ARTICLES 
 
 - OF- 
 
 ASSOCIATION 
 
 AND 
 
 B 3T-:L s 
 
 OF 
 
 -THE --— 
 
 JEWISH FARMERS’ 
 COOPERATIVE 
 CREDIT UNIONS 
 
 --- ORGANIZED-- 
 
 UNDER THE AUSPICES 
 
 O F 
 
 fhe Jewish Agricultural and 
 Industrial Aid Society. 
 
 NEW YORK CITY. 
 
26Apl3 
 
 
 Of the many problems confront¬ 
 ing American farming, none is 
 of greater moment than that of 
 the want of agricultural credit 
 whereby the farmer can obtain on 
 easy terms and without red tape a 
 moderate loan for productive pur¬ 
 poses. While this form of credit 
 has, during the last half century, 
 met with most remarkable success 
 in many foreign countries, as shown 
 by the growth of their agricultural 
 credit banks, the average American’ 
 farmer must still depend for his 
 annual working capital upon the 
 generosity of his neighbor, the 
 forbearance of the local storekeeper 
 the cupidity of the usurer. 
 This applies with special force to 
 those farmers who have not yet 
 had the time to entrench themselves 
 * in their new vocation. 
 
 The Jewish Agricultural and In¬ 
 dustrial Aid Society, in order to 
 solve this problem, has decided to 
 assist the various Jewish farming 
 communities in establishing local 
 
 3 
 
Co-operative Agricultural Credit 
 Unions modeled somewhat after the 
 “Raiffeisen System” in Germany. 
 The first Jewish Farmers’ Co-op¬ 
 erative Credit Union, and for that 
 matter the first credit union in the 
 United States, was organized on 
 May i, 1911. These By-Laws were 
 adopted by the several Credit 
 Unions that were organized under 
 the auspices of the Society. 
 
 The Jewish Agricultural and 
 Industrial Aid Society, 
 
 174 Second Avenue, 
 
 New York City. 
 
 July 1, 1911. 
 
 4 
 
Articles of Association. 
 
 WHEREAS, a system of per- 
 sonal credit, whereby short-term 
 loans for productive purposes can 
 be obtained for moderate amounts 
 and on easy terms, is of prime im¬ 
 portance to those engaged in agri¬ 
 culture; and 
 
 WHEREAS, our faith in the 
 benefits of co-operation and mutual 
 self-help leads us to believe that a 
 loan association managed co-opera¬ 
 tively will best satisfy the needs 
 and conserve the interests of the 
 Jewish farmers in the vicinity, be it 
 RESOLVED, that we, the Jew¬ 
 ish farmers of-, 
 
 hereby associate ourselves into a 
 voluntary or unincorporated asso¬ 
 ciation to carry out the objects 
 above set forth, and that we adopt 
 the following By-Laws for the 
 government of the said association: 
 
 5 
 
f 
 
 
 \ 
 
ARTICLE I. 
 
 NAME. 
 
 The name of this organization 
 shall be The Jewish Farmers' Co¬ 
 operative Credit Union of- 
 
 ARTICLE II. 
 
 OBJECTS. 
 
 The objects of the Credit Union 
 shall be to enable the members 
 thereof when in need to obtain, 
 for productive purposes, moderate 
 loans of money for short periods 
 and at reasonable rates. 
 
 ARTICLE III. 
 
 CAPITAL. 
 
 Section i. The working capital 
 of the Credit Union shall consist 
 of monies received from the sale 
 of shares to members, from initia¬ 
 tion fees, dues, premiums, fines, 
 loans, and the surplus that is set 
 aside as a reserve fund. The Credit 
 Union shall accept no deposit ac¬ 
 counts of any kind whatsoever. 
 
Section 2 . The number of 
 shares which may be issued by the 
 Credit Union shall be unlimited. 
 No shares are to be issued until 
 fully paid for. 
 
 a. The par value of each share 
 shall be Five Dollars ($5). 
 
 b. Shares may be paid for in 
 weekly or monthly installments 
 over a period not exceeding ten 
 months, the terms to be determined 
 upon by the Board of Directors, 
 provided, however, that no share¬ 
 holder shall be entitled to any of 
 the benefits of the Credit Union 
 either in the shape of loans or divi¬ 
 dends until his shares shall have 
 been paid for in full. 
 
 c. Each shareholder having his 
 shares paid for in full shall receive 
 a properly numbered certificate giv¬ 
 ing the name of the shareholder and 
 showing the date of its issue and 
 the number of shares represented 
 by it, the same to bear the signa¬ 
 tures of the. President and the 
 Treasurer of the Credit Union. 
 
 d. Shares are non-transferable 
 except to members, and then only 
 with the approval of the Board of 
 Directors. All transfers shall be 
 subject to a tax of fifty cents (50c.) 
 per share, and no transfer shall be 
 permitted if the transferor is in¬ 
 debted to the Union. 
 
