Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1921-09-03

and 1926. Said cotton shall be de-
! livered at a reasonable time after
ginning and picking to the organi-
(b) The association agrees to re-
SELL such cotton, together with cot
ton of like variety, grade and sta
under similar contracts, at the best
prices obtainable by 1t under mar
ket conditions; and to pay over the
| Qess freight, insurance and inter-
est), as payment in full to the
grower and growers named in con-
tracts therefrom within the discre--
ton Of the association, the cost OF
handling grading ing a. and res market ing
credits and other general purposes
(said reserves not to exceed two
per cent of the gross resale price,.
The annual surplus from such de-
auctions must be. pro-rated among
the growers delivering cotton in
les.
5. There shall be an annual pool
by which each member OF the Or
ganization is to receive the same
price for cotton Of like variety,
grade and staple.
6. (a) In localities where there
are already sufficient warehouses
the association will lease such of
these as is needed. In localities
where there are not sufficient ware
houses one hundred members may
petition the association to promote
warehousing corporation. This ts
to be accomplished by the issuance
of both common and preferred stock.
The common stock shall be sold or
association at par. The common
stock shall have all the voting pow
er of the corporation.
(b) The preferred stock shall be
divided into equal classes, all pear
ing per cent cumulative DIVIDENDS
and having similar preference, SUD.
ject to retirement with a bonus OF
2 per cent at the rate Of one class
or one-fifth thereof annually, begin
ming with December, 1922.
(c) The association shall make a
cross-contract with the corporation
providing for the handling of the
cotton for members and for the OPP
Grafton Of the warehouse as pub
lie warehouse.
7. Any grower falling to denver
cotton to the association in accord
ance with terms of this contract is
obligated to pay the sum Of cents
per pound as liquidated damages for
the breach of this contract. He is
also bound to pay all expenses arts
ing out of or caused by the 1itiga-
ton and any reasonable attorneys
fees expended or incurred by it in
such proceedings; and all costs and
expenses shall be included. In the
Judgment and shall be entitled to the
benefit Of any lien securing any pay
ment Hereunder.
Organization and Functions OF over
head Sales Agency
I. Three state associations may
unite in the formation of an over
head sales agency known as the
American Cotton Growers Exchange;
g. The exchange shall be formed
by trustees signing an agreement.
Each state association shall elect one
trustee for every two hundred and
fifty thousand bales or major por-
ton thereof. covered. by, the stand
ard marketing agreement OF the re-
spective association.
8. The exchange shall create an
executive committee of five persons
to carry on the business.
4. The exchange shall organize by
the election Of chairman, vice
chairman, secretary and treasurer.
5. The exchange shall supervise
all the inspection, grading, CHASING,
warehousing, transportation, process
ing of the cotton delivered to the
undersigned associations; and shall
sell and market for and on the &C
count OIL Tile uuuSI ehSSOSAH-
tions, all of the cotton, of the, assoc
Citations not sold directly by the as
sociations themselves.
6. The organization plan for the
overhead sales agency provides for
the creation of twelve departments
to handle the business of the orgam-
zation. Ali functions Of the state as
sociations are under the supervision
of the exchange.
7. Each association is to main
tain it's own inspection and grading
forces.
to support the general sales agency
in proportion to the amount Of bust
ness transacted by and for it.
8. At the completion Of the sales
of the cotton delivered in any crop
season, the exchange shall calculate
particular grade, quality, color, char
acter and staple length of cotton
should have received; and settle
ment shall be made, through the ex
change, between each and all Of the
associations on this equalizing basis.
paid to the associations through the
exchange or by the associations to
their respective members.
CD Each association agrees that
all payments are made and all mon
eys received and distributed by it
subject to this obligation to equal
ize the proceeds.
TO- Ali expenses Of the exchange
shall be borne by and pro-rated
from time to time among the I'M
dersigned associations on the basis
of the gross proceeds Of the cotton
Of each crop sold by each Of the as
sociations, directly or through the
exchange or otherwise; and the as
sociations agree to pay such proper
4 n 1sss ~