Cornell University Library HG 2051.U52N71 By-laws of the Farmers Fund, Inc., of Ne 3 1924 013 989 359 BY-LAWS OF THE FARMERS FUND, INC. OF NEW YORK hi ^ S. 05-/ Nil BY-LAWS of the FARMERS FUND, INC., OF NEW YORK. ARTICLE I. STOCKHOLDERS. Section I. Annual Meetings. The annual meeting of the stockholders for the election of Directors and for the transaction of such other business as may properly come before the meeting shall be held at the principal office of the Com- pany in the City of Rochester at 10 o'clock a. m., on the third Tuesday of February, in each year, if not a legal holiday under the laws of the State of New York, and if a legal holiday, then on the next succeeding business day. Section 2. Special Meetings. A special meeting of the stockholders may be called at any time by the Board of Direc- tors, or by the President of the Company upon written request of stockholders representing at least one-fourth of the capital stock of the Company, or by stockholders holding together at least one-fourth of the capital stock of the Company. Section 3. Notice of Meetings. Except as hereinafter or by statute otherwise provided, notice of the time and place of each meeting of the stockholders, whether annual or special, shall be given by publication thereof at least once in each week for two successive weeks immediately preceding such meeting in a newspaper published in the county where such meeting is to be held, and by delivering a written or printed notice thereof Proxies shall be in writing subscribed by the stockholder or by his duly authorized attorney and witnessed by at least one person, and shall be filed with the Secretary at the meet- ing prior to the roll call. The proxy of a partnership holding stock may be subscribed by any member of the partnership in the name of the firm or in his own name in behalf of the firm. The proxy of a corporation holding stock may be executed under the seal of the corporation by the President, Vice-Presi- dent, Secretary or Treasurer or such other officer as the Board of Directors of such corporation may direct, and the presenta- tion of such a proxy executed in such manner shall, in the absence of objection, be deemed sufficient proof of its execu- tion by proper authorization. Stock of the Company held by any person in a representa- tive or fiduciary capacity may be voted by such person in the manner determined by agreement between the holder of such stock and the beneficial owner thereof, provided such agree- ment or a copy thereof shall be filed with the Company. Whenever a stockholder calls for a stock vote, such vote shall be by ballot signed by the stockholder or by his proxy stating the number of shares voted by him. Except as otherwise provided by statute or in these By- laws, all matters coming before all meetings of the stockhold- ers at which a quorum is present shall be decided by the vote of a majority in interest of the stockholders of the Company present or represented and entitled to vote at such meeting. ARTICLE II. Board of Directors. Section 1. General Powers. The property, affairs and business of the Company shall be managed and controlled by the Board of Directors. Section 2. Number, Term of OMce and Qualiiications. The number of Directors shall be thirty. The Directors shall be elected for the term of one year by the stockholders at the annual meeting, and each Director shall continue in office until the annual meeting held next after his election and until his successor shall have been elected and qualified. The executive officers of the Company shall by virtue of their office be entitled to attend meetings of the Board of Directors. Section 3. Election of Directors. At all meetings of the stockholders for the election of Directors and at which a quorum is present the persons receiving a plurality of the votes cast at the election shall be the Directors. Section 4. Vacancies. Any vacancy in the Board of Directors by reason of death, resignation, disqualification or any other cause may be filled by the Board of Directors for the unexpired term. Section 5. Meetings of the Board; Place of Meeting. The Board of Directors may hold its meetings, have one or more offices, and keep books and records of the Company, at such place within the State of New York as the Board may from time to time determine. First Meeting. Immediately after each annual election of Directors the Board of Directors shall meet for the purpose of organization and transaction of other business. Such first meeting may be held at any other time which shall be specified in a notice given as hereinafter provided for special meetings of the Board or in a consent and waiver of notice signed by all of the Directors. Regular Meetings; Notice. The Board of Directors shall hold regular or stated meetings at 3.30 o'clock in the after- noon on the third Tuesday of February and of October, except when said day is a legal holiday at the place where