Minutes of the American Turpentine Farmers Association held Mar. 04, 1965 in Valdosta, Georgia

MINUTES OF THE MEETING OF THE
BOARD OF DIRECTORS
MARCH h, 1965
The Association's Board of Directors met in called session in the
Conference Room of the ATFA Building on March , 1965.

Members present were:

Harley Langdale, President, presiding

H. Lindsay Grace .. Oboe aGalilers. dr.
W. L. Rhodes E. R. Pilkinton
C. A. Roberts S. O. Spooner

Members absent: W. B. Nagle, R. M. Newton, and M. C. Stallworth, Jr.

The meeting was called to order at ten o'clock A.M.

Minutes of the last meeting, held on November 30, 196), were read
and approved.

Judge Langdale informed the Board that announcement of an Export
Sales Program had been hoped for simultaneously with announcement of the
1965 Loan Program on February 8, 1965, but certain details of the Program
were still subject to the approval of Washington USDA officials, and that
the Association was not then in position to discuss the Program fully
pending final approval of CCC. It was disclosed to the Board that the
Sales Program would involve the liquidation of 1961 and 1962 loan stocks,
would be for export only, and would be conducted on a bid basis, the sales
price to be approved by CCC. A condition of this program would be the
termination of the Association's right to make partial redemptions from
the 1961 and 1962 stocks, and would call for appropriate amendment of the
1961 and 1962 Loan Agreements.

Apart from the Export Sales Program, the Association would conduct a
Redemption Pool Sales Program, offering rosin from 1963 loan stocks for

unrestricted use at prices not less than current redemption costs. Any

profits realized from such sales would be for the accounts of participating
producers.

In discussing the 1965 loan rates on rosin it was pointed out that
if actual turpentine prices in 1965 exceed the estimated prospective
turpentine price taken into account in setting the pine gum support price
(this is believed to be 55 - 56), rosin support rates would be reduced

accordingly; also, grade premiums and discounts may be increased or
decreased by an identical amount whenever market conditions warrant.

These provisions are new, and Judge Langdale stressed the importance of
"holding the line" on the price of turpentine, particularly since there

are no provisions for restoring the rosin support rates to the original
levels in the event of fluctuations in the turpentine price, and -- equally
important -- to preserve our current turpentine utilization in chemicals.

Upon motion by Mr. Roberts, seconded by Mr. Rhodes, the Board unan-
imously adopted a resolution authorizing appropriate amendments to the
1961 and 1962 Loan Agreements, and the execution of the 1965 Gum Naval
Stores Loan Agreement. The full text of the Resolution is appended hereto.

Copies of the treasurer's report of the Association's income and
expenses for the fiscal year ended January 31, 1965, and of a Balance Sheet
as of January 31, 1965 were distributed to the directors. Since it was
generally felt that the statements were sufficiently detailed so as to
be more or less self-explanatory, a general discussion of the report was
dispensed with, with the assurance that questions regarding any of its
contents were invited.

It was again reported that the Association's group insurance program
was foundering for lack of member participation, and a motion by Mr. Gillis,
seconded by Mr. Spooner, put and carried, authorized Association adminis-
trative personnel to make a complete study of all proferred plans and
promulgate the best program available.

Downing Musgrove reported that the State of Georgia had appropriated
$30,000 toward financing a project at the University of Georgia for the
purpose of studying the physiology of the pine tree. It was understood
that other industry groups were endeavoring to raise funds to supplement
the appropriation, and that the Association would likely be called on for
similar funds. Upon motion by Mr. Grace, seconded by Mr. Gillis, put and
carried, Judge Langdale was authorized to negotiate with these groups
toward reaching the money goals for furthering the project.

Regarding the annual convention on April 21, the Board agreed that:

1 - Arrangement of the program would rest with the Association manager;

@ - The convention would be held at the J. E. Mathis Municipal

Auditorium, the charge to the Association as reported by Mr.
Musgrove being $100 for the use of these facilities;

3 - The manager would make arrangements with Mr. Coleman of Mount
Vernon for supplying the food for the convention guests; and

bus The members and their guests who arrive in Valdosta on Tuesday
before the convention be entertained at a dinner dance at the
Valdosta County Club that evening.
Judge Langdale next mentioned his desire to retire from the office
of director and president. He spoke of his having served for 29 years
in that capacity, and felt it was now time for another person to assume
duties.

