COOPERATIVE CITRUS-FRUIT MARKETING AGENCY. 19 
nominated. In some associations, a vote by shares has not been taken 
for several years ; in others the president may insist upon a share vote, 
although there is practical unanimity among the stockholders. 
NONSTOCK ASSOCIATIONS. 
Associations organized without capital stock in many instances dif- 
fer little from those issuing stock certificates. The chief difference 
is that the by-laws of most membership associations provide that a 
member withdrawing from the organization shall have no equity in 
its assets. This is modified in some cases by the provision that the 
interest of a member, whose connection with the association is can- 
celed by death or by expulsion, shall be equitably appraised and paid to 
the member or to his estate. The by-laws of certain associations pro- 
vide that a man who withdraws from the association and is later rein- 
stated shall be given credit for membership fees previously paid, 
while others specify that his status shall be that of a new member. 
The membership fees of associations organized without capital 
stock are usually a specified sum. The fee compares in amount with 
the investment of the members of associations organized as stock 
companies. At least one memhership association does not charge a 
membership fee, although its by-laws provide that such a fee may be 
charged whenever the board of directors deems it advisable. This 
association is one of the oldest in the State. It started in a small 
way and no great outla} 7 s of capital were necessary at any time. It 
has been entirely feasible, therefore, to finance the construction of 
the packing plant and the installation of machinery by a per-box 
building assessment. A few associations organized originally as mem- 
bership corporations have reorganized as capital stock associations; 
and others, including the association just described, are contemplat- 
ing such a change. 
ADVANTAGES OF CAPITAL STOCK. 
The advantages of the stock form of organization are largely finan- 
cial. Many associations have investments in buildings, machinery, 
supplies, and the stock of subsidiary corporations ranging from $100,- 
000 to $300,000. The interest of each member in the property of 
the association, therefore, amounts to a substantial sum. Under the 
nonstock form of organization, there is considerable uncertainty as 
to the equity of each member in the assets of the association. In 
some instances it is assumed that the interests of all the members are 
equal. This assumption has been the cause of dissatisfaction among 
growers with large orchards. These men have contributed more to 
the upbuilding of the association and to the purchase and mainte- 
nance of its property than have members whose orchards are small. 
Similarly, growers who have contributed to the support of their asso- 
ciation for several years consider it unjust that a man who has been a 
member for a single season should have equal rights with themselves. 
Against these objections it is argued that the amounts paid by each 
grower from year to year, whether as membership fees, to a building 
and maintenance fund, or to a reserve for depreciation, are really 
charges for the use of the facilities of the association. The fact 
remains, however, that buildings and other assets are accumulated 
by the organization in the course of its operations, and it is inevitable 
that the interests of each member in these assets should be a subject 
