COOPERATIVE AGRICULTURE IN FLORIDA 111

tion shall not be denied any such corporation because
it has capital stock, if the dividend rate of such stock is
fixed at not to exceed the legal rate of interest in the
State of incorporation or 8 per centum per annum, which
ever is greater, on the value of the consideration for
which the stock was issued, and if substantially all such
stock (other than nonvotinmg preferred stock, the owners
of which are not entitled or permitted to participate.
directly or directly, in the profits of the corporation,
upon dissolution or otherwise, beyond the fixed divi-
dends) is owned by such association, or members thereof;
nor shall exemption be denied any such corporation be-
cause there is accumulated and maintained by it a reserve
required by State law or a reasonable reserve for any
necessary purpose.
 One of the most recent Federal Laws of importance
to cooperative associations is the Agricultural Marketing
Act approved August 14, 1946. (Tit. 7, Sec 1621 to 1627.)
The declaration of policy is as follows:
 "The Congress declares that a sound, efficient, and
privately operated system for distributing and market-
ing agricultural products is essential to a prosperous
agriculture and is indispensable to the maintenance of
full employment and to the welfare, prosperity, and
health of the Nation. It is further declared to be the
policy of Congress to promote through research, study,
experimentation, and through cooperation among Fed-
eral and State agencies, farm organizations, and private
industry a scientific approach to the problems of market-
ing, transportation, and distribution of agricultural prod-
ucts similar to the scientific methods which have been
utilized so successfully during the past 84 years in con-
nection with the production of agricultural products so
that such products capable of being produced in abun-
dance may be marketed in an orderly manner and effi-
ciently distributed. In order to attain these objectives,
it is the intent of Congress to provide for (1) continuous
research to improve the marketing, handling, storage,