1 Ava., 1899.] QUEENSLAND AGRICULTURAL JOURNAT, 145 
Class 2.—Advances may be made for the purchase of seeds, implements, 
machinery, &c., &c., all applications for loans in this class to be endorsed and recom. 
mended by not less than three members of the association, who shall be satisfied that 
the advances so desired will be used for such purposes. ; 
Class 3,—Advances may be made to a district branch of the association -(collec- 
tively) whose members are interested in a specified product, requiring the erection of 
machinery, such as rice or flour mills, butter or bacon factories, jam factories, 
creameries, &c. Also irrigation or drainage works, by which the whole of such district 
may receive a general benefit. Such loans or advances are not to exceed one-third of 
the total cost of the proposed work, and the application for such loan must be carried 
by a three-fourths majority vote of the members of such district branch. 
Class 4,—Adyances can be made from the association funds to assist the local 
bodies or others in the eradication of insect pests, noxious birds, and other animals, 
diseases in plants, &c., such advances to be made only by special vote of the associa- 
tion aint the association council, who shall consider the application, and make such 
order relating thereto as the exigencies of the case shall appear to demand. 
16. In cases where application for a loan is made, and where in the opinion of the 
directors ample security or credit is given for any of the before-mentioned works or 
advances as desired, such advances and loans may be made, in such proportion as may 
be desirable and at such times as the board of directors may appoint. All expenses for 
stamping and registering shall be paid by the borrowers. Walbdtart) drawing up of 
agreements, &c., shall be done free; but a charge of 1 per cent. will be charged upon 
application for a loan. 
17. Interest at the rate of £5 per centum per annum or part thereof will be charged 
on all advances, and such interest shall be paid half-yearly. Interest. will only be 
charged on the amount of loan actually obtained, or on advance made, or on such . 
proportion of the loan as the applicant may have drawn. 
18. All loans shall extend and have a currency for not more than 2 years, and 
shall be repaid with all interest due at that time. But an extension of time not 
exceeding one year may be granted by the directors should they consider the case of 
sufficient importance to warrant such extension. 
19. The directors shall have power to defend, conduct, compromise, or bring any 
dispute to arbitration, and may abandon any legal proceedings or other claims by and 
against the association and the officers thereof, and deal with all other matters concerning 
the welfare of the association. : 
20. The directors may draw, accept, make, endorse, transfer, discount, guarantee, 
or negotiate such cheques, bills of ‘exchange, promissory notes, deposit notes, and other 
obligations as may seem to them expedient for the urposes of the business of the 
association. Any such bill, promissory note, &c., shall ifs made, endorsed, or accepted 
by not less than three directors, and the seal or stamp of the association shall not be 
affixed to any instrument except by the authority of a resolution of the directors and in 
the presence of three directors who shall sign every instrument to which the seal is 
affixed in their presence. i 
21. The directors shall cause a minute to be kept of all appointments of officers, 
and a record of all directors present at meetings, also a record of all business transacted, 
all resolutions, minutes, votes, and proceedings, and shall produce such book at any 
reasonable time for the inspection of any shareholder being a member of the association. 
22. ‘The directors may declare a dividend to be paid to the shareholders in proportion 
to their shares. No dividend shall be payable except out of the profits arising from 
the business of the association. 
23. The directors may deduct from any dividend coming due any moneys owing by 
a participating shareholder to the funds of the association. They may before recom- 
mending a dividend set aside out of the profits such a sum as they may deem necessary 
as a reserve fund to meet any unforeseen contingencies. 
24. The directors shall at the end of each year prepare and lay upon the table a 
baat niacomcny of the business transacted during the year, showing all credits and 
iabilities. 
25. The association shall appoint auditors, two or more in number, who shall be 
shareholders holding not less than ten shares each, and no person shall be eligible as 
an auditor who is personally interested in any transaction with the association other 
than as an ordinary member, and no director or other officer of the association or its 
branches shall be eligible to act as auditor during his continuance in office. 
26. The directors shall have the power to pay out of the profits of the business a 
bonus to all consignors or persons trading with the association other than members or 
shareholders, in proportion to their trade and dealings. 
