by the directors of the association. 



ASSOCIATION CAN NOT PUT UP ANY PLANTS AGAINST DESIRE OF MEMBERS 



(c) The association shall send a written notice to every member in that dis- 

 trict, notifying the members of the intention to organize such a corporation, 

 specifying the amount of capital stock involved ; nature of plants ; location of 

 plants and specific purposes. 



The members shall have two weeks within which to signify their dissent or 

 disapproval of such plan. If, within two weeks of the mailing of such notices 

 by the association, the majority fail to file written notices of such disapproval 

 or dissent, the association shall proceed with its program and shall organize 

 the corporation as indicated. 



COMMON STOCK HAS ALL THE VOTING POWER ONLY MEMBERS CAN OWN THIS 



(d) The authorized common stock shall exceed in amount the authorized 

 preferred stock. The common stock shall be sold only to members of the asso- 



