The Providence news. (Providence [R.I.]) 1891-1906, 1895-07-30

in force at the time such withdrawals are
made; and II such profits are not sufficient
when 30 computed. then the stock so with.
drawn shall be entitled to . rate per cent.
found 10 be earned as net profits during said
period. such interest payments 10 be In all
cases In lieu Of such profits Provided further,
that IL by reason of extraordinary losses the
entire net profit is exhausted, the withdraw.
Ing member shall not be- entitled TO the inter.
est herein named and AZ by reason Of extraor.
dinary losses the association Is compelled to
charge such losses against it's capital already
paid IN. all Withdrawing shares shall be sub
1ect to pro rata charge of such losses with.
those remaining undrawn, and in such case
the withdrawing member shall only be
Titled To such sums a. may be found due him
after the adjustment Of such losses among all
Shareholders: And provided further, that
Whenever the capital Of an association has
been impaired by losses In excess Of it's guar.
hnty FUND and the profits earned, and In ex-
cess OF the full amount Of it's guaranty or per.
manent stock should any such association 10.
sue such stock, II shall be the duty Of the di.
rectors 70 suspend sales Of all classes Of stock
until such lossesbsvo been adjusted and dis.
uibutod pro rata as q charge upon the boob
value of the shares Of stock in force the II.
ability of any shareholder being hereby linn.
tied TO such book value: And provided fur.
ther, that no mure than one half Of the amount
received In payment on stock by such sssocia
ton In any month shall be used 10 pay with.
drawals, without the consent Of the board Of
directors.
SEQ. 0. Upon the death Of q stocl.hoider In
any such association, liability for further pay.
ment on his shares shall thereupon cease and
bis legal representatives, upon giving thirty
days notice TO the association within six
months after his decease. may withdraw his
share shares at the full boAk yalue there.
OF as determined at the last apportionment ot
earnings and any payments which may have
been made on said shares thereafter, less said
withdrawal fee hereinbefore provided.
SIC. 10 Every such association shall provide
In Its bylaws In what manner applications
and bids for loans shall be received and who
shall be entitled Co loans Hereunder, and all
applications shall be acted upon In the order
receiYsd Provided that tho provisions of this
section relating to bidding for loans shall not
apply 10 associations which fix the rate OF In.
terest and premium or payments In any othei
manner.
SEC. IL. Every such association In payment
OF Tvs expenses and the accumulation Of q
guaranty fund may use oil fees and deduct nm
amount from their receipts each month not
10 exceyd one.tenth Of one por cent. on the
par OF maturity value Of each instalment share
then In force, and a proportionate amount on
other classes Of shares.
sno. H. At loast thirty days prior to any
annual or special meeting Of the stockholders
of any such association. q notice stating the
time and place of such meeting shall be do
posted in the post Office in the town or city
where such association Is required by its char
ter TO have an office or place Of business di-
rected 10 each member to his address as the
same appears at such time on the books Of
the association; and when so deposited, post
age pre- e-paid, shall be deemed legal and suffi-
cient notice of any suoh meeting; and there
shall be included in such notice any proposed
amendment or amendments to the charter or
bylaws OF any such association, and q state
ment OF any officers TO be elected at such
meeting. Each member Of such association
shall be entitled to one vote either in person
or by proxy. Upon all questions TO be voted
upon at such meetings the vote shall be taken
by calling the roll Of persons entitled TO vote
thereat, and the votes shall be ballot, IL do
manded by any shareholder.
.SEG-lS -lS- All the eftieers of any such associa--
tion who sign or endorse checks or handle any
funds OF such association. shall give bonds or
fidelity insurance for the faithful performances
of their duties as the board Of directors may
require, and no such officer shall be deemed
qualified 70 enter upon the duties Of his Office
until his bond Is approved by the board OF di-
rectors and the insurance commissioner with
whom the bond shall be fled Provided than
the insurance commissioner may REQUIRE of
any such association, at any time such In
crease OF said bond or insurance as he may
deem necessary for the protection Of the
member II any such association shall fail TO
fle and maintain the bonds OF fidelity insur-
ance required by this section IL shall forfeit
twenty five dollars for each day of such de-
fault, to be recovered by tho insurance COM
missioner In the manner provided In section
Is hereof
SEC. IA. The insurance commissioner shall
retain the fees received for examining asso-
Citations and filing reports provided for by this
act, TO cover the expense of such examination
and the extFa-laAer made necessary by this
act.
SEQ ID. Every such association shall on or
before February Of each year file with the
insurance commissioner an annual report of
It's affairs and operations for the preceding
calendar year; such report shall be certified
by oath OF the president and secretary or three
directors Of the association, and shall be in
the form prescribed and on blanks furnished
by the insurance commissioner. The insur-
ance commissioner may at any other time call
for reports showing the business condition Of
the association at the close OF any calendar
mouth. and such reports shall be furnished
within thirty days thereafter. II any such as
sociatioD shall fail to furnish TO the insurance
commissioner any report required by this act
NJ the time required IL shall forfeit the sum
OF twenty five dollars for every day such re-
port shall be delayed or withheld, and IL not
forthwith paid the insursRce commissioner
may maintain an action Of the case In his
name Of Office TO recover such penalty, and
when recovered the same shall be paid over
10 the general treasurer.
SEC. TO- Ii shall be the duty Of the insurance
commissioner at such time or times as he may
sec ft. but at least once year. to make an
OF the financial condition and
methods Of doing business Of every such asso-
:iation, and publish in the annual report In
relation to banks and trust companies, n state
nent OF tho financial condition of every such
association examined and the expense Of sucf
examination and publication shall be paid hy
such association. but shall not exceed fifty
dollars per year.
SEC. IL. II IL shall appear to the insurance
commissio' from any examination made hy
him or from any report made as herein re.
Quired, that such association ia violating its
charter or the law OF. that II Is conducting
Its business In an unsafe, unauthorized OF dis,
honest manner, he shall, by an order under
his hand addressed to such association, direct
such association to discontinue such unsafe
OF Illegal practices, and TO conform with the
requirements OF its charter and the law. and
whenever such association shall refuse or neg
loct 70 comply with such order "a aforesaid.
or 20 flle the reports heroin required, or shall