DEPARTMENT OF AGRICULTURE


have general supervision and control of the business and the affairs of the
assolatton and shall make all rules and regulations not inconsistent with
lav\ or alth these bylaws for the management of the business and guid-
ance of the members. officers, employees, and agents of the association
They shall have installed an accounting system winch shall bc. adequate
to the requirements of the business and it shall be their duty to require
proper records to be kept of all business transactions.
 Section 2 Emplnymnnt of nmanager-The board of directors shall
have power to employ or to authorize the employment of a manager and
such other employees os may be deemed necessary, and to fix their com-
pensation. The mana ger shall have charge of the business of the asso-
ciation under the direction of the board of directors. No director shall
serve as manager.
 Section 3. Bonds and insurance.-The board of directors shall require
the manager and all other officers, agents, and employees charged by the
association with responbdilty for the custody of any of its funds or ne-
gotiable instruments to give adequate bonds Such lbonds shall be furnished
by a responsible bonding company and approved by the board of directors,
and the cost thereof shall be paid by the association. The board of di-
reLtors shall provide for the adequate insurance of the property of the
association, or property which may be in the possession of ihe association,
or stored by tt. and not otherwise adequately insured, and in addition
adequate insurance covering liability for accidents to all employees and
the public
 Section 4. Audits--At least once in eaic year the board of directors
shall secure the service of a competent and disinterested public auditor
or accountant, who shall make a careful audit of tle books and accounts
of the association and render a report in writing thereon, which report shall
be submitted to the members of the association at their annual meeting
This report shall include at least (1) a balance sheet showing the true
assets and liabilities of the association; (2) an operating statement for the
fiscal period under review which shall show die cost of, and income from,
sales and the gross income or loss from each of the commodities handled
idring the period, (3) an iteonized statement of all expenses for the penod
under review.
 Section 5. Agreements with members -The board of directors shall
have lte power to carry out all agreements of the association with its
nembhers in every way advantageous to the association representing the
mebibn s collectively.
 Section 6 Depository.-The board of directors shall have the power
to select one or more banks to act as depositares of the funds of the asso-
ciation and to determine the manner of receiving, depositing, and dis-
bursmg the funds of tie association and the form of checks and the person
or persons by whom same shall be signed, with the power to change such
banks and the person or persons siglnng such checks and the form thereof
at will.
 Section 7. Membership certificates.-The association shall admit to
membership only those eligible applicants who liase paid the prescribed