BBJ107

REGULAR ANNUAL MEETING
of the
BOARD OF DIRECTORS
April 18, 1972

The Board of Directors met in regular annual session
in the ATFA Conference Room at 3:00 P.M., April 18, 1972,
with the following Directors present:

Jim L. Gillis, Jr., President, presiding

E. R. Pilkinton Downing Musgrove
Carroll Girtman C. A. Roberts
J. Q. Ryals D. R. Stallworth

Absent were S. 0. Spooner, Jr. (due to his father's
illness), and W. B. Nagle, who was ill. (There being no
qualified producer-member in District 5, the office of
Director in that District has been vacant since the
resignation of Mr. J. T. Rhodes a year ago.)

Copies of the Audit Report, prepared by R. B. Finney,
CPA, were distributed to the Directors, and a review and
discussion of the Association's activities and financial
condition was had, and the Report was approved.

Mr. Gillis reported that ATFA was actively resisting
a proposed repeal of the Naval Stores Act, which afforded
protection from the labeling of cheaper and inferior
substitutes as naval stores, and that he had enlisted the
support of Georgia Senators and of Phil Campbell, Under
Secretary of Agriculture.

It was reported that the stocks remaining in the loan
program had been reduced to 19,263 drums of rosin of all
grades. In its consideration of the most prudent course in
the disposition of this rosin, the consensus was that the
rosin should not be offered for sale in a manner that would
place it in competition with current production.

Mr. Herbert Wagner, representing the Oilseeds and Special
Crops Division of the U. S. Department of Agriculture, was
present at the Board meeting at the invitation of Mr. Gillis.
At this point, he expressed a strong belief that CCC would
offer no objection to withholding the rosin or to Limiting the
quantities offered for sale so long as there was no- chance
that CCC would thereby suffer a loss.

Mr. J. Lundie Smith, General Manager and legal counsel,
explained that the 1972 Loan Agreement with CCC was to be
implemented by the execution of an Amendment (Titled Amendment
No. 1) of the 1971 Loan Agreement extending the said Agreement
to cover 1972 production.

Upon motion by Mr. Musgrove, seconded by Mr. Ryals, put
and carried, a resolution was adopted authorizing the execution
of the Amendment and the performance of all acts pursuant
thereto.

In other action, the Board approved the scholarship award
to 'Miss Gum Spirits of Turpentine" in the amount of $250.00,
with $100.00 to the first runner-up, these recipients to be
selected in the contest to be conducted in annual meeting on the
following day.
16

By appropriate action, the Board also reappointed
the Directors of Pine Gum Development Corporation, they
being W. G. Autrey, L. P. Shelton, and J. L. Wetherington.

There being no other business to come before the
Board, the meeting stood adjourned.

Respectfully submitted,

( A
4

Secretary ps eat

A RESOLUTION

WHEREAS, Commodity Credit Corporation has presented to
this Association an agreement entitled "Amendment 1 to 1971 Gum
Naval Stores Loan Agreement", the intended purpose of which is to
extend the term and provisions of the 1971 Gum Naval Stores Loan
Agreement so as to apply the same to gum naval stores produced
domestically in the calendar year 1972; and

WHEREAS, the said "Amendment 1" has been considered and
is approved by the Board of Directors of this Association;

BE IT RESOLVED by the Board of Directors of American
Turpentine Farmers Association Cooperative in meeting assembled
at Valdosta, Georgia, on the 18th day of April, 1972, that the
President of this Association be, and he hereby is, authorized and
directed to execute and deliver the said "Amendment 1" in the name
and on behalf of this Association;

RESOLVED FURTHER that the resolution of this Board
adopted on April 20, 1971, relating to, and authorizing the
execution of the said 1971 Gum Naval Stores Loan Agreement, is
hereby amended so that all of the terms and provisions of said
resolution are extended and made applicable to the said Loan

Agreement as amended by said "Amendment 1 to 1971 Gum Naval Stores
Loan Agreement."

CERTIFIED that the foregoing is a true and correct copy
of a resolution duly adopted by the Board of Directors of American
Turpentine Farmers Association Cooperative in meeting assembled
on April 18, 1972, a quorum of such Board being then and there
present and participating.

This \@A day of ace pone T he,

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