 8 
 
Section 3. The amount 6f initia¬ 
 tion fees, dues, premiums on loans, 
 and fines, unless otherwise pro¬ 
 vided for in the By-Laws, shall be 
 regulated by the General Assembly. 
 Should the book value of the shares 
 exceed par, the General Assembly 
 may from time to time increase the 
 initiation fees to the extent of such 
 excess. 
 
 Section 4. The Credit Union may 
 borrow for the increase of its work¬ 
 ing capital, provided the amount to 
 be borrowed, the terms upon which 
 the said money is to be obtained, 
 and the name of the prospective 
 lender is in each instance first sub¬ 
 mitted to a meeting of the General 
 Assembly and the loan duly author¬ 
 ized by it; and provided , further, 
 that the consent of any existing 
 creditors of the Union shall have 
 been first obtained in writing. 
 
 Section 5. All initiation fees, 
 dues, premiums and fines, also so 
 much of the net profits as have not 
 been distributed as dividends to the 
 shareholders, shall constitute and be 
 set aside as a permanent reserve 
 ,fund of the Credit Union 
 
 Section 6. No part of the funds 
 of the Credit Union shall be used 
 for any purposes except that of 
 granting loans to members. 
 
 9 
 
ARTICLE IV. 
 
 MEMBERSHIP. 
 
 Section i. Membership in the 
 Credit Union is open only to mem¬ 
 bers of The Jewish Farmers’ Asso¬ 
 ciation of-. Any member of 
 
 the said association in good stand¬ 
 ing may, upon the purchase of one 
 or more shares, become a member 
 of the Credit Union. 
 
 Section 2. In the event of the 
 withdrawal or expulsion of any 
 member for any cause, the book 
 value of his shares, not exceed¬ 
 ing par, shall be refunded to him 
 within twelve months from the date 
 of such withdrawal, any debts due 
 the Union by said member to be 
 deducted therefrom. Any member 
 leaving the neighborhood may re¬ 
 tain his membership, but shall not 
 be entitled to vote or to receive any 
 loans. 
 
 ARTICLE V. 
 
 GENERAL ASSEMBLY. 
 
 Section 1. The entire member¬ 
 ship of the Credit Union shall con¬ 
 stitute a General Assembly, which' 
 shall meet at least once a year, two- 
 thirds of whom shall constitute a 
 quorum. In the event a quorum is 
 not had the first time, a second 
 10 
 
meeting shall be called within ten 
 days of the first meeting, at which 
 such members as are present shall 
 constitute a quorum for the trans¬ 
 action of all business. 
 
 Section 2. Each member shall 
 have but one vote, and no voting 
 shall be by proxy; the vote of two- 
 thirds of all the members present 
 shall be necessary to carry any act 
 into effect. 
 
 Section 3. The annual meeting 
 of the members shall be held on 
 any day during the month of Octo¬ 
 ber of each year, at which the offi¬ 
 cers, consisting of a President, 
 Vice-President, Secretary and 
 Treasurer, as well as a Supervisory 
 Committee of three members, shall 
 be elected for the ensuing fiscal 
 year. 
 
 Section 4. The fiscal year of the 
 Credit Union shall end on the 30th 
 day of September. 
 
 Section 5. The General Assem¬ 
 bly shall have the power to review 
 the acts of the Board of Directors 
 of the Credit Union and to adopt 
 rules and regulations for the con¬ 
 duct of the Union in conformity 
 with these By-Laws. 
 
 Section 6. The President may, at 
 his discretion, call special meetings 
 of the General Assembly and shall 
 do so upon the order of the Super- 
 11 
 
visory Committee, or upon request 
 of any three (3) members of the 
 Union in writing. Notice of such 
 special meetings, wherein the pur¬ 
 pose of the meeting shall be clearly 
 stated, shall be sent by the Secre¬ 
 tary to each member at least ten 
 days before the day of the meeting. 
 No other business than that speci¬ 
 fied in the written notice shall be 
 transacted at such meetings. 
 
 ARTICLE VI. 
 
 DIRECTORS AND OFFICERS. 
 
 Section 1. The four officers, to¬ 
 gether with the Supervisory Com¬ 
 mittee, shall constitute the Board of 
 Directors of the Credit Union. 
 
 Section 2. The duties of the of¬ 
 ficers shall be those usually per¬ 
 formed by such officers. The offi¬ 
 cers shall also constitute the Credit 
 Committee of the Union. 
 