said meet- ing is to be held, in which event said meeting shall be held on the next succeeding business day at the same hour. Notice of regular meetings need not be given, unless the time and place thereof as herein fixed shall be changed, in which latter event written notice shall be given at least three days in advance of such meeting. In the absence of other designation by the Board, regular meetings shall be held at the office of the Company in the City of Rochester. Special Meetings; Notice. Special meetings of the Board of Directors shall be held whenever called by the President or on written request signed by any ten Directors. Notice of such meeting, stating the objects of the meeting, shall be mailed to each Director addressed to him at his resi- dence or usual place of business at least three days before the day of such meeting. Any and all business which may legally be transacted at a regular meeting may be transacted at a spe- cial meeting. Said notice, however, may be waived by any Director in writing or by telegraph, and any meeting of the Board of Directors without notice shall be a legal meeting if all the Directors shall be present, or waive such notice. Section 6. Organisation. At all meetings of the Board of Directors a chairman chosen by a majority of the Board of Directors, shall act as chairman, and the Secretary of the Com- pany, or in his absence the Assistant Secretary, or in their absence any person appointed by the chairman, shall act as secretary. Section 7. Quorum and Manner of Acting. One-third of the whole number of Directors shall be necessai-y to constitute a quorum for the transaction of business. In the absence of a quorum, a majority of the Directors present may adjourn the meeting from time to time until a quorum is present. Notice of any such adjourned meeting need not be given. The act of a majority of the Directors present and constitut- ing a quorum shall be the act of the Board of Directors. The Directors shall act only as a Board, and the Directors indi- vidually shall have no power as Directors. ARTICLE III. EXECUTIVE COMMITTEE. Section 1. Number; Terms of Office. The Board of Directors shall elect from their number an Executive Com- mittee which shall consist of five members of the Board to serve for the term of one year and until their successors shall have been duly elected and qualified. Section 2. Vacancies. The Board of Directors shall fill vacancies in the Executive Committee by election from the Directors or in the absence or disability of any member of the Executive Committee the President may appoint a mem- ber of the Board of Directors to serve on the Executive Com- mittee during the disability or absence of the duly elected mem- ber, such appointment, however to become void upon the re- turn of the duly elected member. Section 3. Powers and Duties. During the intervals between the meetings of the Board of Directors the Executive Committee shall possess, and may exercise, so far as it law- fully may, all the powers of the Board of Directors in the management of the business and affairs of the Company in all cases in which specific instructions shall not have been given by the Board of Directors. The words "Board of Directors" wherever used in these By-laws, shall include and are intended to mean the Executive Committee as well as the Board of Directors, except in special cases where the Board of Directors shall otherwise determine. All salaries or compensation paid or payable by the Com- pany shall be fixed by the Executive Committee, unless other- wise provided in the By-laws or by resolution of the Board of Directors. 8 The Executive Committee shall require every employee of the Company who handles funds of the Company to execute a bond in such sum as the Committee shall determine, with security satisfactory to the Committee, for the faithful perfor- mance of the duties of said employee. Section 4. Rules of Procedure; Quorum. The Executive Committee shall adopt its own rules of procedure and shall meet as provided by such rules. In every case the presence of at least three members of the Executive Committee shall be necessary to constitute a quorum. The Executive Committee may act on any question without a meeting by giving unani- mous consent in writing. Section 5. Reports. All action by the Executive Com- mittee shall be reported to the Board of Directors at the meet- ing of the Board next succeeding such action and shall be subject to revision or alteration by the Board of Directors, provided that no rights or acts of third parties shall be affected by any such revision or alteration. ARTICLE IV. OFFICERS. Section 1. Number. The executive officers of the Com- pany shall be a President, one or more Vice-Presidents, a Treasurer and a Secretary. The Board of Directors may appoint such other officers, committees or agents as it may deem necessary, including one or more Assistant Treasurers and one or more