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PRICE AND EXPORT AGREEMENTS OF FOREIGN —(——
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4. To fix the salaries, with the approval of the President of Eduador. of the
manager, trustee (sindico), and employees.
J. To issue the shares of the association, with the signatures of
and manager.
G8. To call meetings of members.
7. To make an examination of the cash and other assets of the association
once each week,
8. To examine and accept the balance sheets and accounts of the association
and to submit them for the approval of the meetings of members, together with
a report on the condition of the association and the success of its operations,
indicating the reforms and means necessary for the better administration
thereof.
9. The board of directors shall establish agencies in the principal ports of
the Republic and at other points where they consider it desirable.
Art. 15. The regular meeting of members must be held during the last 15
days of January each year, on the day and at the hour designated by the board
of directors. Special meetings of members shall be held whenever the board
of directors call them or when members representing one-third of the shares
issued request such meetings in writing, giving the reasons for holding same.
The president shall preside over the meetings of members, and the manager
shall act as secretary, without the right to vote.
ART. 16. The owners of one or more shares of 500 sucres shall have speech and
vote in the meetings of members, providing that their shares have been entered
in the register of the association eight days before the meeting, in accordance
with article 6. Each share of 500 sucres shall have one vote. The shares of
50 sucres shall be inactive, and shall have no voice in the meetings of members
nor in the operation of the association; but ten 50-sucre shares together shall
have a vote, although they belong to different owners. .
The shares shall be represented by the producers of cacao only or by their
proxies, whc may be elected to fill some office in the association.
ART. 17. An absolute majority of votes, on the basis of the provisions of the
preceding article, shall constitute a quorum at the first meeting; and if there
is no quorum a new meeting shall be called through the press for eight days
later, this fact being stated, and then the meeting shall be held witl the number
of associates that attend.
ART. 18. The decisions of the meetings of members, within the limits of their
authority, are binding upon all the associates, even when they have not been
present. Their decisions shall be adopted by a majority of all votes.
Art. 19. The members at their meetings shall have authority—
1. To elect the directors of the association and appoint the manager.
2, To approve or audit the balance sheets and accounts of the association.
8. To decide as to the expenditure of the funds of the association, which
shall be proposed by the board of directors in conformity with the provisions in
article 28.
4, To settle the points submitted to them by the board of directors and other
matters in regard to the success and development of the association.

ADMINISTRATION AND REPRESENTATION OF THE ASSOCIATION.

Arr. 20. The manager shall act as commercial representative cf the association,
 shall be elected for one year, and may be reelected.
ArT. 21. When the manager is absent for not more than 15 days, the president
 of the board of directors shall perform his duties. In case of his absence
for a longer time the board of directors shall replace him temporarily with one
of its members, either principal or alternate. If the absence results through
no fault of the manager or if he has express permission, and the absence lasts
more than 30 days, the director who takes his place shall receive half of the
salary.
Art. 22. When the manager wishes to resign, he shall so inform the board of
directors 30 days in advance, within which time a meeting of members shall be
called to take cognizance of the resignation and to elect a new manager.
Arr. 23. The manager shall have authority—
1. To attend the meetings of the board of directors, with right of advisory
vote.
2. To organize the office force under his direction; to recommend to the board
of directors the appointment of employees suitable for the places to which they