 Section 3. No officer or other 
 member of the Board of Directors 
 shall receive compensation, for his 
 services, with the exception of the 
 Secretary, whose remuneration, if 
 any, shall be fixed by the General 
 Assembly. 
 
 Section 4. The Board of Direc¬ 
 tors and officers shall serve until 
 their successors have been elected 
 and qualified. In case of a vacancy 
 
 12 
 
in the Board of Directors a special 
 meeting of the General Assembly 
 shall be called within two weeks to 
 fill such vacancy. 
 
 Section 5. The General Assembly 
 may, at a special meeting called for 
 the purpose, declare, by a two- 
 thirds vote, the office of any mem¬ 
 ber of the Board of Directors va¬ 
 cant, provided said meeting was 
 called in accordance with the pro¬ 
 visions of Article V, Section 6 of 
 these By-Laws. 
 
 ARTICLE VII. 
 
 CREDIT COMMITTEE. 
 
 The duties of the Credit Commit¬ 
 tee as such shall be to pass upon 
 all applications for loans and the 
 affirmative vote of three members 
 of the committee shall be necessary 
 for the granting of any loan. It 
 may meet at any time and as often 
 as required. 
 
 ARTICLE VIII. 
 
 SUPERVISORY COMMITTEE. 
 
 The Supervisory Committee shall 
 meet at least once a month to super¬ 
 vise the acts of the Credit Com¬ 
 mittee, to inspect the securities, and 
 to audit the books of the Union 
 and make reports of the same to 
 the General Assembly. 
 
 The Committee shall keep a com¬ 
 plete record of all its proceedings. 
 
 13 
 
ARTICLE IX. 
 
 TREASURER. 
 
 The Treasurer shall be the cus¬ 
 todian of the funds of the Credit 
 Union and shall keep a separate set 
 of books of entry containing in de¬ 
 tail the financial transactions of the 
 Union. He shall furnish a bond for 
 the faithful performance of his du¬ 
 ties for an amount to be determined 
 by the General Assembly. 
 
 ARTICLE X. 
 
 SECRETARY. 
 
 The Secretary, in addition to 
 whatever other duties he may have 
 to perform, shall keep a complete 
 record of the acts of the General 
 Assembly and, as a member of the 
 Credit Committee, he shall also 
 keep a record of the proceedings of 
 that committee in a special book 
 provided for the purpose. All offi¬ 
 cial records shall be in the English 
 language. 
 
 ARTICLE XI. 
 
 DEPOSITORY. 
 
 The funds of the Credit Union 
 shall be deposited in a national 
 bank, state bank or trust company, 
 and all loans and other disburse¬ 
 ments shall be made by check drawn 
 by the Treasurer, or, in the event 
 
 14 
 
of his disability, by the Secretary, 
 and countersigned by the President 
 or Vice-President. 
 
 ARTICLE XII. 
 
 LOANS. 
 
 Section i. Any member of the 
 Credit Union in good standing, with 
 the exception of the members of the 
 Board of Directors, shall be eligible 
 to borrow from the credit fund. 
 The General Assembly may, how¬ 
 ever, by a two-thirds vote, grant a 
 loan to a member of the Board on 
 the same terms as to other mem¬ 
 bers. 
 
 Section 2. No loan shall be 
 granted to any one who is not in 
 good standing in the Union, or who 
 has not fully paid for his shares as 
 above provided, or is in any way 
 indebted to the Union. 
 
 Section 3. Loans shall be granted 
 only for productive purposes or 
 urgent needs. 
 
 Section 4. No loan shall be 
 granted for a period exceeding six 
 months, nor shall any loan be re¬ 
 newed for a sum as large as the 
 original amount. The length of the 
 period for which a loan is granted 
 shall be determined by the Credit 
 Committee at the time of granting. 
 
 Section 5. Loans shall not exceed 
 One Hundred Dollars ($100) in 
 amount. 
 
 15 
 
Section 6. Loans shall bear in¬ 
 terest at the rate of'six per cent, 
 per annum, payable in advance. 
 
 Section 7. Any loan repaid be¬ 
 fore maturity shall be entitled to a 
 pro rata refund of premium and 
 interest for each full month the loan 
 still has to run. 
 
 Section 8. All loans shall be se¬ 
 cured by the promissory note of the 
 borrower, and one or more respon¬ 
 sible endorsers, whether members 
 of the association or not. The 
 Credit Committee may, however, 
 demand such additional security as 
 it deems proper. 
 