Assistant Sec- retaries, and the Board of Directors may delegate to any offi- cer or committee the power to appoint any such subordinate officers or agents. The same person may hold, and perform the duties of, any two or more of said offices. Section 2. Election and Terms of OMce. All executive y officers of the Company shall be elected by the Board of Direc- tors and shall hold office at the pleasure of the Board of Direc- tors or the Executive Committee. The President shall be a member of the Board of Directors. All subordinate officers shall have such authority and per- form such duties as are provided by these By-laws or as the Board of Directors or the Executive Committee may from time to time determine, and shall hold office at the discretion of the Board of Directors or the Executive Committee or the officer appointing them. Section 3. Vacancies. A vacancy in any office by reason of death, resignation, removal, disqualification or any other cause shall be filled in the same manner provided in these By- laws for regular elections or appointments to such office. Section 4. Salaries. The executive and other officers of the Company shall receive as salary or compensation for their services as such officers such sum or sums as the Board of Directors or the Executive Committee may determine. Section S. The President. The President shall be the chief executive of the Company and shall, subject to the con- trol of the Board of Directors, perform such duties incident to the office of President as he may elect, and such other duties as from time to time may be assigned to him by the Board of Directors or the Executive Committee. Section 6. The Vice-Presidents. At the request of the President, or in the event of his absence or disability, the Vice- Presidents, in the order of precedence, shall perform the duties of the President, and when so acting shall have all the powers of and be subject to all the restrictions upon the President. They shall have general supervision over the business of the Company subject to the control of the Board of Directors and the Executive Committee. Any one of the Vice-Presidents, with any other officer of 10 the Company authorized by the Board of Directors or the Executive Committee, shall sign certificates of stock of the Company and shall sign and execute in the name of the Com- pany deeds, mortgages, bonds, contracts, notes, releases or other instruments when and as authorized by the Board of Directors or the Executive Committee. In general they shall have such other powers and perform such other duties as may from time to time be assigned to them by the Board of Directors or the Executive Committee. Section 7. The Treasurer. Subject to the control of the Board of Directors and the Executive Committee. The Treasurer shall have the charge and custody of and be responsible for all the funds and securities of the Company which come into his hands, and shall maintain an account in the name of the Company in such banks, trust companies or other depositaries as shall be selected by the Board of Direc- tors or the Executive Committee. He shall, when necessary and proper, endorse in behalf of the Company for collection, all checks, notes and other ob- ligations. He shall sign receipts and vouchers for payments made to the Company, and jointly with such other officer as may be designated by the Board of Directors or the Executive Com- mittee he shall sign all checks drawn by the Company and shall pay out and dispose of the same under the direction of the President or the Vice-President or the Executive Com- mittee. He shall, as directed by the Board of Directors or the Execu- tive Committee, sign all bills of exchange and promissory notes of the Company and all certificates for shares of its capital stock. He shall, when so required, render a statement of his ac- counts to the President or the Vice-President, the Board of Directors or the Executive Committee. He shall render a statement of the financial condition of the 11 Company at all meetings of the Executive Committee and at all regular meetings of the Board of Directors and a full finan- cial report at the annual meeting of the stockholders, if called upon by any executive ofificer so to do. He shall at all reasonable times exhibit his books and ac- counts to any Director upon application at the office of the Company during business hours. In general he shall perform all other acts incident to the office of Treasurer and such other duties as from time to time may be assigned to him by the Board of Directors, the Execu- tive Committee, or the executive officers of the Company. Bond. The Treasurer shall give a bond for the faithful dis- charge of his duties in such sum as the Board of Directors or the Executive Committee may require. Section 8. Assistant Treasurer. At the request of the Treasurer or in his absence or disability the Assistant Treas- urer shall perform all the duties of the