The directors expressed deep concern for Judge Langdale's physical
well-being, and equal concern for the Association's future without the
strong leadership he has provided since its organization. He was urged,
assuming his continued reasonably good health, to remain in office for
another year, in the interest of harmony in the Association, and, as one
director expressed it, to "round out 30 years of service".

No action was taken on his resignation, submitted to the Board on
November 30, 196), and a motion by Mr. Spooner, seconded by Mr. Rhodes,
that his resignation not be accepted was tabled until the next directors
meeting.

It was announced that the next such meeting would be held at 3:00
o'clock P.M. on Apri 20.

There being no further business, the meeting stood adjourned.

Respectfully submitted,

Nes

Secretary UO)

=~

-

A RESOLUTION

BE IT RESOLVED by the Board of Directors of the American Turpentine
Farmers Association Cooperative in meeting assembled at Valdosta, Georgia,
on this 4th day of March, 1965:

1. That the President and the Secretary be, and they are hereby, authorized,
directed, and empowered in the name of this Association and on its behalf:
(a) To execute and deliver a 1965 Loan Agreement with
Commodity Credit Corporation implementing the 1965 Gum
Naval Stores Loan Program approved by the Secretary of

Agriculture on February 8, 1965, whereunder a Price
Support Loan is to be made available to the Association,
the said Loan Agreement to be generally similar to like
agreements heretofore entered into between the Association
and Commodity Credit Corporation, the form and details
of such agreement to rest in the sound discretion of the
Association's President;

2. That they be, and they are hereby further authorized:
(a) To execute and deliver amendments to the 1961 and 1962
Loan Agreements now in force between pat Association and
Commodity Credit Corporation to eliminate therefrom any
provisions thereof authorizing redemption of less than
all of the naval stores remaining in pledge thereunder
and to make other changes in such Agreements as may be
consequently necessary or desirable; and
(b) To execute and deliver such agreements with Commodity
Credit Corporation as may be necessary or desirable to
authorize the Association to carry one a sales program

for the liquidation of such naval stores remaining in

pledge under the aforesaid 1961 and 1962 Loan Agreements.

3. That they be and they are hereby further authorized:

(a) To execute and deliver, from time to time, any necessary
or desirable amendments of or supplements to any Agreement
the execution of which is authorized hereunder; and

(b) To enter into, with warehousemen, processor-warehousenmen,
and others, all contracts and agreements necessary or
desirable in effectuating the purposes of eee such
Agreement.

4, That they, or either of them be, and they are hereby, authorized:
(a) To enter into Producer's Marketing Agreements with the
members of this Association in order that the proceeds of
the aforesaid loan from Commodity Credit Corporation may
be made available to the members of thin Association in
the form of Tint es upon naval stores tendered by them
to the Association for loan;

(b) In general, to do all and any thing that may be useful
in or necessary to the successful operation of the 1965 Loan
Program pursuant to the 1965 Loan Agreement.

5. That the President be, and he is hereby, authorized and empowered to

employ, and to fix the compensation of , such additional stenographic,

clerical and accounting personnel as, in his judgment, may be necessary
to the efficient discharge of the Association's duties and obligations
under the said Loan Agreement.