 Section 9. Applications for loans 
 shall be made in writing, stating 
 specifically the purpose for which 
 the money is borrowed, and that no 
 consideration has passed or will 
 pass from the borrower to the en¬ 
 dorsers for their endorsement. In 
 case the facts as stated in the ap¬ 
 plication are not found to be as 
 represented, or the money borrowed 
 has been used for purposes other 
 than those for which it was granted, 
 or in the event that the borrower 
 shall sell or otherwise dispose of his 
 farm or personal property, or if he 
 ceases to reside on his farm, or in 
 the event that the Directors shall 
 deem the loan not safe for any rea¬ 
 son whatsoever, then the loan shall 
 16 
 
immediately become due and pay¬ 
 able. 
 
 Section io. Appeals from the 
 decisions of the Credit Committee 
 may be taken to the Supervisory 
 Committee, who may lay the matter 
 before the General Assembly. 
 
 ARTICLE XIII. 
 
 DIVIDENDS. 
 
 Section i. Dividends, if any, 
 may be declared by a vote of the 
 General Assembly at their annual 
 meeting, out of the net profits of 
 the Credit Union during the fiscal 
 year next preceding. The gross 
 profits shall consist of the monies 
 received as interest on loans. Net 
 profits are to be arrived at by de¬ 
 ducting, from the gross profits, in¬ 
 terest on money borrowed, ex¬ 
 penses and losses for the year. 
 
 Section 2. Until the reserve 
 fund shall equal the total paid-in 
 capital, not less than twenty-five 
 per cent. (25%) of the net profits 
 for each year shall be set aside and 
 is to become a part of the reserve 
 fund , the balance may be distributed 
 as dividends among the sharehold¬ 
 ers, but no dividends shall be de¬ 
 clared until two complete fiscal 
 years shall have elapsed since the 
 organisation of this Union. 
 
 Section 3. No shares shall be en- 
 17 
 
titled to dividends during the fiscal 
 year in which they were issued. 
 
 ARTICLE XIV. 
 
 DISSOLUTION. 
 
 Section i. In case of the dissolu¬ 
 tion of the Credit Union, whether 
 voluntary or involuntary, a liquidat¬ 
 ing committee of three (3) mem *- 
 bers shall be appointed—one to be 
 named by the General Assembly, 
 one by the creditors, and a third 
 chosen by the two selected . 
 
 Section 2. In the event of liqui¬ 
 dation, distribution of the assets of 
 the Union shall be made in the fol¬ 
 lowing order: 
 
 a. Repayment of money borrow¬ 
 ed, including accrued interest. 
 
 b. Payment of other legal obli¬ 
 gations. 
 
 c. Pro rata apportionment of the 
 balance among the shareholders. 
 
 ARTICLE XV. 
 
 AMENDMENTS. 
 
 With the exception of Sections 4, 
 5 and 6 of Article III; Section 2 of 
 Article V ; Article XI; Section 2 of 
 Article XIII; Article XIV and this 
 Article, which are to be a part of 
 the fundamental laws of this Union 
 and are not amendable, these By- 
 Laws may be amended by a two- 
 18 
 
thirds vote of the General Assem¬ 
 bly at a meeting, notice of the pro¬ 
 posed amendment having been given 
 at a previous meeting of the Gen¬ 
 eral Assembly, provided the consent 
 of the creditors of the Union has 
 first been obtained in writing. 
 
 19 
 
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 jyiyn ta^maix fy^myn 
 
 -$cis Diyt? jvn«n dkh n jjwm 
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 .taxn lynyiy'* D$n onytr 
 
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 .aanyray 
 
 19 
 
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 18 
 
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 17 
 
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 16 
 
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 15 
 
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 14 
 
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 aya$ paxn ta^tao ,paxa ‘pxaxtr 
 Days 1 ? y'ax px ,paxi taDgata 
 -xt jynxaDMX yayaax p« (nixiPn) 
 opytyta ta’a iyayn taaxDpa fy 1 ? 
 
 13 
 
oya p;o ya^yn px (tyurnyvox) ojx*y 
 txx^ x lyyoyotyya iv .-tfw jyn"? 
 :mo , ’tttyj”x h iyaxn jyo no (nxtfn) 
 onypp pyp pa pypy^ao’o "pp pa 
 ypmx o^xn yo’oxp yiyp .yo’oxp 
 ppi opypxa Dy ni oax ntx jyjj’tyo 
 -yi jyrnjyoe^xs x |yaxn no n px 
 •lyjjtfpjxmya ypmx y^x pa n~tt?p 
 