Treasurer and when so acting he shall have all the powers of and be subject to all the restrictions upon the Treasurer. He shall have such other powers and shall perform such other duties as may be assigned to him by the Board of Direc- tors, the Executive Committee or the executive officers of the Company. Section 9. Secretary. Subject to the control of the Board of Directors and the Executive Committee. The Secretary shall keep the minutes of the meetings of the Stockholders, of the Board of Directors and of the Executive Committee. He shall see that all notices are given in accordance with the provisions of these By-Laws and as required by law. He shall be the custodian of the records and of the seal of the Company, and shall affix said seal to all stock certificates and to all documents the execution of which on behalf of the Company under its seal is duly authorized pursuant to the pro- 12 visions of these By-laws, and may sign with the President or other officer in the name of the Company all certificates of stock, contracts and other instruments as authorized by the Board of Directors or the Executive Committee. He shall keep a record of the names and addresses of the stockholders of the Company. He shall have charge of the stock certificate book, transfer books and such other books and papers as the Board of Direc- tors may entrust to his custody, and shall see that all such books and reports, statements, certificates and other documents and records are properly kept and filed as required by law and by these By-laws. He shall exhibit all such books, documents or records to any Director upon application at all reasonable times. In general he shall perform all the duties incident to the office of Secretary and such other duties as from time to time may be assigned to him by the Board of Directors, the Execu- tive Committee, or the executive officers of the Company. Section 10. Assistant Secretary. At the request of the Secretary or in his absence or disability, the Assistant Secre- tary shall perform all the duties of the Secretary, and when so acting he shall have all the powers of and be subject to all the restrictions upon the Secretary. He shall perform such other duties as from time to time may be assigned to him by the Board of Directors, the Execu- tive Committee or the executive officers of the Company. ARTICLE V. CONTRACTS, BORROWED MONEY, CHECKS, BANK ACCOUNTS, ETC. Section 1. Execution. Except as otherwise herein pro- vided, all contracts requiring execution by the Company shall be executed in behalf of the Company by the President, with the corporate seal affixed thereto and attested by the Secretary or the Assistant Secretary. 13 Section 2. Borrowed Money. Any need for funds shall be reported to the Board of Directors at any regular or spe- cial meeting or to the Executive Committee. No money shall be borrowed in behalf of the Company and no negotiable paper shall be issued in its name except upon resolution of the Board of Directors or the Executive Com- mittee directing the same and authorizing the proper officers to execute the note of the Company for such borrowed money, which note shall be payable at a time specified not less than thirty days from date and shall in no instance be made payable upon demand. When so authorized by the Board of Directors or the Execu- tive Committee the proper officers of the Company may, as security for the payment of any and all loans and advances to and indebtedness and liabilities of the Company, pledge, hypothecate or transfer any stocks, securities and other per- sonal property held by the Company, and to that end endorse, assign and deliver the same. Section 3. Checks, Drafts, etc. All checks, drafts and other orders for the payment of money, and notes issued in the name of the Company shall be signed by the President and the Treasurer of the Company, or by such officers or agents of the Company as the Board of Directors or the Execu- tive Committee may from time to time determine. Section 4. Deposits. Funds of the Company shall from time to time be deposited to the credit of the Company in such banks, trust companies or other depositaries as the Board of Directors or the Executive Committee may select and for the purpose of such deposit any officer or agent of the Company may for the purpose of deposit endorse, assign and deliver checks, drafts and other orders for the payment of money which are payable to the order of the Company. 