6. That the Assistant Secretary be empowered to do any thing herein

authorized or prescribed to be done by the Secretary.
> 1 ns: ates Pr ee a peaks > wi m:
/ LilaS Use Ma g > LHe mee netant tO Th i esiaent ana suctr otnel

: Z ee ee ) . pe * p * = pe e
aesil es aS tae President es aD c to + O1 VME and trey

aw } - 4 ~ - ~ >
e he a of the things authorized to be
5 3
aone 1 i orm
That < and all things that may have heretofore been done Dy any

" A ae ae 4 Ya Fad
IL TLCS a t rot oc1ation Lt 2 anc O14 ci urposes ahd i tent O41

Ac -_ 1 . | 1 arnke = 3 3 es
this Resolution be, and they are, in all respects ratified and confirmed

CERTIFIED that the foregoing Resolution was unanimously passed by the
Board of Directors of this Association on the hth day of March, 1965,
a quorum of such Board being then and there present.

we Ober ten

Secretary

Cash on Deposit - C & $ Natl. Bank
' Less; Due 1962 Pool Participants

Accounts Receivable:
AT-FA Journal Advertisers .
Commodity Credit Corporation
Employee Accounts
0. W. Goodaan
Jack A. Griffis
Mailing Deposit
Real Estate and Equipment:
Building Lot - Landscaped
Paved Parking Lot
Office Building
Central Air Conditioning

Office Furniture and Equipment

Less Reserve for Depreciation
TOTAL ASSETS

LIABILITIES AND MET WORTH

Liabilities
Georgia Income Tax Withheld
Total Liabilities
Net Worth .
Advertising Fund Balance
Operating Fund:
Balance at 2/1/64

2/1/64 - 1/31/65

Pine Gum Development Corporation

Balance transferred

Canceled check to W. L. Roberts

for March 1963 Rent

Total Net Worth

TOTAL LIABILITIES AND NET WORTH

$ 90,027.80
? 31,947.15 $ 36,080.65
9,101.27 9,421.77
460.00
50.00 510.00
601.34
$20,902.39
1,000.00
40,221.98
3,602.00

27,133.12 92,861.49

37,021.89 75,839.50

ee 28
: : 50.28
36,623.55 _
17,639.47
1,331.56 : :

bog
r:
4
)
AT JANUARY 31, 1965

Filtered iain Products = Company Es sage 27.356
Florida Drua Company, fe Se ; 27.50
Lerio Corporation : tee: 27.50
Shelton yey Stores Processing Co. i ) 16.00
Southern States Containers, Div. of sie ig

Stallworth Pine Products Company ty 15.00

Taylor, Lowenstein & Co. . of 16,50

$ 320.50
AOS = 1965
Menbers Dues $81,432.72
Meubership Fees 9.00
Royalties (Schedule) 1,596.10
Group Insurance Program:
Gross Prewiums Received $04,444.60
Less Paid to Underwriter 4,915.94
1961 Redemption Profits after '
Distributions ent 22
ee 27,278,8
Ise TOTAL. LESS LOAN NET Expense
Display Advertising $13,894.00 $13,894.00
Youth Sducation Prograns 2,136.55 2,136.55
ATFA Journal (Net) 6,438.33 6,436.35 |
aAenval Convention 3,747.19 B,747.19
Calendars 5,404.92 S,404.92
Salaries (Schedule) 61,213.01 $42,231.29 ~ 48,961.72
Travel (Schedule) 11,805.49 7,877.20 3,928.29
Office Supplies & Printing 4,150.37 2,349.50 1,800.87
Office Utilities and - - eT ORNS eee eS
Telephone and Telegraph 2,089.66. 713.37 1,346.29 .
Turpentine Samples 287.93 .. 287,93
Depreciation on ae 2,597.54
Coanissions on Dues Collected 1,915.43 1,915.43
Miscellaneous
(Schedule) 20778.08 __ 494.50 peer

PEBRUARY 1 THROUGH JANUARY 31

STATEMENT OF INCOME AND EXPENSES
PBBRUARY 1 THROUGH JANUARY 31

$131,506.23

ARSE = 1204

$88,973.22
2083.77 >

$201,089.60 a

_92:855.79 8,233.90

$14,933.97 $26,953.97
- 3,648.68 3,648.68
6,390.95 6,390.95,
3,169.89 3,169.89

'g1427.15 $4427.15
$2,400.37 og te 24,421.95
,323.30 3,510.77 1,812.53
3,222.29 1,228.01 1,894.28

3,708.98 2,470.22 1,238.77

2,594.79 884.67 1,710.12
2,233.38 0 2,223.33
7391 73.93
2,231.90 2,231.90
2,212.04 2,222.04 .
$54,137.51 an
ROYALTIES RECEIVED FEBRUARY 1, 1964 THROUGH JANUARY 31, 1965.