 .8 ^yp’opx 
 
 •yiD'Dsp 5>$*H2J$p 
 
 yo’oxP (nxrvnyavD) 5 x“ioj$p h 
 jj’O’d p’x tyoDJ’jyn ax tyaxn no 
 h jyamvpyom dix ,oxj^o pypy' 
 -’oxp onypp pyp pa jyjjtfpjxn y^x 
 -pya) D’on'npyo n jypipivpya’x ,yo 
 pya'a n tyamyonx px flyaanyan 
 -yj ”T dxii Dy^x jyayn .ix’Jn pyp pa 
 pyp iv lyopxayp ”t jyapxp onx jyre 
 yo’oxp ytyn .ajtfoxnya pyyoyj^x 
 ypmx y^x pa ppxpyp x jyo^xn no 
 .lyjjtfpjxmya 
 
 .9 ^yp’opx 
 
 .(nytaD^DXtastr) pjmtyrjnta 
 
 "Dxp pyp pn Px* pypitytypo pyp 
 *’jn pyp pa ppyi h pa (poic?) jypxo 
 px ,pya'a ypypjnya jyaxn no py .tx 
 h fypyn jyantypya ty^x* cy ya^yn 
 
 12 
 
~Vi ppp lynipya-tvo iy 5 t#t Dp^topypn 
 cyp pyont# ,to”aps py>n psb toPrt!#* 
 ■ya lympya jyp pyaPyn piytoyppyD 
 aoifosnya yrnoyttfs* h Py’a DPns#* 
 .lyn'tocyya tsyn 
 
 -H VIS#! TIKip h — .4 Jjtf"nD3K 
 ■yn tyapssp ytotosya h ps DPj#topyp 
 -py |ypyn pyj^aas#: ypyn rs tya 
 .d;os iy”t p« p’PK lynyj p« DPnyn 
 ■”K pa dps# pyp vpyP Dpyn Dy tin 
 
 ^!#T ,DPi#DpyPH 11!# PPNN3 PyP |13 Dyj 
 
 -nanon# iyas#n "m pa p« jyo 
 lyP’BD’iN pN »'D’o jy^y'vysD s jya 
 .topi# jytppyP ayp 
 
 -pya yo^ayo^s ts — .5 tui^ntonx 
 jyanyo Py'vysD pk yapyn ,impost 
 •j”N pyp to’D ixp ,Py’v fytyn ayPiv 
 is ,typyPppy Pytonp mi* pa imooty 
 
 DP!#tOpyPH VI!# PPKK3 H p3 Pyj”K 
 
 yapyts ,oos pn pa mnaya tspyn 
 -yn jyaipyaanjix iyno tyimPostpya 
 jyj’n yapyn ,p!#o tyPyayp h ^t#j jyp 
 □yp pa tuiP^noas pyto6 ps oonsopyp 
 .Pyp’tops jyo5 
 
 .7 Pyp’taps 
 
 yto'D^p ta’Tjnp n 
 
 ■’Dt#p to’pypp pyp jib tyoa’Paa h 
 -"P' pss h jynyipya’x iv lyyn yo 
 
 u 
 
tfosnya yyoyj^s is lyanana 
 -djsp ,_ i ns imynsaans h fjsi ^ns 
 pyny'pjo'o "n pa pyns ,yo'osP ^ 
 -js^iys Dy jy^yn yaPyn js’iv’ ayi pa 
 s fyananm iy no pptoanty fya 
 pyp nsa iyo 10 tyoDnjynos jyo’D 
 -Dms pyoyipyD pya snsp pjtfosnya 
 ps ,*iyna pyny^jo’o yPs n* tyyt? 
 jyantyya fpPo’H pn 5st Dy yapyn 
 .utfosnya iyn pa 5y'jf dsp 
 pya^yn tyiyn ,yispa pyp pyDns 
 ypypis yn’p jyayp ,iyantryj osn ;yo 
 -^yis fins jypyn o^ypjsmya jyispa 
 .lym^osnya y^y^ysD ya 
 
 .6 ^yp’ops 
 
 .yoDBjn ps pnNtapjrm 
 
 yoosya py’a h — .1 m^noas 
 _ St yo’osp ^sisosp pyp o'o lyostn* 
 -h ns ppssa n ly^yoyjyosrnf jy5 
 •IS’Jn ayi ps Dpsopyp 
 lia tyDD’Pas h — .2 m^moas 
 ,ya^yt h pn jypsi ytaosya pya h 
 " a o^apy fp^nyiya jypyn ya^yn 
 tyPST ynosya yryp .yoosya yapyis 
 pyn pa yo’osP onypp h pn ^ns 
 