14 ARTICLE VI. CAPITAL STOCK. Section 1. Certificates of Stock. The certificates for shares of the capital stock of the Company shall be in such form as the Board of Directors or the Executive Committee approve. Such certificates shall be signed by the President, or a Vice- President and by the Treasurer or an Assistant Treasurer of the Company, or by any two officers of the Company thereto authorized by the Board of Directors or the Executive Com- mittee. The seal of the Company shall be affixed to them. Such certificates shall be kept and shall be issued in such man- ner as the Board of Directors or the Executive Committee or an executive officer of the Company may direct. Section 2. Transfer of shares. Shares of the capital stock of the Company shall be transferred only on the books of the Company by the holder thereof in person or by his attorney thereunto authorized by power of attorney duly exe- cuted and filed with the Secretary of the Company and upon surrender and cancellation of a certificate or certificates for a like number of shares. Section 3. Regulations. The Board of Directors or the Executive Committee may also make such rules and regula- tions as they may deem expedient concerning the issue, transfer and registration of certificates for shares of the capital stock of the Company. Section 4. Lost, Destroyed and Mutilated Certificates. The holder of any stock of the Company shall immediately notify the Company of any loss, destruction or mutilation of the certificate therefor, and the Board of Directors or the Ex- ecutive Committee may, in their discretion, cause a new cer- tificate or certificates to be issued to him upon the surrender of the mutilated certificate, or in the event of loss or destruc- 15 tion of the certificate, upon satisfactory proof of such loss or destruction and the deposit of a bond in such form and amount (not exceeding double the value of the stock represented by said certificate) and with such sureties as the Board of Direc- tors or the Executive Committee may require. Section 5. Closing of Transfer Books. The stock trans- fer books of the Company shall be closed by order of the Board of Directors or the Elxecutive Committee for a period of not exceeding thirty days next preceding the day fixed for any annual or special meeting of the stockholders and may likewise be closed for the payment of any dividend for a similar period next preceding the day fixed for such payment ARTICLE VII. DIVIDENDS, SURPLUS, ETC. Section 1. Dividends. The Board of Directors may de- clare dividends from the surplus or the net profits of the Com- pany whenever in its opinion the condition of the affairs of the Company shall render it advisable. The Board of Directors may from time to time set aside from such surplus or net profits such part thereof as it in its absolute discretion may think proper as a reserve fund to meet contingencies, or for the purpose of maintaining the property or business of the Company, or for any other purpose it may think conducive to the best interests of the Company not pro- hibited by law. All such surplus or net profits shall be deemed to have been set aside by the Board of Directors for one or more of the purposes last stated until dividends are declared therefrom. ARTICLE VIII. FISCAL YEAR. Section 1. The fiscal year of the Company shall end on the thirty-first day of December of each year. 16 ARTICLE IX. SEAL. Section 1. The seal of the Company shall be circular in form and shall contain the words "Farmers Fund, Inc., New York Corporate Seal, 1919." It shall be kept in the custody of the Secretary of the Company and shall be affixed to all instruments requiring the corporate seal. ARTICLE X. EXPENDITURES. Section 1. No expenditure for the Company exceeding One thousand dollars ($1,000) shall be made, and no obliga- tion of the Company involving a liability for any sum exceed- ing One thousand dollars ($1,000) shall be incurred, except upon the specific authorization of the Board of Directors or the Executive Committee. ARTICLE XL amendments. Section 1. These By-laws may be altered, amended or repealed by the Board of Directors acting pursuant to Article II. hereof, provided at least seven days' written notice of the proposed alteration, amendment or repeal shall have been given to each Director personally, or in the manner provided in said Article. Any alteration, amendment or repeal of these By-laws is subject to alteration, amendment or repeal by the stockholders at any annual meeting or at any special meeting called for the purpose. FARMERS FUND, INC. Rules and Regulations I — Kead carefully llie application blank and note form. 2 — Applications for all loans should be made direct to the Local Loan Committeemen or to our a^ent banks. 3 — All applications should be made on forms supplied by this Fund, and when approved in writinjr are to be filed by the borrower with the local bank. 4 — Fill out the application blank completely. . (Your loan will be refused if you do not do this.) 5 — Loans will be made to finance any productive farm operation. 6 — Loans are not to be made, however, to improve or purchase real property, or to improve or purchase fixtures on real property. 7 — Our notes bear six per cent interest, and this interest will be deducted in advance. 8 — There is an appraisal and an examination fee of $1.00 for each $50 or fraction thereof on each loan of less than $250; on loans over $250 this charge for examination and appraisal will be $5.00. 