Contxal Solvents and Chenicals company
Biroy Turpentine Company _

Indiana Naval Stores ,

The Langdale Company = =.

Charles L. Read and Company, Inc.

Stallworth Pine Products Company, tee.

- The Warner-Grahan Company
BR. &. Ziguwerman Company

$ 216.23

193.63

$1f906.10

SCHEDULES OF SALARIES AND TRAVEL EXPENSES PAID
FEBRUARY 1, 1961 THROUGH JANUARY 31, 1965

SALARTES PAID

Downing Musgrove
Ora B. Hemmingway
Ray Tomlinson

6. W. Goodman

Jack A. Griffis

J. Lundie Smith
Louise M. Greene
Roosevelt Jenkins
Virginia I. Jones
Jane B. Long
Elizabeth 5. Roger's
Faye W. Simmons
Cleta Mae Smith
Barbara B. Frontera
Mary Alice Griffis 1
Betty 5. Starling 1
Mary W. Todd 1/

TOTAL SALARIES PAID

1/ Former or temporary employees.

TRAVEL EXPENSES PAID

0. . Goodman
Jack A. Griffis
Downing Musgrove .
Harley Langdale
Ora B. Hemmingwey -
Ray Tomlinson _

J. L. Gillis, Jr. .

HL L. Grace

E. Re Pilkinton (L/17/61-),/16/6h)
W. L. Rhodes. ;
H.C. Stallworth
E. L. Patton

SSSSBRSSASASSYssa

TOTAL ASSOCIATION LOAN
$10 399 8h $5 316 59 $ 5 083
8 350 00 188600 6.26)
650000 276200 3738
5 625 00 256 50 85 368
5 000 00 2k 90 =k SS
3 000 00 975 0) = - 02S
290000 101975 # 1 880
326125 103: 55 2 226
3650900 193075 1719
375 00 375
3.650 00 15000 =. 3. 500
3 325.00 38h 75 2910
189500 1 532 00 363
_ 2500 00 910 00 590
. 180 90 60:00 120
L01 92 150 83 251
1 200 00 189 900 1-021
62 213 OL $18 981 72 $h2 231 22 te
$h 659 55 $ . 37675 $k 282 80
321748 25388 2 963 60
1 315 h7 86790 . bh? $7.
695 21 3sS PA se
ay 158 03
. 16 % 25 20
39 bS 39 LS
111 50. $112 5.
9600 >. 16. 00
8; 00 = Bh 00
222 30 222 30
106 78 106 78
263 10 263.10
yy PNB. 3 BS OO
Ls 82 ___ bsh 82 *

Licenses and Fees
F. I. C. A, Tus

Liability Insurance and Bond Premiums 1, 101.72 $..-722.61 S$ 87Hile es
Tree Gauges 724.25 FAG, aS 2 ORE
Naval Stores Work Conference : 376,35 276.35

Luncheons and Pntertainment = s. 561.08 381.05

Annual Audit 490.00 400.00

Gifts and Donations 275.53 275.53

Car Hire for Mail and itiscellancous *
Bank Bechange > 93.47. 93.47 4
Plowers : ; 42.46 42.45

P, 0. Box Rent 18.00 18.0

mxtra Clerical for 1961 Pool Distribution 200.00. 200.00 os
Miscellaneous Supplies 2.50 2.50 .

Total Miscellaneous Expenses $3,776.06 $3,341.56 424.50

MINUTES OF THE MEETING OF THE
: BOARD OF DIRECTORS
APRIL 20, 1965
The Association's Board of Directors met in regular annual session

in the Conference Room of the ATFA Building on April 20, 1965.

Members present were:

Harley Langdale H. Lindsay Grace

J. bk. Giatins M. C. Stallworth, Jr.
S. 0. Spooner W. B. Nagle

E. R. Pilkinton C. A. Roberts

comprising a quorum.

