Swedesboro Auction Inc. 



Swedesboro Auction Inc., Swedesboro, N. J. , a Tarmer-controlled non- 

 cooperative corporation, was established in May 1938. The corporation 

 sells growers' fresh produce through the auction block and contracts 

 acreage of asparagus for processing with farmers and then prepares 

 it for delivery to a processing plant. 



Organizational Structure and Facilities . ■ ■ 



The corporation served 182 farmers and 62 buyers who marketed or pur- 

 chased some produce through the Swedesboro Auction in 1968. 



Stockholders of the corporation appoint the board of directors. After 

 the annual meeting of stockholders, the board elects the officers of 

 the corporation. The board is also responsible for hiring the general 

 manager. 



Buildings include an office, auction block, loading platform, and a buyers 

 office and supply room. 



Eligibility for Membership . --To be a member with voting privileges of one 

 vote an individual must be a farmer or commission merchant doing business 

 with the corporation and hold one share of common stock. 



Marketing Agreement . --The corporation has no marketing agreement with its 

 members on produce sold at auction. However, it does act as an agent 

 for a processor in contracting asparagus acreage for processing. 



Financing . --Methods of financing, is primarily through retention of 

 tax-paid surplus. 



Board and Management . --The corporation's policy is controlled by a nine- 

 member board of directors serving on a 3-year staggered basis so that 

 three new members are elected each year by the stockholders. All 

 directors at the time of their nomination and election must be stock- 

 holders doing business with the Swedesboro Auction Inc. 



The president and vice-president must be elected from the board while 

 the secretary and treasurer need not be directors. 



Special committees appointed by the board include the operating, buyers, 

 and maintenance committees. The operating committee has responsibility 

 for analyzing operations and recommending methods for improvement; 

 the buyers committee investigates any defaults in payments by buyers as 

 well as exploring possible changes to better accommodate buyers; and 

 the operating committee is concerned with maintenance of existing 

 buildings and recommendations for new facilities. 



The general manager hired by the board carries out their policies, super- 

 vises employees, and handles the necessary day to day operating decisions. 



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