9 — All loans are payable as follows: When your signed application is accepted you will be asked to sign the note and also an assignment of a certificate of indebtedness. This certificate of indebtedness is issued by the Fund and will be made out for the amount of your note. You are to pay for this certificate in three installments, one-third the amount of your loan two months prior to the maturity of your note; one-third one month prior to the maturity of your note; and the remaining one-third at maturity. These payments will be endorsed on the certificate by our agent bank at which you procured your loan, and when all three payments have been made, you will have paid your loan. 10 — Payments on this certificate must be made promptly. If they are not made promptly, a fine will be charged for non- payment as follows:. A fine not exceeding fifty cents will be collected on the non-payment of any periodical install- ments due on the certificate of indebtedness held as collateral security for a loan of $50 or less; and a fine of not exceeding one per cent of a loan will be collected upon the failure to pay periodical installments on the certificate assigned for a loan of over $50.00. 11 — Loans on farm crops up to $300 will be accepted provided they meet with the approval of the Loan Committee and agent bank without collateral security. Loans over that amount should be accompanied by chattel mortgage, or the note made good -by endorsement. 12— All loans on live stock exceeding $150 in amount are to be in all cases secured by chattel mortgage. The fees for examination of the mortgage and filing the same are to be borne by the borrower. No loans for live stock will exceed 80% of the market value of the same at time of purchase. 13— No loans for farm machinery or farm equipment will be accepted unless accompanied by chattel mortgage, and no loans on farm tools, machinery, equipment, etc., will be accented for more than 80% of the present market value of the same. 14 — An example of the method of obtaining loans: Mr. Jones wants 'to borrow $200 from the Fund, and he believes he can get some returns from his farm operations in nine months, but he needs eleven months to pay all his loan. He makes out his application blank and takes his papers to our agent bank. Here he signs a note and signs an assign- ment of a certificate of indebtedness to the Fund. Nine months from this date the first payment of one-third of the $200 is due and he pays $66.66 at his local bank. This payment is credited to him on his certificate. One month later he pays $66.67, and one month later he again pays $66.67. He has then paid for his certificate of indebtedness in full, and this certificate is accepted by the Fund as full payment of the note. 15 — Should Mr. Jones need the loan for twelve months, he signs a note due twelve months from date, and will pay one- third of the face of this note upon his certificate ten months from date; one-third eleven months from the date of the note, and one-third on the date the loan is due. 16 — We believe that this system of partial payments is the best way to accept payment of all loans. It is easier for the borrower and it will help us to put a premium on the prompt borrowers and be able to grant them credit in larger amount. 17 — The system of fines for non-payment of these partial payments will tend to make the delinquent borrowers pay the attendant expense, and will relieve the prompt borrowers by just that much. 18 — With this system farmers will be able to borrow money for a convenient term for any reasonable farm operation and will be able to pay in installments. All the charges in connection with appraisal, discount, and advance payments will not cost the prompt borrower more than the actual service and the money is worth. 19 — This Fund is attempting only to pay its legitimate expenses, and return a reasonable rate of interest to its stock- holders. Fonn 1 FARMERS FUND NOTE Date.. .19- On - months after date I promise to pay to the order »i FARMERS FUND, INC., at _ ~- -•■ Dollars ($_ — ) for value received. This loan has been made to assist me in my farm operations and to secure payment hereof I^e'-eby declare that the proceeds of these farm operations are to be collected by me and held by me m trust separate and ^part from a 1 other funds for the holder of this note. It is, however, understood that I may use out of said proceeds, as =«>d when the same are col- lected, such sums as were necessary for the proper harvestmg and market of my crops, or care and feedmg of said stock. I further agree, in case I default in the payment of any installment due on any certificate of 'nd«''tefn«^°^^the Com- pany herewith hypothecated to secure this note, that this obligation at the option of the holder hereof shall become due and payable whether due according to its face or not BORROWER