64 DEPARTMENT OF AGRICULTURE


than (- ) percent of the aggregate of the par value of all
outstanding membership certificates and the face amount of outstanding
revolving-fund certificates.
 (b) Interest on revolving-fund certificates.-A sufficient amount of net
income shall le set aside for the payment of interest, if any, on outstand
ing revolvingfund certificates, as determined by the hoard of directors.
 (c) Patronage allocation.-The net income remaining after provision
for reserves and interest, if any, on revolving-fhnd certificates shall be
allocated to each patron m proportion to his patronage of the association
during the fiscal year. In computing patronage allocations, the hoard of
directors is authorized if deemed advisable to make such computations on
an equitable basis at different rates upon different classes or kinds of
products or supplies handled, or services performed
 Section 2. Distribution of patronage allocations. The patronage al-
locations determined in the manner provided in section 1 (c) hereof shall
be distributed in the following order and manner:
 (a) Membership fees of eligible nonmembers -From the amount al
located to each nonmember patron eligible for membership in the associa
tion and approved by the board of directors therefore there shall first be
deducted, insofar as funds are available, an amount equal to the par value
of a membership in the association as payment on the purchase price
thereof, and when any such patron has compiled with all the conditions
for membership a certificate of membership shall be issued to him.
 (b) Revolving-fund certificates -At least .. ( ) percent,
as determined by the board of directors, of the undistributed allocation
of each patron shall be retained by the association for capital purposes,
and revolving-fund certificates more particularly described in Article VIII,
Section 1 of this bylaws shall be issued to the members and patrons
therefore.
 (c) Cash dstribution.-The remaining balance of the patronage allo-
 cation of each patron may then be distnbuted to hmn in cash,
 (d) Application of cash distribution to indebtedness -Any part of or
 all the cash patronage distributions and/or cash payments for retirement
 of revolving-fund certificates payable to any patron may be applied at
 the discretion of the board of directors to the payment of any indebted-
 ness of such patron that may be due the association.
 ARTICLE XI
 Miscellaneous Provisions
 Section 1 Bylaws printed.-After adoption these bylaws, precede
 by the articles of incorporation, shall be mimeographed and a copy there-
 of shall be delivered to each member and to each person who may be-
 come a member of the association.
 Section 2 Seal -The seal of the association shall contain these words
 and figures. ", Incorporated, 19 in circular
 form, the impress of which is placed hereon,