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


~ # Whenever any member shall be six months Il !.
- Il the payment Of his dues upon unpledge dshare ia
tarv shall give him notice thereof in writing and at.ns
Of his arearages by mailing 1ne same . nm ct the last pot
tbe same at the next second stated monthly meenp
aer the board of directors may, at their option declare
shares forfeited and the time OF such forfeiture the withdraw
yaue thereof shall be determined and stated and the eu
member shall be entitled to withdraw the without inter
within one year upon such notice as shall be required Of v
! drawing shareholder.
i SEQ ~ Whenever borrowing member shall besix months
in the payment Of his dues and interest," either M
whole loan shall become due at the option Of the board Of
recors and they may proceed to enforce collection upon
securities held by the association The withdrawal value NJ
time Of the commencement OF the acton OF all shares p
as collateral security for the loan shall be applied upon tie I
and areaages of interest and fines thereon, and the sha
deemed surrendered to the association
SIC 49, ANY association may purchase at any SALE pub
or private any real upon which it may have mortgage
Judgment lien or other encumbnce, or in which it may m
any interest and may SELL convey lease mortgage the
at pleasure to any person or persons
SEC A. Profits and losses shall be distributed at least
av and always before issuing series of stock to the Share
then outstanding Profits and losses shall be distributed
shares in all series outstanding at the time of such dbu
in proportion their holding value, distinguished from ha
withdrawing value except that N addition thereto driu
of not exceeding the of the entrance fee in the d
of the board of directors may be made to each share ou
in the last series issued prior to the distribution AT each peri
odca distribution of profits the board OF directors may
and carry as undsrbuted profits in the nature Of uar
wse exceeding however five per cent thereof applied
upon any future losses that may occur from any cause wh
SEQ To- No transfers Of shares shall be binding upon M
association until the have been made upon the books
association and the transeree thereof shall take the same charged
with all the liabilities and conditions attaching thereto in Tia
hands Of the transferring the The association nay
require transfer fee" not exceeding twenty-five cents
share
SEQ 49, The association duly incorporated shall
possess power adopt Jaws inconsistent with the po
of this act regulating the due conduct Of the business Of
association defining the duties of officers and committees time
of meeting mode of determining and declaring the withdrawing
value of shares and in relation to all other matters having
ence the conduct Of the business, although spefa
mentioned in this act The board Of directors shall have @
to appoint and remove at pleasure any attorney for the a
ton.
SEC H. Any person of full age and sound mind may beo
member of the association BY taking shares THEREIN
and subscribing the bylaws and annexing to his sgnnI
posoce address, and whenever he desires his postoce ada
changed he shall give written notice thereof to the ecetd
the associations and for the purpose Of giving any memer
BY mail the last potoce address given by him shall beden
the proper one minor may hold shares in the ~
parent guardian friend trustee for him. All
aons upon shares said association held by any person s
exempt from attachment levy and trustee process to the m
Of five hundred dollars and the association itself shall be deemed
institution for savings and not taxable under any co0
tax law which shall exempt savings banks or institutions
savings from taxation.
SEo 49, Every association organized under provisions Of Thu
act shall annually make full report in writing Of the affairs any
condition of such corporation the first day of January each
to the Inspector of Finance such form and BY such o
OF the corporation the said Inspector may designate Such
port shall be verified by the oath of the officers making the same
Every association shall make any further report which the said
inspector may require and in such FORM and such matter
relating to the condition and conducting Of the business Of
association such inspector may designate. Any wu f
swearing in making and verifying said reports shall be deemed
perjury.
SEC 49, any such association shall fail furnish othe
spector Of Finance any report required BY this act at the time
required it shall forfeit the of dollars per day for every
day such report shall be delayed withhold and the inspected
may maintain action in his of office such pen
atty and the shall be paid into the treasury Of the State
SEQ 20. All associations organized under the provisions
this act shall be subject to the visitation and examination Of I
Inspector Of Finance his deputies duly appointed agents
times or upon the application Of three members Of @
association shall appear to said Inspector from the r
OF any said association from examination made by him.
deputies duly appointed agents. that any such association
violating the provisions of this act or is conducting its b
in an unsafe unauthorized manner he shall BY order un
his hand and seal addressed to such association direct the d
tnuance Of such illegal and unsafe practices and whenever @
association shall neglect refuse comply with such order
make reports required he shall communicate such facts to @
State Auditor who shall thereupon be authorized direct u
proceedings to be instituted against any such associations w
or may hereafter be provided for by law in the case
sovent incorporation such other proceeding the nature
the case may require.
Sec 81. This act shall take effect from its passage
Approved November 81 1894