The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1895-01-02

being recorded and published length in newspaper circu
ang in said town. the persons named in the certificate first above
mentioned the associates and successors shall become copor
ate body
SEQ a. The officers the association shall consist of pres
dent president treasurer and secretary who shall be erco
members Of the board of directors which shall consist of five
Members exclusive of said ecocao members Other officers
may be authorized by the bylaws The duties and compensation
of the officers their term 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 year the compensation of the secretary and
treasurer Special meetings of the officers and shareholders shall
be called and held provided the bylaws Each shareholder
shall be entitled vote all meetings of the shareholders
for each share owned by him held by him trustee
for dues All officers shall hold Office until their
sors are duly elected and assume the duties of their office No
association shall expire from neglect its part elect officers
at the time prescribed by the bylaws
SEQ g. The capital of said association shall consist of the
cumuaed savings of its members which holds and shall not
exceed any time million dollars and shall be divided
into shares of the maued value of hundred dollars EACH
The total number of shares outstanding at time shall
not exceed thousand dollars The shares shall be issued in
yearly hafyeary SERIES such amounts in each series and
such times shall be determined by the the aoc
ton No share of prior series shall be issued after the issuing
of 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 such corporation
SEC. Savings paid to the association upon shares shall be
called dues AT before each stated monthly semi monthly
meeting of the board of directors each shareholder shall
of stock held by him until the share reaches the value of
hundred dollars is withdrawn cancelled forfeited. Pay
ment of dues on shares of each series shall commence from their
ISSUE The association shall have power impose and collect
fine not exceeding two per for each month arrears for
every dollar of dues interest which shareholder shall refuse
or neglect to pay at the time is due They shall also have
power charge fee of exceeding twenty-five
cents every share of stock issued by the association.
SEC The accumulations upon unpedged shares may be
withdrawn and the shares cancelled after one months written
notice of SUCH Intention filed with the secretary at before
stated monthly meeting of the board If filed before such meet
ing the months notice shall not be deemed to have commenced
until the first regular meeting after the filing The withdrawing
shareholder shall be paid the amount of the withdrawal value of
his accumuatons determined under the bylaws at the last
distribution of profits before the notice OF wthdlawa together
with all dues paid since such Distribution and such interest
the value the shares time of the last distribution and
the dues thereafter paid the bylaws shall determine less any
fines unpaid and poporonate share of unadusted o
ded that at no time shall more than oneaf the receipts of the
association and when the association indebted upon maured
shares than onerd be applicable to the payment of
withdrawing shareholders without the of the board of
directors and when the demands of withdrawing shareholders
exceed the moneys applicable their payment they shall be
paid in the order in which their notices of withdrawal filed
with the secretary The board of directors may their dcre
on under rules made 10y tem retire the Pedged shares OF
any series any time after four from the date of their
by enforcing Withdrawals of the same provided that the
shareholders whose shares to be retired shall be determined
by lot and that they shall be paid the full value of their shares,
less al fines and oportonae part of unadsed loss provided
also that shares pledged for share loans shall be treated as I'M
pledged shares.
SEC When each unpedged share given series reaches
the value of two hundred dollars all payment of dues thereon
shall cease and the holder thereof shall be paid of the funds
of the association hundred dollars therefor with such of
interest shall be determined by the bylaws time the
board directors shall declare share have until
pad time shall than onethrd of the receipts of
the association applicable to the payment of maured shares
without the of the board of directors The order of the
payment of the mared shares shall be determined by the board
of directors Before paying maured shares all and fines
shall be deducted thererom.
SEC 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 onefourh onehalf
thereof If there shall be than member desiring
borrow their right loan shall be determined by open bid
ding of premium per shae the member bidding the highest
premium shall be entitled to the oa 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 be deemed VIC
ation of the usury laws No member members Dor
larger than shall be equal the matured 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
rate of six per cent per such lower rate the by
laws shall until the shares borrowed upon reach the matured
value of hundred dollars each the loan is repaid and
when such mated value reached the share shall cancel the
loan upon and the proper srrendes and acqutance be
made.
SEC 10. For every loan made first mortgage upon real
estate shall be given accompanied by transfer and pledge to
the association of the shares borrowed upon and all accumua
ton that have accrued shall thereon collateral