 •IS’in 
 
 h tis yoosya h — .3 an^moas 
 ns nnssa n pa pypy^atyo pypjs 
 10 
 
ya^ny n — .3 an^N-nans 
 -ns jy^i fyantosnya yn’inyal’S 
 ps ins"' Bjny pnyn jyta^snyj 
 ns ay jyntyn ps pynstaps tasaso 
 pnyn fyan'rasnya ytyn rpis .asta 
 -yn yntyn ,ytazasyn h ta'anyrny 
 -ypa D"n ,taaymyia s pa fynytaty 
 "lynmynta ps nytaynpyD ,taaypn 
 -py tanyn 71s ps ,(“iy?taD*'*'oaf«tr) 
 yntyn ^ta’Dsp ^sptaasp h taPnyn 
 h .^y-iy^wn "*n pa tanytatryn 
 psa jypyn ta^nymy jyayp ytaiasyn 
 -'vr ^ns pa aamwa^s pyp ta'ta 
 .nyiy^ata'D ypayrynas y^x pa Pyta 
 
 y^s 11 a pn*n dsp — .4 a:i5"nta38 
 l*pap tanypp pyn pa fyaaiayayp 
 -y pynoytaayD iyta30 ayp lyanay pu 
 
 .vi#' Dyn 
 
 -pya ya^aya^s n — .5 aatf’vitaas 
 -pnytaais taaspp h tynsn lyaatfosr 
 ppssp h pa fyajtfusn y^s h jyait 
 4$’ap tanypp pyp pa Dp^tapypH p$ 
 tyonyaivas taaspp h "t jynsn ppx 
 3 ps ,jijpap py- pxb (d^ip) iy5ayp 
 tynypaenyppi taca jy^yii jy^ayp ya^ytet 
 
 .DSS^> ”3 H 
 
 ,taaypnyps pyn — .6 aai^ntaas 
 -is py jyp j’ntapa P’a taaiaya py bps 
 9 
 
-i' ~iyi pa -tfyj p’p jyn”5 mya 
 
 .5 ^yp’Dis 
 yv'nyfiti) ^noyD8 
 •CmtoBnys 
 
 nyny^D’D y^x — .1 ajtf’TiDax 
 -jyoxnv ty?{?T ix'jr tany-ip pyn pa 
 jyjjifoxnya yp'oyj^x h ly^yot? 
 -ynox jyfosnya fyno ya^yri 
 
 ?ytam "liv .ins’ p« p'K jytaDrj 
 
 jyjyDyn t» "lyny’^D’o y^x pa 
 .(5>n$v ytavyryaoDya) nn^iip x ixa 
 *iv tyj ■qn fyoip |ytaeny art arix 
 -iv jyo f ?yt3m ”iiv p’p jyost 
 h px jjifoxnya yD”viv x tyanapj 
 -nya pyatny iyn m: ayta jnyv ytatny 
 -torn ^y’D jyD’Miv aiv jji^dxt 
 ” t tyaxn njytyvox jyj”t Dy pyiy^j 
 -tbdpk px |y5-ijxmya iv oayi dxp 
 4$’3V *iy-i pa lyoey^yj h jyp 
 -ta'D “ijnjp — .2 
 p« toDyrctaty px ns: toxn 
 ps )jjony:pj?i , 'K ta^ jj?p nya^p 
 -38 jjtta , ’tatr iv tasjn dxi jyta’P'iv 
 .□rpx taxtaty 
 
 px Dy ya^yn ty-irraivapn nix 
 -J”x h tya^n tyo no jotfuxmya 
 -yvox h pa 5ytam ”nv pa jjid’dd' 
 .pyny^jD’D yoyt 
 
 s 
 
ps p'p — .6 jn'y'n&iiK 
 -yn “7«r pyp ps prnxB ^ 
 ~l«r pyp:x p^p =p’T« jjnyvi toa^m 
 •ta'D h ix pty: lym^ ix pyciK 
 .j^rp pyp ps “lyiy^j 
 
 .4 ^yp’DPx 
 
 .(e'tsnyiDyB) t2BNtrpypy , ' l ?:tyo 
 jib pypy^Jtya — .1 jji^vidpx 
 p$3 jypyn lyjyp t*pjr trpypp pyp 
 *’x pyp ns pypy^atyo ypjynytttrtju 
 
 .112 IXtyX'D^DX DPyoPXB py&5”P 
 
 DB’ip ny^JD’o pyp mx. 
 
