The united opinion. [volume] (Bradford, Vt.) 1881-1970, 1895-01-03

being recorded and published length newspaper
ang in said town. the persons named the certificate first above
mentioned their associates and successors shall become
ate body
SEC The officers Of the association shall of pres
dent president and secretary who shall be ecaO
members of the board of directors which shall consist of five
MEMBERS exclusive Of said epecio 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 year the compensation of the secretary and
treasurer Special meetings of the officers and shareholders shall
be called and held provided by the bylaws Each shareholder
shall be entitled VOTE 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 No
association shall expire from neglect its part to elect officers
at the time prescribed by the bylaws.
SEQ The capital of said association shall consist of the
cumuaed savings of its members which holds and shall not
exceed at any time million dollars and shall be divided
into shares the maued value Of two hundred dollars EACH
not exceed ten thousand dollars The shares shall be issued in
yearly half yearly SERIES such amounts in each series and
such times shall be determined by the of the assoc
ton No share of prior 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 I'M
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 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 pay
the board committee thereof dollar dues upon each share
hundred dollars, withdrawn cancelled forfeited Pay
men OF dues shares of each series shall commence from their
issue The association shall have power impose and collect
ne not exceeding two cent for each month In arrears for
dollar of dues interest which shareholder shall refuse
neglect pay the time it DUE They shall also have
power to charge an entrance fee of not exceeding twenty-five
cents every share of stock issued by the association
SEC The accumulatons upon unpledged shares may be
withdrawn and the shares cancelled after months written
notice of such Intention filed with the secretary at before
stated monthly meeting of the board If filed before such meet
the months notice shall not be deemed to have commenced
until the first regular meeting after the fling The withdrawing
shareholder shall be paid the of the withdrawal value Of
his accumuaon 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 on
the value of the shares the time of the last distribution and
the dues thereafter paid the bylaws shall determine less
fines unpaid proporonae share any o pro-
vded that time shall than onehaf the receipts of the
association and when the association indebted upon maured
shares than onehd be applicable to the payment of
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
paid the order in which their notices of withdrawal filed
with the board of directors may at their dscre
to under rules made by Them retire the unpedged shares of
series at time after four from the date Of their
ISSUE by enforcing Withdrawals of the 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 all fines and poporonate part of loss provided
also that shares pledged for share loans shall be treated
pledged shares.
SEC s. When each unpedged share of given series reaches
he value of two hundred dollars all payment of dues thereon
shall and the holder thereof shall be paid out of the funds
If the association two hundred dollars therefor with such rate of
interest shall be determined by the bylaws from the time the
BOARD of directors shall declare such share to have matured until
ad but at time shall than onehrd of the receipts of
ASSOCIATION be applicable to the payment OF mared shares
without the of the board of directors The order of the
payment of the matured shares shall be determined by the board
directors Before paying matued shares all and fines
hall be deducted therefrom
SEC. At each monthly stated meeting Immediately follow
the receipt of dues and interest the board of directors shall
er to members of the association desiring borrow all
mutations applicable to that purpose the shall be loaned in
ums of two hundred dollars the value of mared SHARE
multiple thereof the fractional parts of oneourh onehaf
hereof If there shall be than member desiring to
Orrow, their right to loan shall be determined by open bid
ing of premium per share the member bidding the highest
shall be entitled to the oan upon giving proper
~ From the loaned shall be deducted the time of
anng the of the premium bid The receiving of such
interest paid the loan shall be deemed vo
ton of the usuEy laws No member members can Dor
larger than shall be equal the maured value of the
Mares held by him them A borrowing member for each
fractional part thereof borrowed upon SHALL in addition
the dues his shares pay monthly interest his loan at the
of six per per annum such lower the
shall until shares borrowed upon reach the maured
aue of two hundred dollars each the loan repaid and
hen such matured value reached the share shall cancel the
and the proper surrenders and acqutances be
ade. Il
Sec 10. For every loan made first mortgage upon real
tate shall be given accompanied by transfer and pledge to
association of the shares borrowed upon and all accumua
that have accrued shall thereon a collateral
cu1y for the repayment of the loan in lieu of the mort
the borrower another may transfer and pledge the