CoOPERi.rIVE AGRICULTURE IN FLORIDA


 and holders of common stock in associations organ-
 izcd with capital stock, according to the Cooperative
 Marketing Act. The terms "member." "stockholder"
 and "shareholder" are each used to designate the
 people who make up a farmers' cooperative and
 participate in its control
MEMBER EQUITIES-Is a term often used in financ-
 ial statements of cooperatives as the equivalent of
 "net worth" in commercial businesses. It includes
 such items as the members' stock, revolving fund
 certificates and equity in reserves.
NET MARGIN or NET SAVING Represents the
 margins between the amount received by the co-
 operative and the cost of doing business.

ONE MEMBER-ONE VOTE-Is a rule generally fol-
 lowed in farmers' cooperatives in elections and de-
 ciding matters presented to the membership for
 action. Members vote as individuals, rather than
 as the holders of investment capital.

OPERATING STATEMENT-Is more descriptive than
 "profit and loss statement" when referring to the
 operations and margins of a cooperative.

PATRON Has come to have a special meaning in
 identifying those who do business with a coopera-
 tive. A patron is more than a customer since he
 shares in any savings made by the cooperative. Both
 members and non-members are included among
 patrons The patronage refund is one of the chief
 marks of distinction between cooperatives and com-
 mercial businesses.

PATRONAGE REFUND Is a return to the patrons
 of the net saving of the cooperative on the basis of
 the business each did A cooperative deliberately
 plans to underpay patrons for the produce it markets
 for them and to overcharge for farm supplies or