ANNUAL MEETING
OF THE
BOARD OF DIRECTORS
OF
AMERICAN TURPENTINE FARMERS ASSOCIATION COOPERATIVE
April 21, 1976

ATFA's Board of Directors met in regular annual session in Valdosta,
Georgia, at 2 o'clock P. M., on April 21, 1976. All Directors were present,
they being:

Jim L. Gillis, Jr., President John J. Langdale
Fred H. Carter Carroll Girtman
E. R. Pilkinton W. A. Register
Lewis E. Kight J. Q. Ryals

D. R. Stallworth

President Gillis brought the meeting to order and asked the
Secretary to read the minutes of the last meeting, that being a Special
Meeting held on December ), 1975, at the Experiment Station at Olustee,
Florida. The Minutes were approved as read.

The Board members were informed of negotiations with the Government
for an increase in rental rate for space in the ATFA office building being
utilized by the Tobacco Market News Service. The Board unanimously approved
the increase in rent from $165 per month to $175 per month, effective
July 1, and giving the Government an option to renew for a period of three
years.

In further action, the Board authorized the President to select a
Queen and Calendar Girl from entries in the "Miss Georgia Forestry" Contest,
when that organization helds its Annual Meeting at Jekyll Island in early
June. The amount of $250 as a scholarship grant was approved for payment
to the girl selected as the Queen.

By a unanimous vote, the Board agreed to continue production of the
Association Calendar in the same quantity as last year; that being 2000 at
$1.65 each plus postage and freight.

At the last meeting or the Board, the President had been asked to
pursue the possibility of continuing the Naval Stores Loan Program for
1976. In line with this request, the President then informed the Board
that he and the Association's Vice President, Mr. Girtman, had in fact been
to Washington and met with Mr. Thomason and Mr. Benjamin of the Grains,
Oilseeds and Cotton Division of ASCS, and in turn the four of them met
with Mr. Kenneth Frick, Deputy Administrator of ASCS. Mr. Gillis reported
that Mr. Frick seemed very favorable for continuance of the Loan Program
and would be in contact with him at the end of two weeks. Many of the
Board members expressed the hope that with the continuing decline of stocks
of rosin on hand, price for the new crop would increase and stabilize at a
profitable level. However, it was agreed that all efforts should be made
to effect a 1976 Loan Program.

The audit report submitted by Mr. Ralph Finney, CPA, covering ATFA's
fiscal operations for the fiscal year ended January 31, 1976, was distributed
to the Board members, who reviewed the report at length. In this regard,

a committee consisting of Mr. Girtman, Mr. Langdale and Mr. Gillis was
appointed to review current salary rates of ATFA personnel and make
suggestions regarding any revisions.

The Board members were then informed of the results of the election
of Association Directors. The Ballots were tabulated earlier in the day
by the Ballot Committee consisting of Association members M. H. Pritchett,
E. R. Stockwell, D. M. Gay, Leroy King, John Ray, Travis Cook and Alton
Carter and Mrs. Elizabeth Pickral of the Naval Stores Market News office in
Raleigh e

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The following Directors, all incumbents, were declared to have
been re-elected:

District I, Georgia, Sub-District 1, Fred H. Carter; Sub-District 2,
John J. Langdale; Sub-District 3, E. R. Pilkinton; Sub-District h,
Carroll Girtman; and Sub-District 5, Jim L. Gillis, Jr.;

District II, Florida, W. A. Register and Lewis E. Kight;
District III, Alabama, D. R. Stallworth; and
District IV, Mississippi, J. Q. Ryals.

There being no gum production in District V, comprised of North and
South Carolina, there were no votes cast in that District and the Office
of Director was considered vacant.

Upon Mr. Gillis' call for nominations, it was proposed that the
incumbent officers be re-elected; and, pursuant to motion duly made,
seconded, put and carried, the following were elected:

President, Jim L. Gillis, Jr.; Vice President, Carroll Girtman;
Secretary-Treasurer, Joyce G. Lamb; Assistant Secretary-Treasurer, Faye W.
Simmons; and General Counsel, B. Lamar Tillman,

After discussion by the Committee appointed earlier to review
salaries of ATFA employees, the Board approved compensation for the
Secretary-Treasurer at $800.00 per month, and the Assistant Secretary-
Treasurer at $25.00 per month.

The Board also appointed Walter G. Autrey, Louis P. Shelton and
Joe L. Wetherington to serve as Directors of Pine Gum Development Corp.
in accordance with the By-Laws of that corporation.