Members absent were: W. L. Rhodes and R. M. Newton.

Also attending were Downing Musgrove, Manager; J. Lundie Smith,
General Counsel and Assistant to the President; and Milton S. Briggs,
Deputy Director, Producer Associations Division, ASCS, USDA, Washington.

The meeting was called to order by Judge Langdale, President, at
3:00 o'clock P.M.

Minutes of the last meeting, held on March h, 1965, were read and
approved.

Copies of the annual audit report of Ralph B. Finney, C.P.A., for
the fiscal year ending January 31, 1965 were distributed to the directors.
A brief discussion was had with respect to the report, with questions
invited regarding any of its contents. During the discussion it was
pointed out that, while gum production in 196) had declined about 13%
from the previous year, the Association's income from members' dues was
down only 8%. This was believed to be the indirect result, although
not the purpose, of the requirement, effective for the first time in 196),
that processor-warehousemen report to the Association the gum received
from its members, the purpose being a determination of the eligibility
of quantities offered for loan.

Mr. George Varn and Mr. John Laws were admitted to the meeting for
the purpose of reporting developments in connection with the proposed
study of the physiology of the pine tree, among other things to learn
why gum flows or why it does not flow, such study. to be undertaken by
research scientists at the University of Georgia. Questioning by the
Board brought out that there would be no duplication here of any work
underway or already completed. Mr. Varn reminded them that Mr. McClintoc,

formerly assigned to the Lake City Forest Research Center and now at
Ashville, was a member of the advisory committee for the proposed project;
that the Center admittedly does not have the type of facilities required
for such sophisticated research and these are available at the University
of Georgia; further, that the Olustee staff would cooperate by performing
any phase of the Georgia research that might be assigned to it.

Mr. Varn reported that $15,000 annually would be needed to supplement
the Georgia appropriation, and it was expected that such supplement would
be provided in equal amount from the processors, the Association, and a
third group consisting of pulp mill companies and like interests. He
emphasized that the work could take up to ten years and, typical of much
research, there was no assurance that the answer being sought would ever
be found. However, since the initial Georgia commitment was for a period
of two years, it was felt that ee ae from supporting groups should
be for a like period.

Upon motion, duly made, put, and carried, the Board approved the
expenditure by the Association of the $5,000 requested in the current year.

Before retiring from the meeting, Mr. Varn stated to Judge Langdale
that he was acting host to two gentlemen from Athens, Greece, who had
requested audience with the Board. Permission granted, Mr. Varn left to
conduct the visitors to the meeting.

Meanwhile, pending their arrival, the Board was reminded that one of
its functions was the annual appointment of a Board of Directors for Pine
Gum Development Corporation, and that present members, having been appointed
by Judge Langdale pursuant to the authority granted on April 1h, 196), were
Walter G. Autrey, K. C. Wilkinson, Louis P. Shelton, and Joe L. Wetherington.
Upon motion by Mr. Grace, seconded by Mr. Roberts, put and carried, the
members of the present Board were re-appointed.

Mr. Varn then re-entered with the two Greek visitors, whom he intro-
duced as Mr. George Papadimitricoupoulas, former Minister of Commerce in
the Greek Government, and Mr. John Retzonis, accompanying him as interpreter.

The purpose of his trip, as stated to the Board, was to obtain infor-
mation and ideas in this country as to what could and should be done to
bring about a balance in the total supply of naval stores. He suggested
the creation of an international study and advisory panel, for the purpose
of keeping abreast of the overall situation and for the wide exchange of

such information as would be helpful to all naval stores producing countries.
He told them that he was not suggesting a formal agreement for the
control of prices of or production.

It was the consensus of the meeting that abnormal fluctuations either
in prices or in supply always tend to create problems. It was noted that
the Association's efforts, aided by leaders in other segments of the in-
dustry, had achieved remarkable stability in rosin itis a the last
Lace years, and, but for the staggering increase in European production,
would have been completely successful. It appeared to be the consensus
of the Board, and of others present, that the current dilemma had been
brought about by over-production in Europe rather than by developments in
this country, American production having been about level throughout this
century, and that the burden of achieving stability would now seem to rest
with those countries rather than with the United States. It was pointed
out that American gum production is now only a fraction of its former
volume and any further voluntary reduction would not be justified nor
would it be effective.