 .t^’jT’ typypp pyp ps Dpyt? 
 X 3’1X ^>X2 px — .2 Jjtf"nt33K 
 py pypx jyrpxpmx pn oyii py^tro 
 -^yn pyn’x jypyn tyDi^tpyjD’ix oyp 
 fyoipyp py ppxp .tyaxnix rx Dy ya 
 oyp px^ Dpyy yyn pxb ttfnxxyjD’ix 
 trj p^j ,pxJ n*opyn typjyp’ODytpy 
 -yjjx rx d*?ii rna pyp pyp^x pnyo 
 .D' , p , 2 , tDpyD ayp sr’ix lyypy 
 pyp px pmx py acipyp p^>yj h 
 -c’ipx pa^j lynxes 12 112 dvx 
 . rypyn tyax^yyjDnx pypx, fyaypD 
 -yn djvx 112 jyoip o$n iirtfic? y5x 
 arx .Dpyy h jib myaypynxpx iyp 
 DBxypxnaxJ h ms^pys py ?jtyo x 
 ps?p ,ny^3B’D x tyy^rnyB py :yc 
 jyp px Dpypo’DK' p’p d’j D$n py 
 7 
 
"il/a “lyj^Dy^X [X iynyi* 
 rnnx .('‘iimQK ^xnyjytyn) wi^esr 
 -jm pyayn »jm D-iytr h pa pna nyn 
 jjtfDxnpa yj”oy^K h iyp |*n ,ijd 
 -* pa n5>yj tantar’K h [ynyDyunya 
 jyoypDDnpy Din me 5>yj$'S"i$a 
 .Diytp h pa pns 
 
 ■jv 1 trnynp h — .4 j^'nisiix 
 -pys is ms tty:! lyn^ jyp fx 1 
 yo'iD h .‘pxmsxp oyn jypyDyn: 
 "Hjn h “pi« ^yi” 1 ? ‘rm jya oxn 
 ,|yrp^ |yp jyo ystyn rpix 
 ^Vl DXH Dyi pS P?DNJ iyi px 
 -yn taasnnyji^s nc^ya n jysy; 
 ,:m'7»xnyB ny^Dyj^x jx ixs jyn 
 fyptaytatyyn i^syrya epsn ystyrt 
 -Dyrpy n px ,(nxtfn) jxx 1 ? cyi 
 "’rp iyn ps jyigtanynp yuypta 
 ms jyrns nty: tamp Dy fyoyn ,|x 
 ys^tae'nty pyn ]yny; jytamy 
 jxx 1 ? □y , >: cyr epx :i:iD'tDm , ’ , ’x 
 
 .(nxiPn) 
 
 -Dtantor'x h — .5 wi^n-ibix 
 -f|X“itaty px nyayns ,dvh rtyi 
 jya oxn /Pvita nyi *y*ix ,i^y: 
 jy^ytoty -r:ypriH ps synx tanny: 
 ■axnxj) t:xs rnyryn cyi jynxns 
 .|x , ’jr' tanyip pyi ps (uxs ’ta 
 6 
 
un pa a’ayaya Dyi is aa’aayu/a 
 -jyi j”p jyrp’P is D’j f j$’ai’ tanyip 
 h px ?”naax p’p lyanya is a’a jin 
 
 J’N i”N D’J a?H$S “iy P3 DUyi’IlH 
 
 .dw yj”t nxa u/saxa 
 
 pa nyo’najyp’x nyny’ — 
 
 ,iysjNJ pN p’N aPn$s iy jyn ,dw 
 (d’jtp’s n) n”p’S’DP!jD x iy apipya 
 •yj t’N ,!ya$a p’t fi’iN jyanB'yj 
 jyj”t Diyty h jyn ,a”S h tyanty 
 ixa ,dw n jib Pnxs n jin ,D’nx 
 -u$d ’i .a5n$syjj”x a$n ny ya^yn 
 ”3 jya’uyyaiyajix pn enxn a”p’D’a 
 nyi pa nyimy-ia jin eayruha ayn 
 .J$’J 1 ’ any-ip 
 
 jyaynya’X jya jyp dw — .n 
 jin ,j$’Ji’ “iyn pa ny’^oa’a x is up 
 iup h pa jaio’Dtyj”N un a’o up 
 lyi’N an jya jyn .cuppyin nit? 
 -i’ pN iy^n^sj”x jyo *nxrt dw h 
 2 ’iN .nyty *uny’ -ixa aayo 50' is j^n 
 ,I^’Ji’ w is -tfya anPiy pn W’n 
 pa ow yj”t jyaynya’x an iy jyp 
 .am pn jy^nt^snt? an ayn v 
 
 n”x jia yaiD h — .3 jutf’’naax 
 -NiDty jin Dy’oyia ,dih ptfya ana 
 -yn aawya an ayn dtp 3’in ,jya 
 *ya ”t jypTp ,DX!p-”3 v i I'n jyn 
 
 r 
 
.3 5yp’top.x 
 .^NC’SBp n>'i 
 
 p2 J’KD’SXP PyP — .1 tm^TItOaX 
 
 h ii 2 jnyDtyyp j^nn tonypp pyp 
 sh nx 2 tyoipj’nx toyn d$ii ,p^y; 
 iv jyB’ippya toyn jyto ya^yn ,Dpycy 
 