At this time, Mr. Gillis introduced to the Board Mr. Lioniel S.
Edwards, Regional Director of Agricultural Marketing Service in Raleigh,
North Carolina, and Mrs. Elizabeth Pickral also of the Agricultural
Marketing Service in Raleigh. The weekly and monthly Naval Stores Market
News is published by AMS in Raleigh. Both Mr. Edwards and Mrs. Pickral
spoke briefly to the Board members, assuring them of their pleasure at
having been invited to attend the Board meeting and the "Gum Naval Stores
Group Discussion" to be held immediately following the Board meeting.

Mr. Edwards expressed his desire to learn as much about the gum naval.
stores industry as he could in order to better serve the needs of gum

producers and he asked the Board for any suggestions they might have at
any time.

There being no further business to come before the Meeting, the
same stood adjourned.

Respectfully submitted,

AZ

SPECIAL MEETING
of the
BOARD OF DIRECTORS
July 22, 1976

The Board of Directors met in called session at 11 o'clock A.M., on
Thursday, July 22, 1976, in the Conference Room of the ATFA Building.
Directors present were:

Jim L. Gillis, Jr., President, presiding

Fred H. Carter Ee R. Pilkinton
Carroll Girtman W. A. Register
Lewis E. Kight D. Re Stallworth
Je Q. Ryals

Director John J. Langdale was absent.
Mr. Lamar Tillman, the Association's attorney, was also present.

In attendance at the meeting at the invitation of Mr. Gillis were
Mr. F. G. (Tommy) Thomason, of the Grains, Oilseeds and Cotton Division
of ASCS in Washington, and Mr. Grady Williams, naval stores specialist
with the Georgia Forestry Commission as well as a gum producer and member
of ATFA. Jim Ryals, son of J. Q. Ryals, and Jerry Bulloch, son-in-law
of W. A. Register, also sat in on the meeting at the invitation of the
Board,

Mr. Gillis reported to the members of the Board that he had attended
the Georgia Forestry Convention in June for the purpose of having a young
girl chosen from GFC's "Miss Georgia Forestry" contestants to represent
ATFA as its Queen and Calendar Girl for this year. A lovely girl, Jamie
Andrews from Lyons, Georgia, was selected. Mr. Gillis assured the Board
members that she would make a picture for the calendar which would meet
with everyone's approval. He also told the Board that Mr. Ollie Knott,
photographer for the Georgia Forestry Commission, had taken the calendar
pictures the previous day.

Mr. Gillis then presented Mr. Thomason to the members of the Board
as a "real friend of naval stores". Mr. Thomason spoke briefly to the
Board and presented the 1976 Naval Stores Loan and Purchase Program. He
explained that the Purchase Program was merely an option on the part of
ATFA to sell any or all eligible rosin of the 1976 crop year to CCC prior
to December 31, if ATFA elects to do so. He further explained that in
the event of a loan from the Columbia Bank for Cooperatives , the Purchase
Program would act as a guarantee to the Bank for such a loan.

Upon motion by Mr. Girtman, seconded by Mr. Ryals, the Board
unanimously approved a resolution authorizing appropriate officers to
execute and deliver the Loan and Purchase Agreement and to implement
and carry out its provisions.

The Board then heard a brief report from Mr. Tillman concerning a
recent meeting with Columbia Bank for Cooperative officials. Mr. Tillman
and Mr. Gillis met with the Bank personnel on July 12. He explained to
the Board that the Bank feels ATFA should be in position to market the
product of its producer-members and should accumlate capital by issuing
what the bank calls "revolving fund certificates". In order to do business
with the Bank on a long-term basis, it will be necessary that ATFA change
its Charter and By-Laws. Mr. Tillman further explained that the Bank is
not insisting that this be accomplished before we can get the initial loan,
but their aim is toward a marketing cooperative with capital.

Upon motion made by Mr. Girtman, seconded by Mr. Ryals, the Board
unanimously authorized Mr. Tillman to proceed with efforts to effect the
necessary revisions of the Association's Charter and By-Laws to conform
to the Bank's policies.

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Mr. Grady Williams then spoke to the members of the Board,
He reported on activities in connection with the Naval Stores Conserva-
tion Program and expressed his belief that some producers should begin
receiving their cost-share payments by the end of this month.

Mr. Williams stated that one of the most pressing needs of the
gum naval stores industry was some means of attracting younger people
to the industry. It is his feeling that mechanization is possibly

the only way to encourage young people to work timber for naval
stores.

He reported that response to the gum carrier recently developed
by forestry personnel had been very good and that several of the
carriers were now being built. With regard to the rossing tool,
Georgia Tech was successful in reducing the weight, but there are
still problems with the belt running hot. Mr. Williams expressed
the hope that by the end of summer, they would have some definite
ideas about perfecting this tool.

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

Respectfully submitted,

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