PRICE AND EXPORT AGREEMENTS OF FOREIGN COMBINATIONS. 501
THE BOARD OF DIRECTORS.

ArT. 18. The powers and duties of the board of directors are:
A. To elect from among its members at its first meeting a president, and a
vice president who shall take the president's place in case of absence. In case
hoth are absent the board of directors shall elect a president ad interim;
B. To discuss and decide upon all the affairs of the association, the course
to pursue to attain its purposes, and in general to supervise and render effective
the obligations contracted by the associates under this constitution;
C. To represent legally and in other ways the association on this coast, and
with power to settle any litigation or question which the association has, to
which end all the members through this document grant sufficient power to the
president of the board of directors with authority to delegate it or reassume it
whenever he thinks it convenient;
D. To employ or discharge employees when necessary, and to fix thelr
salaries;
E. To collect dues from all members of the association to supply funds for
the expenses of administration, which shall be collected in proportion to the
guotas of each of the associates; but the total amount of dues shall not be
more than 20,000 pesos annually ;
F. To hold regular meetings during the second half of each month, and
special meetings whenever necesssary. The board of directors can take no
action unless six members are present and an advance notice of the meeting
has been sent to all members. The measures passed shall be decided by a
majority of votes, except as provided in section J of this article. No director
shall vote in. matters directly or indirectly affecting his private interests, but all
the directors shall vote on matters in regard to the consignment of iodin to
Europe; .
G. To appoint proxies or delegates of the board of directors outside of
Iquique;
H. To call meetings of members both regular and speeial ;
I. To make for periods of three years a special agreement with a concern
in Europe (which for the first period shall be that of Messrs. Antonio Gibbs &amp;
Sons) for the consignment and agency of sales of iodin, governed by this constitution
 and on the following basis:
First. Following the present arrangement with European producers, the
South American members of this combination shall have the following proportion
 of the total annual sales:
593 per cent up to total sales of 3,000 English hundredweight of 112 English
pounds.
00 per cent of from 3,001 to 5,000 English hundredweight of 112 English pounds.
50% per cent of from 5,001 to 6,000 English hundredweight of 112 English
pounds.
D0 per cent of all over 6,000 English hundredweight of 112 English pounds.

Second. The associates shall pay the consignee agents a commission of 5 per
cent of the amount of total sales made by them for account of the combination
during the life of the consignment and sales agreement.
Third. The consignee agents shall render monthly accounts of sales, the
facts as to stocks on hand and their distribution, and shall keep at the disposal
of the interested parties the balances of the sales accounts, according to the
practice followed up until the present time. Except as provided in article 10
of this constitution, they shall hold out of the first proceeds only an amount
sufficient to cover the expenses on the iodin consigned to them.
It is understood that the consignees shall pay to the interested parties the
proceeds of the sales only after they have received the corresponding shipments
of iodin.
J. To fix the selling price by agreement with the European producers of
lodin through the consignee agents of the combination in Europe; the vote of
not less than six directors shall be required for this;
K. To render effective the obligations contracted by the members in conformity
 with articles 10 and 11 of this constitution; and
L. To regulate the conditions under which new producers may join the
association.