The Winslow mail., 1923-06-22

shall stand as a permanent STOCK,
which shall be held to- protect the as
sociation, and guarantee all stocks,
bonds, securities and creditors
against loss; nine thousand (9,00O)
shares of investors Guaranteed Di
vidend Stock of the matured value of
one hundred ($100.00), dollars per
share, payable by the subscribed in
one inStallment, or on as suitable in
stallment plans as the directors of
the association may by resolution en-
act The Investors Guaranteed Di-
vidend Stock may be withdrawn by
the owner thereof, at any time after
thirty-six (36), months after purchase
thereof, provided, however, that all
payments then due shall have been
regularly paid thereon notice to the
company of intention to withdraw.
The entire book value Of said stock
shall pc paid the legal holder OF said
stock from the Guarantee fund in
the way and manner as provided by
law.
Article VII.
The management of the affairs OF
the association shall be vested in
board of directors, which shall con-
sist of seven () persons, divided into
three classes. Directors OF the first
class shall be three 90 in number,
and shall be elected for term Of one
1) year. Directors of the second
class shall be two (2) In number and
shall be elected for a term of two
(2) years. And directors of the third
class shall be two(2) in number and
elected for term of three (3) years,
so that the term of office of one class
shall expire in each year and shall
be elected at the regular annual
stockholders meeting, provided, that
at the first regular stockholders
meeting there shall be elected a total
the respective terms, and provided
further that all directors shall serve
until their successors are elected and
qualified. No person shall be eligible
to the office of director of this as
sociation who is not the owner of at
least five hundred ($500) shares OF
stock as shown by the corporation's
books. The number of directors of
the association may be increased or
decreased to any legal number by re-
solution of the board of directors.
The board of directors shall select
and appoint such employees and
agents as they might deem advisable
define the authority of each and pre-
scribe his duties. Seven of the in
corporators hereof shall serve as
directors until the next annual
stockholders meeting and until their
successors are elected and qualified.
Article VIII.
Sec. /. The officers of this assoc1-
alton shall be a president and two
(2) vice-presidents, a secretary and
a treasurer, who shall hold office
for the term of one (D year, and
until their successors are appointed
and qualified The directors shall
from their members appoint the alb
owe named officers at their first meet
ing, after the regular annual meet
ing of the stockholders except only
that the secretary and treasurer need
not be a director or directors. One
person may be both secretary and
treasurer, or one person may be sec
retary and another treasurer, at the
option of the board of directors.
Said officers shall perform the duties
usually performed by such officers OF
commercial corporations, but the
board of directors shall have power
to adopt bylaws defining and limit
ing the authority and duties of any
and all officers of this association.
Sec. g The regular meeting of
stockholders shall be held on the sec
cond Monday of February in each
and every year after February, 1921,
for the election Of directors and the
transaction of such general business
as may properly come before the
stockholders at such meeting. If
said Monday shall be holidey, then
the said meeting shall be held on the
next business day. At such meetines
the secretary and treasurer shall
submit complete records showing the
financial condition of the corpora
ton Each holder Of stock shall be
entitled to one vote for each share
of stock owned by him as shown by
the books Of the association, thirty
(30) days prior to said stockholders
meeting which he may cast in person