152 Pecan-Growing 



and other essential features. Suitable liquidated damages 

 for violation of contract should be provided. 



Government of a cooperative association, 



A board of directors, nominated and elected annually by the 

 membership, should have charge of the business affairs of the 

 association. As a rule, the most successful business men are 

 chosen, but an annual election enables the members to main- 

 tain on the directorate the really strong men who have ren- 

 dered efficient service. The directors are not paid, except a 

 small per diem while actually at work. 



A general business manager should be appointed by the 

 directors. He should be paid a salary commensurate with 

 his qualifications and the type of work he is expected to do. 

 He should understand grading and packing, but it is more 

 important that he should be a trained market man fully 

 conversant with the sales end of the business. He should 

 be allowed to name whatever assistants are necessary for the 

 efficient conduct of the business. 



Finances. 



Funds for general running expenses and to make 

 advances to the growers are borrowed on warehouse re- 

 ceipts representing the commodity in storage, bills of lading 

 or other commercial collateral. Financing a cooperative as- 

 sociation of the Sapiro type is a very safe form of banking, 

 as the association has absolute and legal title to the product 

 handled and even to that which will be grown in future 

 years. It borrows at low percentage for short periods of 

 time and the collateral is absolutely first class. As rapidly 

 as the commodity of a certain grade in a given pool is 