SIGN HERE (Signed) (P. O. Address) On the following certificate agent banks are to endorse payments made by the borrowers. Each payment must equal one-third the face amount of the loan for which this certificate is held as collateral security, and payments are to be made by the borrower, one two months prior to maturity of the borrower's note; one one month prior to maturity of the note, and one at maturity of the note. This certificate will be accepted to liquidate the borrower's loan for the total amount endorsed on it by our agent banks. Value $.. Certificate of Indebtedness ..._ _._ 19- This is to certify that there has been paid to the FARMERS FUND, INC., three (3) uniform month- ly payments on the three following dates, namely : Date Amotmt Total , and the amount of the above payment." endorsed hereon is payable to the bearer on Demand. (Signed) FARMERS FUND, INC. For and in consideration of $1.00 and other valuable considerations to me this day paid, I hereby sell, assign and transfer the above certificate of indebtedness together with all payments which it may now or hereafter evidence to the FARMERS FUND, INC., as collateral security for a promissory note for Dollars, due - BORROWER SIGN HERE (Signed) (Borrower's Name) (P. O. Address) Form 2 FARMERS FUND, INC. Application for Loan 1 — ^All loans payable not later than twelve months from date of making. 2 — This application must be filled out and signed by the borrower. 3 — A charge for examination and appraisal for each loan will be made as follows: $1.00 for each $50 or fraction thereof on all loans under $250.00. On loans over $250.00 the fee for appraisal and examination will be $5.00. 4 — ^AU loans payable with certificate of indebtedness issued by the fund. 5 — Each certificate of indebtedness issued by this Fund shall equal the face amount of each loan. 6 — Certificate of indebtedness shall be paid for by the borrowers in the following manner: One-third of the amount of the loan two months prior to maturity; one-third one month prior to maturity; and one-third at maturity of the note. 7 — ^A fine not exceeding fifty cents will be collected on the non-payment of any periodical installments due on the cer- tificate of indebtedness held as collateral security for a loan of $50 or less; and a fine of not exceeding one per cent of a loan and will be collected upon the failure to pay periodical installments on the certificate assigned for a loan of over $50.00. ..19... ..($... ..) I hereby apply for a loan of for the term of months, the proceeds of this loan to be used for the farm operations specified herein, and I offer as security therefor my note which is to be a lien on the proceeds of such farm operations. I also offer as additional security for the payment of this note a certificate of indebtedness issued by your company, payable to Bearer, for an amount not less than the amount of the loan requested herewith; and I agree to make monthly payments upon this certificate as provided by this application and the certificate itself. I further agree to keep in trust for the FARMERS FUND, INC., all property pledged in the said note and to account to it as Trustee therefor; to make punctual payments on the date when they become due on all notes, instalhnents on certificates, fines or other charges which it may have against nie at any time; and to fulfill all obligations iinposed upon me as a borrower from the said FARMERS FUND, INC., by its by-laws or by its rules and regulations. I hereby certify that all the statements ' jithin this application are true and complete and are made for the purpose of obtaining credit. BORROWER SIGN HERE (Signed") (P. O. Address) , Witnessed and approved without recourse by: To be filled out by Agent Bank and forwarded to the Farmers Fund, Alliance Bank Building, Rochester, N. Y. NOTE MEMORANDUM Date 191..... . .. Amount... Maker Due .191 - Bank Loc?tion of farm... ..Size in Acres... Ill whose name is title of farm?... If title of farm is in wife's name she must join in signing note. Value of Farm $... 1st Mortgage $ ...Date due... ..Date due... 2nd Mortgage $ - Leasehold — Yes „..., No..., Annual Rental.. Are any chattel mortgages outstanding against your property? ...Held by.. ...Held by... If so, give name and address of the creditor and amount of mortgage... Are there any judgments pending or on file against you? Give amount of outstanding and unpaid bills, notes, etc. $... What is your net vitorth over and above all debts ? $ Amount of insurance. , Life... Number, of cows... Amount of insurance. Fire.. Number of horses ., Number of sheep ..... Number of pigs Beneficiary.., Number of fruit trees„ No. Acres Kind of Crop Amt. Seed Cost Amt. Fertilizer Purpose for Which Loan Is Required state fully number of acres and kind of crops Cost No. Head Kind of Stock Market Value Age Number Tools Purchase Price From whom purchased?... Give Dealer's Name ''ill m * ill '1 '1- ii|