When the visiting group had withdrawn from the meeting, Mr. Nagle
reported that in Florida, as perhaps in other states here represented,
the naval stores people are facing burdensome ton problems as a result of
land re-evaluation programs. He recited his efforts toward obtaining a
hina? relief from the Florida legislature then in session, but, so
far, he had not been encouraged to believe that any real relief from the
excessive rates then being considered was to be expected. The Board, noting
that one of its members was also a member of the Florida legislature,
offered such assistance in the matter as would benefit gum farmers, and in
such manner as Mr. Nagle might request and direct.

It was then announced to the Board that plans for the annual con-
vention, for that evening and the next day, had been completed in accord-
ance with those approved in the March h meeting.

There being no further business to come before the Board at this session,
the meeting thereupon stood adjourned.

Respectfully submitted,

Quit 2.

Secretary i; 3

MINUTES OF THE MEETING OF THE
BOARD OF DIRECTORS
APRIL 21, 1965
The newly elected Board of Directors met in special session at the
JE. Mathis Municipal Auditorium in Valdosta at 3:00 o'clock P.M.,

April 21, 1965, immediately following adjournment of the annual meeting.

Members present were:

Harley Langdale M. C. Stallworth
W. B. Nagle C. A. Roberts

J o> da Guess, -Jit* E. FR. Pilieimiton
H. Lindsay Grace S. 0. Spooner

A a Rnodes

Mr. R. M. Newton was absent, as he had been unavoidably absent from the
previous session and the annual meeting proceedings because of a death in
his family.

Also present were Downing Musgrove, J. Lundie Smith, Milton S. Briggs,
and J. B. Newton.

Judge Langdale called the meeting to order and welcomed as a new
member of the Board Mr. J. T. Rhodes, of Estill, South Carolina, succeeding
Mr. W. L. Rhodes, who had previously announced his intention to retire.

Judge Langdale explained that the purpose of the meeting was to elect
officers in accordance with the provision of the Association's By-Laws
requiring that this be done within ten days after adjournment of the annual
meeting at which the Directors are elected.

Before calling for nominations, he announced his intention to resign
from the Board forthwith, thus making him ineligible for the office of
president or vice president.

This announcement caused visible concern to the other board members,
and there was much discussion among them and doubt expressed as to the
Association's future.

Finally, the Board being unwilling to accept Judge Langdale's resig-
nation at this time, upon motion by Mr. Roberts, seconded by Mr. Gillis,
put and carried, the terms of present officers were extended until the
next meeting of the Board.

Upon motion by Mr. Spooner, seconded by Mr. Roberts, the amount of the
college scholarship to be awarded to Miss Frances Allen, newly chosen tur-

pentine "queen", was set at $500.
There being no further business to come before the meeting, it
stood adjourned.

Respectfully submitted,

Yl:

Secretary a |

MINUTES OF THE MEETING OF THE
BOARD OF DIRECTORS
SEPTEMBER 20, 1965
Pursuant to a call by President Harley Langdale, the Association's
Board of Directors convened in the ATFA Conference Room at 10:00 o'clock

A.M., on September 20, 1965.

Members present were:

Harley Langdale R. M. Newton

M. C. Stallworth, Jr. Jim L. Gadass. Ja.
H. Lindsay Grace E. R. Pilkinton

W. B. Nagle C. A. Roberts, and

J. T. Rhodes.

Member absent:

S. 0. Spooner.

The meeting was called to naan by Judge Langdale, who presided.

Minutes of the April 20, 1965 Directors Meeting, and of the Meeting
held immediately following adjournment of the annual membership meeting on
April 21, were read, and approved as read.

