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

after such payment He may repay his full thereby
eving his shares from liability upon the pledge thereof made
the association he may proper notice and direction as
to the application have the Withdrawal value the shares Dor
rowed upon applied IN payment payment of his loan
SEC H. Whenever any member shall six months in ar.
the payment of his dues upon unpdge dsres the
rotary shall give him notice thereof in WRITING and statement
OF his arrearages by mailing the him the post
office address given by him to the association shall not
the at the next second stated monthly meeting there
AFTER the board Of directors may their option declare his
shares forfeited and time of such forfeiture the withdrawal
value thereof shall be determined and stated and deaung
member shall be entitled to withdraw the without interest
within one year. upon such notice shall be required Of with
drawing shareholder.
SEC II. Whenever borrowing member shall be six months
in in the payment of his dues and interest either the
whole loan shall become due at the option of the board Of d
recor and they may proceed enforce collection upon
securities held by the association The withdrawal value the
time of the of the action of all shares pledged
collateral security for the loan shall be applied upon the loan
and arreages of interest and fines thereon shares
deemed surrendered to the association.
SEC 10 Any ASSOCIATION may purchase at any SALE public
Judgment lien other encumbance in which it may have
interest and SELL convey lease mortgage the
at pleasure to any person persons.
Sec A. Profits and losses shall be distributed at least ann
ally and always before issuing series of stock the shares
then outstanding Profits and losses shall be distributed
shares in all series outstanding the time of such distribution
in proportion to their holding vae distinguished their
withdrawing value except that in addition thereto distribution
not exceeding the amount OF the entrance fee the discretion
of the board Of directors may be share outstanding
the last series issued prior the distribution AT each peri
odca distribution of profits the board of directors may
and carry as undrbued profits in the nature of guaranty
fund.- sum from the net profits that in their discretion
we not exceeding however five per thereof be applied
future losses that cause Whatsoever
Sec IS No transfers of shares shall be binding upon the
association until the have been made upon the books the
association and the transeree thereof shall take the same charged
with all the liabilities and conditions attaching thereto in the
hands of the transferring the The association may
require transfer fee" exceeding twenty-five per
share
Sec 6. The association, duly incorporated shall
possess power adopt bylaws not inconsistent with the provisions
of this regulating the due conduct of the business of the
association defining the duties of officers and committees times
of meeting mode of determining and declaring the withdrawing
value of shares and relation all other matters having refer
to the conduct of the business although specifically
mentioned in this The board of directors shall have power
appoint and remove at pleasure any attorney for the aoca
ton.
SEC H. Any person of full age and sound mind may become
member of the association by taking shares therein
and subscribing to the bylaws and annexng to his signature his
postoce address, and whenever he desires his pooe address
changed he shall give written notice thereof to the secretary of
the association and for the purpose of member notice
by mall the last postoce address given by him shall be deemed
the proper minor may hold shares in the of
parent guardian friend trustee for him. All
aon upon shares in said association held by person shall be
exempt from attachment levy and trustee process the
of five hundred dollars and the association itself shall be deemed
institution for savings and not taxable under any corporation
tax law which shall exempt savings banks institutions for
savings, from taxation.
Sec Every association organized provisions of this
act shall annually make full report in writing Of the affairs and
condition of such corporation the first day of January each
year the Inspector Finance such and by such officers
the corporation the said Inspector designate Such
port shall be verified by the oath of the officers making the
Every association shall make any further report which the said
require and in such form such matters
relating the condition and conducting of the business of the
association such inspector may designate Any wfu false
swearing making and verifying said reports shall be deemed
perjury.
Sec 49, If any such association shall fail to furnish the In
pecto of Finance report required by this act at the time
equred it shall forfeit the of dollars per day for every
lay such report shall be delayed withheld and the inspector
nay maintain action in his of Office such pen
y and the shall be paid into the treasury of the State
SEQ 90 All associations organized under the provisions of
his act shall be subject the visitation and examination of the
Inspector of Finance his deputies duly appointed agents all
upon the application of three members of said
ssocaon If shall appear to said Inspector from the report
said association from examination made by him.
equities duly appointed agents. that any such association
ioating the provisions of this act conducting its business
unsafe unauthorized manner he shall order under
hand and seal addressed such association direct the dcon
of such illegal and unsafe pracce and whenever
sociation shall neglect refuse comply with such oer
ake reports required he shall such facts
Auditor who shall hereupon be authorized direct
roceedns be instituted against any such associations
may hereafter be provided for by law in the of an
solvent Incorporation such other proceeding the
may require
SEC. 81 This shall take effect from its passage
Approved November %, 1894.