508 REPORT ON COOPERATION IN AMERICAN EXPORT TRADE,
will be assigned; to ask for the discharge of any employee or discharge them
at once, according to the seriousness of the offense.
8. To see to the prompt collection of the tax of 1 sucre per quintal of cacao,
together with the concurrence of the treasurer and the president of the board
of directors.
4. To perform the duties which the board of directors considers necessary for
the success of the association. .
5. To report to the board of directors what has been done and to suggest what
further steps should be taken. :
6. To keep daily records in detail of the purchases and sales of cacao, with
the prices paid and received. These records shall be presented to the board of
directors.
[Sec. 7 was omitted in the printed constitution from which this translation was made.)
8. To have charge of the office of the association and superintend the work
of all his subordinates; fo carry on promptly all the business and sign all letters.
9, To sign, together with the director on duty for the month, the checks,
drafts, and contracts of the association,
Art. 24. The responsibility of the manager ceases when his acts have been
approved by the board of directors or by a meeting of the members.
THE TREASURER.

ART. 25. The treasurer shall be appointed by the President of Ecuador from
among three names presented to him by the board of directors of the associa-Lion.

The salary of the treasurer shall be 500 sucres per month.
ART. 26. The duties of the treasurer are:
1. To collect the tax of 1 sucre per quintal as described in article 2. This
collection shall be made within two days after the departure of the steamer by
which the shipment was made. }
2. To deposit, in places designated by the board of directors, all the money
from the tax as soon as collected, and also any other money the association may
have.
8. To pay the bills for the purchases of cacao made by the association and
any other expenses incurred. These bills shall not be paid unless approved
by the president of the association and the manager.
4. To keep up to date a journal of the receipts and expenditures under proper
heads and with the respective vouchers numbered, and to present to the
director on duty for the month the daily balance of said journal. During the
first six days of each month he shall present a table showing the receipts and
expenditures—the balance sheet—for the preceding month for the examination
of the board of directors and of the members at a meeting.

DISTRIBUTION OF THE FUNDS AND THE DISSOLUTION OF THE ASSOCIATION.

Art. 27. After the balance sheets and accounts for each year have been
approved by the members at a meeting, the condition of the association and the
results obtained shall be discussed, and what is necessary as to future operations
 shall be determined.
Arr. 28. In case it is not necessary to expend all the funds of the association
to carry out the purpose for which it was formed, the funds remaining shall
be distributed as proposed by the board of directors:
1. To form a reserve fund. }
2. As a dividend on the shares, or by a drawing of lots, participated in by
the shareholders, or by both of these, as decided by the members at a meeting.
ART. 29. In case of dissolution of the association, the members at a meeting
shall appoint one or more of the members as receivers. The manager and the
directors may undertake this office. The receivers shall have the legal and
other authority of the association during the period of dissolution and shall
proceed with all their acts in accordance with the law and the authority or
instructions received from the members at a meeting.
In addition to the receivers appointed by the members at a meeting, the
President of Ecuador shall appoint another one who must be a producer of
CACAO,