The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1895-01-03

mentioned tgr associates and successors. shat become corpo
ate body
SIC The officers of the association shall consist OF e-
dent president treasurer and secretary who shall he ao
members Of the board OF directors which shall consist " HN'
members exclusive of said eroGoO members ohef ometfs
NAV be authorized by the bylaws The duties and compensation
Of the officers their OF Office the time Of the election and
time of periodical meetings OF the officers aud shareholders shan
be determined by the bylaw except that the board oil directors
shall determine each year the compensation Oh the secretary M
Special meetings OF the officers and shareholders Eha
called and held provided by the bylaws bach shareholder
shall be entitled vote at all meetings OF the shareholders
for each share owned hy him held by him trustee not IN
arrears for dues All officers shall hold office until their success
sors are duly elected and the duties OF their Office Ne
association shall expire from neglect on its part to elect officers
at the time prescribed by the bylaws
SIC g. The capital OF said association sha consist OF e ae
cumuaed savings Of its members which holds and shall not
exceed at any one time million dollars and shall he divided
into shares Of the mAtured value of hundred dollars each
The total number of shares outstanding at any one time sha
not exceed ten thousand dollars The shares shall be issued IN
yearly half yearly series in such amounts III each series ana
such times shall be determined by the a"s oil the as'o'
No share prior series shall be Issued alter the ISSUING
of shares in new series Shares which have not been pledged as
collateral security for the repayment OF loan shall be called m
pledged shares Shares that have been pledged shall be called
pledged shares No person shall hold more than "enNe
shares in any such corporation ,,
SEC Savings paid the association upon shares shall be
called dues At before each stated monthly or enmonty
meeting of the board of directors each shareholder shall pay TO
the board or committee thereof dollar dues upon each share
o stock held by him until the share reaches the value OF two
hundred dollars, is withdrawn cancelled or forfeited
issue The association shall have power to impose and coec
fine exceeding two per cent for each month IN arrears Tor
every dollar of dues or interest which shareholder shall refuse
or NEGLECT to pay the time it is due They shall also nave
power to charge an entrance fee Of not exceeding twenty-five
cents on every share of stock issued by the association
SEC The accumulations upon unPedged shares may be
withdrawn and the shares cancelled after months written
notice Of chntonton filed with the secretary at or 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
he
his accumuatons determined under the bylaws at the ast
distribution of profits before the notice OF withdrawal together
with all dues paid since such Distribution and such interest on
the value of the shares at the time of the last distribution and on
the dues thereafter paid the bylaws shall determine less any
fines unpaid and proporonate share OF any unaduedoPo-
ed that AT no time shall than one half the receipts OF the
association and when the association indebted upon maure
shares no more than onchd 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 to their payment they shall be
Maid in the order in which their notices OF Withdrawal were ed
with the secretary The board Of directors may at Their dscre
ton under rules made by em retire the unPedged shares OF
v series at any time after four years from the date OF their
issue by enforcing Withdrawals Of the same; provided that the
shareholders whose shares be retired shall be Determined
by o and that they shall be paid the full value OF their shares
less all fines and poporonate part Of nnadused loss provided
also that shares pledged for share loans shall be treated as I'M
SIC When each unpedged share of given series reaches
the value of two hundred dollars all payment Of dues thereon
shall cease and the holder thereof shall be paid out OF the funds
of the association hundred dollars therefor with such rate OF
shall be determined by the bylaws from te te o
board of directors shall declare such share to have matafed until
paid but at time shall more than onehird OF the receipts OF
the association be applicable the payment OF mured shares
without the consent of the board of directors The order OF the
payment of maured shares shall be determined by the board
of directors Before paying maed shares all arrears ana hea
shall be deducted therefrom.
SEC O. At each monthly stated meeting, Immediately follow
inc the receipt Of dues and interest the board OF directors sha
offer to members of the association desiring to borrow all accn
limitations applicable to that purpose the same shall be loaned III
sums of two hundred dollars the value Of matued snare or
multiple thereof the fractional parts OF onetourth or onea
thereof If there shall be than member desiring to
borrow their right loan shall be determined by an open md
ding of premium per share the member bidding the highest
premium Shall be entitled the loan upon giving proper secuT
v From the loaned shall be deducted at the time OF
oanng the Of the premium bid The receiving OF suc
premium or interest paid the loan shall not be deemed vo
aton of the usury laws No member members can Dor
row larger sum than shall be equal to the maed yane OF the
shares held bv him or them borrowing member Tor each
share or fractional part thereof borrowed upon shall IN addition
to the dues his shares pay monthly interest on his loan at Ae
rate Of six per per annum, or such lower rate a. te ny
laws shall name until the shares borrowed upon reach the matueo
value Of hundred dollars EACH the loan repaid ana
when such maturcd value reached the share shall cancel inc
loan upon it, and the proper srenders and acquances be
made
SEC TO- For every loan made first mortgage upon real
estate shall be given accompanied by transfer and pledge 70
the association Of the shares borrowed upon, and all accunna
tons that have accrued shall thereon as collateral
security for the repayment Of the loan in lieu OF the mort
-Fau t.Iaflva IN