 !12 ptfyj DtO'PtOO”K 112 Pypy^OtO’D H 
 
 IK Dy’Dyis p2 (iy-iy”tpty , >2 ) dih 
 co$tj£ 112 ptfyrntjPt^ 112 ,DO$t0 
 iyc Dt$11 jyDID h 112 px ,( ni Ntfn) 
 xh .pj$b myryp d^x tyoy^at* toyn 
 -xsyp yo”p tynnyoo* ton }$nv» 
 .Dtooit$py ton 
 
 tin 112 ^nt$v h — .2 jotfuntoax 
 -yp toyn j$nn tonypp n Dtjn opyt? 
 .tovoypjyaoix pn ,iyrt^Dnpx tyo 
 
 -yn lyayoytiDnpx on jy^t Dpyty 
 px ”t pxa to$nt$vya jyo pyp^x jyp 
 
 .lyvoxti 
 
 pyty pypy' 112 ntopyn pyp — .x 
 .($ 5 ) ps^p po's pn 
 
 pox jyanp jyo jyp opyty — .2 
 ■toxosto pyPK T^oyayn jy^nxvDnx 
 10 pox pyp^K pytoy^ ton p$o pp? 
 -yn lypyii tynitonya h .toxot*D 
 .DPtjtopypn nx pptp ’p ”2 [yot^t? 
 ton ox Dpyty ip pa pyDVHooyji’K pyp 
 4 
 
(yxyrya) d^ 1 ? "a 
 
 anjnp jnvBtoysssp ins 
 
 ♦msw 
 
 .1 Syp’BiK 
 
 .jycssj "ijn 
 
 i$’¥8PJKn$ "lyryn pa iyo^j aya 
 -yap ymt3Kays$$p ytyTK h pn 
 .pa 
 
 .2 ^yp’tpnx 
 
 .'j’jrx DSP 
 
 t^’jp DHynp aya pa Djp 
 •D’D Jjny tD^pySayo n jyaya- w pn 
 jyaaxa tayri ay lyn ,ti*nr pa ay^j 
 w ,}ypynx yipopnsjne ay^iv aaya 
 -id yDTU p’p tD'3 jyn’^ jyayp ay 
 n axa aymip n *pik a^ya jyo 
 ,tMyx$as jyj’DyotyB’D 
 
B2JOT0SD '1 
 ♦D38WD8DR '1 
 
 .1911 JVDl ”5lt?n 
 
 jya^jynys pa ayociD in pi ptx 
 inyt rx (cyrrnoixo x ;nx) anyip 
 otrt3aytyy:i jyj’n oxi> n ixa tnnopj 
 •ya jyjyp jy^xt "t nix pnyonxa o’o 
 •tfyti jyoiD ytrDyo^yo’o fyrp’5 jyoip 
 •tip x spix jypyiw yivopinxis ay^u? 
 
 px ^yninnyri ytona o’o o”¥ nyv 
 tyvu h px jyapfti pynix pi ptx 
 ytro^nyayti px fx^nyaxXP Iia 
 tyap^a ayi iv nix anrra stf’n oaa^yt 
 oyo^xinya ,ixy”' , x'DXDX tx^ x tx 
 -ynaiv jyDDyn ax oyn ,p^x nix pa 
 -yorx px tyana-inya n jy^yoty jyi 
 px opyopxa yt?’Tx n pa lyayn 
 Dy ^xt ,o3xohx33xj iyn 
 ->tx ,t’d tx ,iyo#teya pn 
 
 . pa Diyoixa yty 
 
 on) 'lyj^ppna x px fyan^xiya 
 ny^iv txB m x’DXDX (lyo^ixaixP^’x 
 vo px ,pynv fyojnxoiynyapx ayn 
 -yrya y'uytfxa ’t lynnyjjx tyaxn 
 "Xdx iyi pa mo^xinya iyi ixa yx 
 
 -INy'X'D 
 

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 -KH ] 1£5 - 
 
 t 1 N 
 
 S 1 ! 
 
 (V x y r j? 2) 
 
 I 1 B 
 
 ysm n 
 TOW&p 
 
 d^shp 
 
 DD'ta’ix n “ijjdjix ytaTPJSJiiji 
 I 1 B 
 
 -r^v tyntyta^ip'njs t^Kitm h 
 
 .^■"d^d T^K ^ItDDSirS 
 
 .’D'D p"l$' VJ 
 
 ^5^35^277