Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-04-11

personal property. sue and be sued
prosecute ana defend suits in law or
in equity, have perpetual succession
each by it's corporate name, and make
and ordain bylaws for it's govern
mcnt. not. repugnant to the cOnstitu-
ton and laws. The secretary shall
copy OF such bylaws and ali amend
ments thereto. All bylaws and
amendments hereafter adopted shall
be submitted to the bank commits
take effect until such approval is
| given. In case of refusal to give such
approval the directors OF the ASSOC
citation may appeal to a Justice Of the
supreme judicial court whose decis-
See 90. The certificate Of author
izution issued by the bank commits
sioner shall provide the method OF
Sec. 90. Associations may issue
shares upon either the serial or per-
manent plan, or both. Shares issued
taken out at any time and shall have
no maturity. Shares issued upon the
| serial plan shall be of the ultimate
value of two hundred dollars each
and shall be issued in quarterly. half
yearly or yearly series. but no shares
of prior series shall be issued after
the opening Of a new series.
Sec. 100 Minors may hold shares
| shares of each shareholder, not ex-
ceeding two. shall be exempt from
attachment and execution.
Sec. 1ol. The number. title. duties
| and compensation of the officers of
the association. their terms OF office
the time Of their election. as well as
| the qualifications of electors. and
time Of each periodical meeting Of
| determined by the bylaws. but no
member shall be entitled to more than
| one vote. All officers shall continue
in office until their successors are
duly elected. and no association shall
| expire from neglect on its part to
elect officers at the time prescribed
by the bylaws. The office Of secre-
! tary and treasurer may be held by
| ISOLATION so provides by its bylaws.
All officers shall be annually sworn
to the faithful performance OF their
| duties.
Sec. 1O2. The secretary. treasurer
! and other persons holding positions of
trust in loan and building associa-
tons shall give bonds to the cor
! poration for the faithful discharge of
The duties of their Offices in such
sums as the directors decide to be
| necessary for the safety of the funos.
! and such bonds shall continue to be
| valid from year to year SO long as
| they are elected and hold said Offices.
subject to renewal whenever ordered
| by the bank commissioner or direc-
tors. The directors may. in lieu Of
said bond. insure at the expense OF
| the association with some fidelity or
guaranty company which shall be
| satisfactory to the commissioner Tor
the faithful discharge OF the duties
| of the secretary and treasurer and
| such other clerks as may be en-
| ployed in such sums as they may de-
| eide to be necessary for the safety
of the funds in the custody of the
corporation. The commissioners shall
annually examine the bonds given. as
aforesaid. and inquire into and certify
to the sufTiciency thereof and when
he shall order a new bond to be given.
within time by him specified.
See. 1903. The officers shall hold
stated monthly meetings. At or be-
member shall pay to the association.
as contribution to its capital, one
dollar. as dues upon each share held
by him. Payments on shares issued
each share shall have reached the
| ultimate value of two hundred dollars
| and the payment of dues on each
series shah commence from its is
| sue.
Sec 1O4. Shares may be withdrawn
after one months notice of such in
tention. written in book held ana
provided by the association for the
| purpose. or in sucn other manner as
| the bylaws of the association may
| provide. Upon such withdrawal. the
7 shareh olders' account shall be settled
as follows: from the amount then
standing to the credit of the shares
to be withdrawn, there shall be de-
Quoted all fines. a proportionate part
of any unadjusted loss. together with
| such proportion of the profits pre-
viously credited to the shares as the
| bylaws may provide. and such share
holder shall be paid the balance;
| provided, that at no time shall more
| than one-half OF the funds in the
! treasury be applicable to the demands
| of Withdrawing members. without the
! consent of the directors. The dir
| cctors. may. under rules made by
them. retire any unpledged shares at
any time after four years from the
date Of their issue. by enforcing the
are To- be retired shall be determined
by Toto and that they shall he paid
| the full value of their shares less all
unad justed loss.
Sec. iO5. When each unpledged
| share OF given series reaches the
Value OF two hundred dollars, all pay
ment Of dues thereon shall cease
and the holder thereof shall be paid
out OF the funds of the association.
two hundred dollars therefor. with
| interest at the rate of five per cent
| a year from the time of such
| maturity to the time OF payment;
| than one-haIf of the funds in the
treasury be applicable to the payment
Of such matured shares. without the
consent of the directors. and that be-
| fore paying matured shares. all ar
rears and fines shall be. deducted.
| Every share shall be subject to a
lien for the payment of any unpaid
dues. fines. interest. premiums and
other, charges received thereon, which ,ars
! inn ftcr nroyidpd Any association