COOPERATIVE BULL ASSOCIATIONS. 
33 
second year, 60 per cent; at the end of the third year 50 per cent; at 
the end of the fourth year, 40 per cent; and at the end of the fifth 
year, 20 per cent.] 
Article V. Dividends. 
Any surplus in the treasury at the time of the annual meeting or at the end 
of the fiscal year may, by a majority vote at the annual meeting, be divided 
among the members in proportion to the amount of the assessments paid. 
[The object of the association is to improve the stock and not to 
pay dividends. Occasion may arise, however, when money in the 
treasury ought to be returned to the members, and this article pro¬ 
vides for its proper disposal.] 
Article VI. Amendments. 
The by-laws may be amended by a majority vote of the members present at 
the annual meeting or at a special meeting called for the purpose. 
[The by-laws are intended to be more flexible than the constitu¬ 
tion, and therefore it is provided that a change may be made more 
easily. Careful consideration, however, should be given and the 
matter properly discussed before making any changes.] 
AGREEMENT. 
We, the undersigned, hereby adopt the above and foregoing constitution and 
by-laws, and jointly and severally agree to be subject to the rules and regu¬ 
lations thereof, and pledge for a basis of assessment according to said constitu¬ 
tion and by-laws the number of cows set opposite our respective names. 
Name. 
Number of cows pledged. 
Address. 
SELECTION OF BULLS. 
Since the use of meritorious pure-bred bulls is the means by which 
members of the association expect to improve their live stock, one of 
the most important considerations is the selection of the bulls. Such 
bulls improve the herds, and the association interest increases in 
proportion to the improvement obtained. On the other hand, poor 
bulls cause the interest to decrease accordingly. If a poor dairy 
bull is used the milk production of the members’ herds is greatly 
reduced, the interest is lessened, and these conditions may lead to 
the breaking up of the association. Unfortunately, an excellent dairy 
bull can be selected with certainty only when his daughters’ records 
are known. 
