The Massachusetts spy, and Worcester County advertiser. [volume] ([Worcester, Mass.]) 1825-1831, 1828-05-28
BYLAWS

= :" '' ~"'''e' y IHStEt~tt0HJOT o1C1ngS
S l. The object of the Institution is to pro
vide safe and profitable method of enabling
, the Industrious and economical to inves
such part of their property and earnings a.
they can conveniently spare, in manner
; which will afford them both profit and secu.
rity.
z. The Institution shall be managed by
a board OF Trustees, consisting of Presi-
dent, twelve Vice Presidents, and twenty
four other Trustees, who shall have power
to elect Treasurer, and such other Agents
and Officers, as the interests of the Institu-
ton may require. Said board to be chosen
at the annual meeting of the Corporation
by the members thereof and to hold Their
offices until the next annual meeting, and
until others are chosen and sworn in their
stead, and they shall have power TO fill all
vacancies which may happen during the
lyear.
3. The Treasurer, before he enters upon
the duties of his Office, shall give bond to
the Corporation, in such sum, and with such
surety, and upon such conditions, as the
Trustees may determine. He shall keep an
Office in the town of Worcester, which shall
be open every Wednesday from 2 o'clock
until 5 in the afternoon.
a. The board OF Trustees shall meet at
least twice IN every year, on the day next
preceding that on which dividends are to
be declared, and as much oftener as a meet
ing shall be required by the President, or
any two Vice Presidents, or by four Trustees
in writing; such meeting to be called by
the Secretary or Treasurer, either by per-
sonal notice, or by advertisement in one of
| the II, &c 1
semi-annual meetings, auditors shall be ap-
pointed, to audit the Treasurer's accounts
for the next semi-annual meeting. At such
meetings, Seven shall be quorum, except
ing for an alteration in the bylaws, when
a majority of the whole number shall be
necessary to form quorum.
5. The smallest deposit shall be one dol
lar, and the lowest sum, which shall be put
upon interest, shall be five dollars, and no
fractional part of dollar shall be received.
6. The deposits shall be entered in the
books of the Corporation, and duplicate
shall be given to each depositor, in which
the sum paid by him shall be entered as his
voucher, and evidence of his property in
the Institution and each depositor shall, on
making his first deposit, be required to sub
scribe the bylaws of the Corporation, and
shall thereby be considered as asserting to
all the regulations of the Institution.
I z. Three OF the Trustees, of whom a
Vice President shall be one, shall attend at
the Office every Thursday, at III o'clock,
A. NJ, any two of whom shall examine the
journal of receipts, from the next preceding
examination, and see that the same are duly
entered in the leger, and also the receipts
for payments, and ascertain the balance of
monies, and where the same are deposited,
and make written report, and lodge it with
the Treasurer for his justification and they
pledge themselves to the public, for the
faithful and upright execution of this part
of their trust. And the Trustees are to re-
ceive no emolument from the Institution, and
are not to be held responsible for any losses
which may occur, except for their wilful
misconduct, for which only those Trustees,
who have been guilty, shall be answerable.
The order in which said Committees shall
attend, and examine, shall be prescribed by
the Trustees.
+ 8. The money deposited shall be invest
ed at the discretion of the Board of Invest
ment, Ia consist of five persons, to be annu-
ally chosen by ballot, of the Trustees, from
the officers of the Institution. The Treas
urer and Secretary shall be ex-officio mem
bers of this board.
8. On the third Wednesdays in January
and July, in each year, there shall be de-
clared a dividend of two per cent. or -four
per cent. year, on all sums above five dol
lars, which shall have been deposited, fol
! the space of six months next preceding, and
] proportional rate of interest shall be paid
/ on any sum which shall have been deposit
ed for the space of three months.
10. No interest shall be paid on any
! sums withdrawn, for TIE period which MAJ
r have elapsed since the last dividend, no
shall any interest be paid or any sums which
shall have been withdrawn before any div
(. idend shall have been declared.
: il. At the emil OF every nve years, to bt
computed from the third Wednesday in Ju
. ly, 1928, there shall be declared and paid
, dividend of all the profits which may hav,
accrued, within said five years, latter de
!, duc.ing the dividends already made, tn,
e necessary expenses of the Institution, ant
y the sums necessary to keep good the capita
!. stock) to and among all the depositors
e whose deposits exceed the sum of five dol
! lars, and which shall have remained in sal,
Institution, for the space of one year at least
$ next preceding the time of declaring SAT-
> extra dividend but, in making said divi
+ dend, no regard shall be had to any frac
t, tional parts of a year, but each sum deposit
u ed within any year, shall be referred, for tn
;. purpose of calculating its share of the extr
:. dividend, to the third Wednesday of Jul
% next following the time in which it was de
>. posted.
d IL. Dividends may be received eithe
j. personally, or upon the written order of tn
o depositor. Money deposited may be draw
n out by the depositor, or by some person lie
gally authorized, but no person can receiv
. either principal or interest without produc
e ing the original book, that each paymen
% may be entered therein, or unless it be prov