The treasurer's report for the six-months ending July 31, 1965 was
presented, a copy of which was furnished to each Director present. It was
pointed out that reported production during the 6-months period was down
10.7%, and Association income from members dues was down by 8.7%, compared
with the same period in 196).

With respect to the approximately $32,000 shown in the report to be
due 1962 Redemption Pool participants, it was stated that the March 1965
sandhasin to the 1961 and 1962 CCC Loan Agreements, by which the Export
Sales Program was implemented, had, for all purposes, closed the 1962
Redemption Pool, and that disposition of the gains would be a matter for
determination by the Board during the current fiscal year under cooperative
Income Tax regulations; and the alternatives were (1) The gains could, with

the approval of CCC, be transferred to the Association's general funds,

subject to income tax (estimated to be about $9,000), or (2) they could be
distributed to the participating producers on an equitable basis as pre-
scribed in the 1962 Producer's Marketing Agreement.

Upon motion, offered, put, and carried, the Board directed that the
gaines be distributed in the full amount, with no deduction to be made for
the cost of such distribution, and that it be made as early after January 1,

1966 as was then practicable.
The Board was cites in the opinion that early announcement of a
1966 Price Support Progran was of utmost importance to producers; and,
upon motion by Mr. Gillis, seconded by Mr. Grace, put and carried, the
Board authorized the President to designate a committee for such purpose
and to take such other steps as would result in setting the Program in
operation at the earliest date in 1966 as would be eeu 7 possible.

There being no further business to come before the general session,
it stood adjourned and entered immediately upon executive session.

Respectfully submitted,

ec

Secretary

MEMORANDUM OF
ACTION TAKEN AT
EXECUTIVE SESSION OF
BOARD OF DIRECTORS
AMERICAN TURPENTINE FARMERS ASSOCIATION
SEPTEMBER 20, 1965.

Judge Langdale tendered to the Board of Directors his
resignation as a Director and as President of the Association, to
be effective October 1, 1965.

A motion by Mr. Grace, seconded by several members of the
Board, proposed that: --

Judge Langdale's resignation be accepted with the deepest
regrets and sincerest thanks of the Board;

That Mr. Downing Musgrove be elected by the Board as a
Director to fill the unexpired term of Judge Langdale, effective
October 1;

That Mr. Jim L. Gillis, Jr. be elected President of the
Association to fill the unexpired term of Judge Langdale, to be
effective October 1;

That Mr. Downing Musgrove be elected Vice-President and
General Manager of the Association, to be effective October 1; and

That Judge Langdale be elected President Emeritus of the
Association, to become effective on October 1 immediately upon the
effectiveness of his resignation as Director and President.

The motion was put and unanimously carried.

This 20th day of September, 1965.

8 ; Ss Bt cx
Ae? DIE SMITH, Acting as Secretary
to the Board by designation of the
oa President, for purposes of its
Executive Session.

we

MEMORANDUM OF
ACTION TAKEN AT
EXECUTIVE SESSION OF
BOARD OF DIRECTORS
AMERICAN TURPENTINE FARMERS ASSOCIATION
SEPTEMBER 20, 1965.

Judge Langdale tendered to the Board of Directors his
resignation as a Director and as President of the Association, to
be effective October 1, 1965.

A motion by Mr. Grace, seconded by several members of the
Board, proposed that: --

Judge Langdale's resignation be accepted with the deepest
regrets and sincerest thanks of the Board;

That Mr. Downing Musgrove be elected by the Board as a
Director to fill the unexpired term of Judge Langdale, effective
October 1;

That Mr. Jim L. Gillis, Jr. be elected President of the
Association to fill the unexpired term of Judge Langdale, to be
effective October 1;

That Mr. Downing Musgrove be elected Vice-President and
General Manager of the Association, to be effective October 1; and

_ That Judge Langdale be elected President Emeritus of the
Association, to become effective on October 1 immediately upon the
effectiveness of his resignation as Director and President.

The motion was put and unanimously carried.

This 20th day of September, 1965.

- Le 2 L NDIE SMITH; Acting as Secretary
to the Board by designation of the
President, for purposes of its

Executive Session.