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

after such payment He may repay his loan in FULL thereby
evng his shares from liability upon the pledge thereof made
the application have the withdrawal value of the shares Dor
rOyed upon applied in payment or part payment Of his loan
in the payment Of his dues upon unpedge dshaes the
rotary shall give him notice thereof in writing and statement
of his areages by mailing the to him at the last post
office address given by him the association and he shall
pay the the next second stated monthly meeting there
AFTER the board of directors may their option declare his
shares forfeited the time of such forfeiture the Withdrawal
value thereof shall be determined and stated and the defaug
shall be entitled to withdraw the without interest
within one year. upon such notice as shall be required OF with
drawing shareholder
SEC 10 Whenever borrowing member shall be six months
in in the payment of his dues and interest either the
whole loan shall become due the option of the board Of d
securities held by the association The withdrawal value at the
time of the commencement of the action of all shares pledged
collateral security for the loan shall be applied upon the loan
and of interest and fines thereon and the shares
deemed surrendered to the association
SEC. -. Any association may purchase at any SALE public
private any real estate upon which it may have mortgage
Judgment lien other encumbrnce, which it may have
any interest and may SELL convey, lease mortgage the
lat pleasure to any person persons.
SEC A. Profits and losses shall be distributed least
ally and always before issuing series of stock the shares
then outstanding Profits and shall be distributed
shares in all outstanding the time of such distribution,
in proportion to their holding value distinguished from their
withdrawing value except that in addition thereto distribution
of exceeding the Of the in the discretion
of the board of directors may he made each share outstanding
in the last series issued prior to the distribution At each peri
odica distribution profits the board Of directors may
and carry undistrbuted profits, in the of guaranty
fund any sum from the net profits that in their discretion seems
wse exceeding however, five per thereof to be applied
upon any future losses that may roma whatsoever
SEC Is No transfers of shares shall be binding upon the
association until the have been made upon the books of the
associations and the taneee thereof shall take the charged
with all the liabilities and conditions attaching thereto in the
hands of the transferring the The association may
share
Sec 6. The association duly incorporated, shall
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 in relation all other matters having refer
the conduct of the business although not specifically
mentioned in this act The board Of directors shall have power
appoint and remove at pleasure any attorney for the assoca
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
pooce address, and whenever he desires his pooice address
changed he shall give written notice thereof the secretary of
the association; and for the purpose of giving member notice
by mall the last postoce address given by him shall be deemed
the proper minor may hold shares in the name of
parent guardian next friend trustee for him. All acumu
aion upon shares said association held person shall be
exempt from attachment levy and process the amount
of five hundred dollars and the association itself shall be deemed
savings and taxable under any corporation
tax law which shall exempt savings banks institutions Tor
SEQ IT, Every association organized under provisions this
shall annually make full report writing of the affairs and
condition of such corporation the first day of January each
wear to the Inspector of Finance in such form and by such officers
of the corporation the said Inspector may designate Such
port shall be verified by the oath of the officers making the
Every association shall make any further report which the said
inspector may require and in such form, and such matters
relating the condition and conducting of the business OF the
association, such Inspector may designate Any wfu false
perjury.
SEC 49, any such association shall fail furnish the In
pector of Finance any report required by this act the time
required it shall forfeit the of dollars day for
day such report shall be delayed wtheld and the inspector
maintain action his of Office such pen
atty and the shall be paid into the treasury of the State
SEQ 90 All associations organized under the provisions of
this shall be subject the visitation and examination Of the
Inspector of Finance his deputies duly appointed agents sill
times upon the application of three more members of said
association If shall appear said Inspector from the report
of any said association from examination made by him. his
deputies duly appointed agents. that any such association
violating the provisions of this conducting its business
unsafe unauthorized MANNER he shall by order under
his hand and addressed such association direct the dcon
nuance Of such illegal and unsafe pracc and whenever
association shall neglect refuse comply with such ORDER
reports required he shall communicate such facts to the
State Auditor who shall thereupon be authorized direct such
proceedings be instituted against any such associations
may hereafter be provided for by law the of
movent Incorporation such other proceeding the of
the may require
SEC. 81 This act shall take effect from its passage.
u Approved November q, 1894.