494 REPORT ON COOPERATION IN AMERICAN EXPORT TRADE.
Arricie XI.

As soon as the sums paid by the manager to the treasurer as above stated
Wo 6,000 francs, the excess shall be employed in the purchase of lottery
honds of the Credit Foncier de France or of the ville de Paris, or any funds
guaranteed by the French Government.

III. FUNCTIONS OF THE MANAGER.
Articre XII
The manager shall be intrusted with everything relating to the working and
operations of the Joint Association.
In order to insure the said working and operations and in particular to
protect when necessary the interests of the coparticipants, he shall enjoy the
most extensive administrative powers. He may for these purposes undertake
any outlay which he may consider advisable up to the extent of 2,000 francs,
with the sole restriction that he must notify the committee immediately of
such outlay.

ArTicLE XIII,
1. The manager shall cause an account to be opened in the name of each of
the members of the participation.
This account shall be credited with the amount of all the sums paid by the
participant in virtue of Article XV of the contract of association, and with his
share in the amount of the fines which may be incurred by any of his coparticipants.
 The account shall be debited with his proportionate share in the
general expenses of the participation.
2. The manager shall cause an account to be opened each year in the name
of each of the members of the participation, in which the amount of business
guaranteed to him shall be entered, as also the value of the capsules dispatched
and delivered by him as shown by the memorandum slips provided for in
Article XV of the contract of association, calculated at the participation price;
that is to say, according to the tariff to be applied to the transactions of the
manufacturers between themselves. ’
Artic XIV.

In the month following each quarter the manager shall send each of the
coparticipants a table recapitulating the operations of the participation, and
showing—
The amount guaranteed to each.
The amount of business done by him.
The overproduction or underproduction of each.
The sums payable or receivable.
The whole shall be drawn up in such a manner that each member of the
participation can form an exact idea both of the general progress of the business
 of the association and of his own share in the business done.

ARTICLE XV.

Within the month following the expiration of each year, the manager shall
also forward to each member a copy of the final account of the operations
carried out during the year by the coparticipants.
The manager shall render account to the committee, as stipulated in Article
V of the present regulations, of the receipts and outlays effected by him.
The approval on the part of the committee of such receipts and outlays shall
constitute an entire and final discharge to the manager for his accounts and
operations. :
[Article XVI not in copy furnished the Commission.]
IV. MEETINGS OF THE MEMBERS OF THE ASSOCIATION,
ArTICIE® XVII.

1. The ordinary general meetings of the members of the association shall
take place at the periods and dates fixed in the contract of association.
2. The extraordinary general meetings shall take place upon a resolution of
the committee, upon request of four at least of the other coparticipants, or
when convened by the manager, all as has been explained above.