COOPERATIVE AGRICULTURE IN FLORIDA 45

all members are equal, an inequitable distribution of as-
sets in liquidation would result unless each of the mem-
bers did an equal amount of business with the associa-
tion. Moreover, the cooperative statutes generally re-
quire an association to pay a member, who has been ex-
pelled or who withdraws, the amount of his property
rights and interests within one year thereafter. If these
excess amounts become part of the property rights and
interests of members, withdrawing members of a non-
stock association might be in a position to insist upon
being paid a large amount of money at a time when it
might embarrass the association to make such payments.

 On the other hand, if the amounts under discussion,
because of contractual obhgations, are excluded in de-
termining property rights and interests, it will ordinarily
mean that, on the withdrawal of a member, an associa-
tion is required to pay him little or nothing on account
of property rights and interests. Of course, the amounts
so excluded in determining the property rights and in-
terests of a member should be paid to him in due course
when such amounts are revolved. All that is said is that
a withdrawing member should not, because he has with-
drawn, be able to get his share of capital refunded out
of turn.

 There appears no reason why these excess amounts
allocated to patrons and contingently credited to them
on the books of the association or evidenced by certifi-
cates of some kind would not be assignable by the pa-
trons. But of course, an assignee would have no higher
or greater rights than those possessed by his assignor.
Cooperative by-laws usually provide, however, that re-
volving fund certificates and other such certificates may
be transferred only on the books of the association.

 There is, of course, no obligation on the part of any
association to operate in such a way that it is eligible
for exemption from the payment of federal income taxes,