Bellows Falls times. [volume] (Bellows Falls, Vt.) 1856-1965, 1895-01-03

being recorded and published length newspaper crcu
atng said the named the certificate first above
mentioned their associates and successors shall become copor
ate body.
SEQ The officers of the association shall consist of pres
dent vicepresdent and secretary who shall eco
members of the board of directors which shall consist of five
members exclusive of said er6co members Other officers
may be authorized by the bylaws The duties and compensation
of the officers their of Office the time of their election and
time of periodical meetings of the officers and shareholders shall
be determined by the bylaws except that the board of directors
shall determine each the compensation OF the secretary and
be called and held provided the bylaws Each shareholder
shall be entitled to vote at all meetings OF the shareholders
for each share owned by him held by him trustee not in
for dues All officers shall hold office until their
duly elected and the duties of their office
association shall expire from neglect its part to elect officers
at the time prescribed by the bylaws
SEQ s. The capital of said association shall the
cumuaed savings of its members which holds and shall not
exceed at any one time million dollars shall be divided
into shares of the value of hundred dollars each
The total number of shares outstanding at one time shall
exceed ten thousand dollars The shares shall be issued in
yearly half yearly SERIES such in each series and
at such times shall determined by the of the ssoc
ton No share of series shall be issued after the issuing
shares series Shares which have not been pledged
collateral security for the repayment of loan shall be called
pledged shares Shares that have been pledged shall be called
pledged shares No person shall hold than twenty-five
shares in any one such corporation
SEC Savings paid the association upon shares shall be
called dues At before each stated monthly semi monthly
meeting of the board of directors each shareholder shall pay
the board committee thereof dollar dues upon each share
stock held by him until the share reaches the value of two
hundred dollars or is withdrawn cancelled or forfeited Pay
ment OF dues shares OF each series shall commence from their
sue The association shall have power to impose and collect
ne exceeding per cent for each month for
every dollar of dues interest which shareholder shall refuse
neglect pay the time is DUE They shall also have
to charge an entrance fee of not exceeding twenty-five
every share of stock issued by the association.
Sec The accommodations upon unpedged shares may be
notice of chntento filed with the secretary before
stated monthly meeting of the board If filed before such meet
ing the months notice shall not be deemed have commenced
until the first regular meeting after the filing The Withdrawing
shareholder shall be paid the of the withdrawal value of
his accumuation determined under the bylaws at the last
distribution of profits before the notice of withdrawal together
with all dues paid since such distribution and such interest
the value of the shares the time of the last distribution and
the dues thereafter paid the bylaws shall determine less
tines unpaid and proporonate share OF any unadusted o
vded that at time shall than onea the receipts of the
association and when the association indebted upon atured
shares no more than onethr be applicable to the payment OF
withdrawing shareholders without the consent of the board of
directors and when the demands of Withdrawing shareholders
exceed the moneys applicable their payment they shall be
paid the order in which their notices of withdrawal filed
with the secretary The board of directors may their dscr
by the retire the unpedged shares of
any time after four years from the date of their
issue by enforcing Of the provided that the
shareholders whose shares be retired shall be determined
by lot and that they shall be paid the full value of their shares
less all fines and propoonate of provided
also that shares pledged for share loans shall be treated
pledged shares
SEC When each unpledged share of given series reaches
the value of two hundred dollars all payment OF dues thereon
shall and the holder thereof shall be paid of the funds
the association hundred dollars therefor with such of
interest shall be determined by the bylaws from the time the
board OF directors shall declare such share have mared until
pad but time shall than onethrd of the receipts of
the association be applicable the payment of matured shares
consent board Inc OF
payment of the atued shares shall be determined by the board
directors Before paying mared shares all arrears and fines
shall be deducted herefrom
SEC. g. At each monthly stated meeting, Immediately follow
ing the receipt of dues and interest the board of directors shall
offer members of the association desiring borrow all
mutations applicable to that purpose the shall be loaned in
Of two hundred dollars the value of matured share
multiple thereof the fractional parts of onefourth onea
thereof IF there shall be than member desiring to
borrow their right loan shall be determined by open bid
ding of premium per sare the member bidding the highest
premium shall be entitled the oan upon giving proper
y From the loaned shall be deducted the time of
oanng the of the premium bid The receiving of such
premium interest paid the loan shall not be deemed
aton of the usury laws No member members Dor
larger than shall be equal the maured value of the
shares held by him them. borrowing member for each
share fractional part thereof borrowed upon SHALL in addition
the dues his shares pay monthly interest his loan at the
of six per cent per such lower rate the
shall until the shares borrowed upon reach the matured
of hundred dollars each the loan repaid and
when such matued value reached the share shall cancel the
loan upon it. and the proper surrenders and acquncs be
made.
TO- For every loan made first mortgage upon real
shall be given accompanied by transfer and pledge
the association of the shares borrowed and all accumua
that have accrued shall thereon collateral
security repayment the lieu of the