Bellows Falls times. [volume] (Bellows Falls, Vt.) 1856-1965, 1895-01-03

the application have the Withdrawal value of the shares
so ny s be- Of months a n ar
the payment of his dues upon unpdge dshaes the
rotary shall give him notice thereof in writing and statement
of his aearages by mailing the him the
Office address given by him the association he shall
pay the next second stated monthly meeting there
after the board of directors may their option his
shares forfeited and at the time of such forfeiture the withdrawal
value thereof shall be determined and stated and tho deulng
member shall be entitled to withdraw the without interest
within such notice shall be required of with
drawing shareholder.
in the payment of his dues and interest either the
whole loan shall become due the option of the board Of d.
recos and they proceed enforce collection upon the
securities held by the association The withdrawal value at
time of the of the action of all shares pledged
collateral security for the loan shall be appedupon the
and aearages of interest and fines thereon and the shares
deemed surrendered to the association.
SEQ 13. Any association may purchase any SALE public
private real estate which may have mortgage
Judgment lien other encumbrance which may have
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 Fronts and losses shall be distributed to all
shares all series outstanding at the time of such Distribution
in proportion their holding value, distinguished their
withdrawing value except that in addition thereto distribution
of exceeding the amount the fee the discretion
of the board of directors may be made each share outstanding
in the last series issued prior the distribution peri
odica distribution of profits the board of directors may
and carry undstributed profits in the Of guaranty
fund any sum from the net profits that in their discretion seems
WISE not exceeding however, five per thereof to be applied
upon future losses that from whatsoever
SEC t. No transfers of shares shall be bindna mon the
association until the have been made upon the books of the
association and theanseree thereof shall take the charged
with all the liabilities and conditions attaching thereto the
hands of the transferring the The association
require transfer fee not exceeding twenty-five cents per
share
SEC 49, association soon duly Incorporated shall
possess power adopt inconsistent with the provisions
this act 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 specifically
mentioned in this The board of directors shall have power
appoint and at pleasure any attorney for the assoca
SEC IT, Any person Of full age sound may become
member of the association by taking shares therein
and subscribing the and annexn to his signature his
posce address aud whenever he desires his posoce address
changed he shall give written notice thereof to the secretary of
the association and for the purpose of giving member notice
by mall the last posoce address given by him shall be deemed
the proper minor hold shares IN the OF
parent, guardian friend trustee for him. All
aons shares said association held by person shall be
from attachment levy and to the amount
Of five hundred dollars and the association itself shall be deemed
institution for and taxable under corporation
tax law which shall exempt savings banks or institutions for
savings, from taxation.
SEQ 49, Every association organized under provisions of this
act shall annually make full report writing of the affairs and
condition of such corporation the first day of January each
year the Inspector of Finance such and by such officers
of 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
inspector may require and in such FORM and such
relating the condition and conducting of the business of the
association as such Inspector may designate Any lfu false
swearing in making and verifying said reports shall be deemed
SEC 49, If any such association shall fail to furnish to the In
pecor of Finance report required by this the time
required shall forfeit the dollars per day every
day such report shall be delayed withheld and the inspector
maintain action in his Of office to such PEN
atty and the shall be paid into the treasury the State
SEQ 90 All associations organized under the provisions of
this act shall be subject the visitation and examination of the
Inspector of Finance his deputies duly appointed agents all
times upon the application of three members of said
association shall appear said Inspector from the report
of any said association Or from an examination made by him. his
deputies duly appointed agents. that any such
unsafe unauthorized he shall
hand and seal addressed such association direct the dcon
association shall neglect refuse comply with such ord
make reports required he shall communicate such facts the
State Auditor who shall hereupon be authorized direct such
proceedings be instituted against any such
may hereafter be provided for by law in the
novent Incorporation such other proceeding the of
the may require
Sec. 81 This act shall take effect from its passage.
Approved November 81, 1894.