Herald and news. [volume] (West Randolph, Vt.) 1878-1943, 1895-01-03

being recorded and published at length IN
latng in said town. the persons named IN me "
mentioned TIER associates and successors snal peooo
\ ate body. ,
SEQ f. The officers Of the association shall consist q
dent vicepresident treasurer and secretary VINO sna
members Of the board Of directors when sna hs
members exclusive Of said erQcio members Otner onces
may be authorized by the bylaws The duleS ana
of the officers their term Of office the time Of their
time Of periodical meetings Of the officers ana y
be determined by the bylaws except that the Doaru OF
shall determine year the compensation Of the
Special meetings Of the officers and sna
called and held as provided BY the bylaws he LAC
for each share owned by him held by HIM as trustee not ~
for dues All officers shall hold Office until the success
sors are duly elected and the duties OF their mo
association shall expire from neglect its part to elect once
at the time prescribed by the bylaws
SEQ The capital Of said association shall consist OF the ac
cumulated savings Of its members which noos ana sna ho
exceed any time million dollars and shall be dvloed
into shares Of the maued value of two hundred dollars eacn
The total number of shares outstanding at any one time snail
not exceed ten thousand dollars The shares shall be issued IN
yearly yearly SERIES such amounts in each series and
such times shall predetermined by the bylaws OF the asoc
ton No share of prior shall be issued after the issuing
of shares series Shares which have not been pledged as
collateral security for the repayment of loan shall be called
pledged shares Shares that have been pledged shall be called
pledged shares No person shall hold more than twenty-five
shares in any such corporation.
SEC g. Savings paid to the association upon shares shall pc
called dues At before each stated monthly or nlmonth
meeting Of the board of directors each shareholder shall
the board committee thereof dollar dues upon each share
of stock held by him until the share reaches the value OF two
hundred dollars is withdrawn, cancelled forfeited ray
ment of dues shares of each series shall commence from their
ISSUE The association shall have to impose and collect
ne exceeding per cent for each month in arrears for
every dollar of dues interest which shareholder shall refuse
neglect pay the time it is DUE They shall also have
power to charge entrance fee Of not exceeding twenty-five
every share of stock issued by the association
SEC T. The accumuaons upon unpledged shares may be
withdrawn and the shares cancelled after months written
notice Of sucneno 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 fling The Withdrawing
shareholder shall be paid the amount of the withdrawal value Of
his accumuaons 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
the value of the shares the time the last distribution and
the dues thereafter paid the bylaws shall determine less
fines unpaid and proporonate share Of any o
vided that time shall than oneaf the receipts of the
association and when the association indebted upon matured
shares than onehd be applicable to the payment of
withdrawing shareholders without the 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 which their notices of withdrawal filed
with the secretary The board of directors may their dsce
ton under rules madey Them retire the unpedged shares Of
series any time after four years from the date of their
by enforcing Withdrawals of the provided that the
shareholders whose shares be retired shall be determined
by lot and that they shall be paid the full value of their shares
less all fines and proporonate part Of loss provided
also that shares pledged for share loans shall be treated I'M
pledged shares
SEC s. When each unpdged share Of given series reaches
the value Of two hundred dollars all payment Of dues thereon
OF the association two hundred dollars therefor with such rate Of
interest assha be determined by the bylaws from the time
board OF directors shall declare such share have matured until
paid but at time shall than onehrd Of the receipts of
the association be applicable the payment Of maured shares
without the Of the board of directors The order Of the
payment of the mared shares shall be determined by the board
Of directors Before paying maured shares all and
shall be deducted therefrom.
SEQ AT each monthly stated meeting Immediately follow
ing the receipt of dues and interest the board Of directors shall
offer to members Of the association desiring borrow all acc
mutations applicable that purpose the shall be loaned in
sums OF two hundred dollars the value of matured share
multiple thereof or the fractional parts Of oneourh onehalf
thereof there shall be than member desiring to
borrow their right loan shall be determined BY an open bid
ding OF premium per share the member bidding the highest
premium shall be entitled to the oa upon giving proper secur
y From the loaned shall be deducted at the time of
oanng the amount of the premium bid The receiving Of such
premium interest paid the loan shall be deemed vo
aton OF the usury laws No member members can Dor
row larger sum than shall be equal to the value of the
shares held by him them borrowing member for each
share or fractional part thereof borrowed upon shall in addition
to the dues on his shares pay monthly interest his loan at the
ate OF SIX per cent per an such lower as the bv
laws shall name until the shares borrowed upon reach the matured
value OF two hundred dollars each the loan repaid and
when such matured value reached the share shall cancel the
upon it and the proper urrende and acqutances be
made
SEQ 10 For every loan made, first mortgage upon real
f l k 1890,