Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1937-05-06

Clubs, Vacation Clubs and other
such thrift organizations within its
membership.
CD To make loans to members
for provident or productive pur-
poses.
Co To make loans to a CO.
operative society or other organ
ization having membership in the
credit union.
Cd To deposit in state and ma
tional banks and trust companies
authorized to receive deposits.
(e) 20 invest in any investment
legal for savings banks or for trust
funds in the state.
Cd To borrow money as herein
after indicated.
(g) To adopt and use a common
seal and alter the same at pleasure. !"
Section 2. That Mason's Mime
sofa Statutes of 1927, Section 7774-7,
as amended by Laws of 1888, Chap
ter 346, Section 2, is hereby amend
ed so as to read as follows:
"7774-7. The fiscal year Of all
credit unions shall end December
81. General and special meetings
may be held in the manner and
for the purposes indicated in the
bylaws, provided, however, that
at least 10 days before any regular
meeting and at least days before
any special meeting written notice
shall be mailed or handed to each
member and in the case of special
meeting the notice shall clearly
state the purpose Of the meeting
and what matters will be considered
thereat. At all meetings member
shall have but single vote what
ever his share holdings. There shall
be no voting by proxy, provided,
however, that any firm, society
or corporation having a member
ship in the credit union may cast
it's vote by one person upon presen-
tation by him of written authority
Of such firm, society or corpora
ton"
Section 8. That Mason's Mime
sofa Statutes of 1927, Section 7774-9,
is hereby amended so as to read
as follows:
"7774-9 At their first meeting
and annually thereafter at the first
meeting following the annual meet
ing Of members, the directors shall
elect from their own number a
president, e-president, treasurer
and secretary, of whom the last
two named may be the same indi-
vidual, and the directors may en-
gage such other employees as may
be necessary to properly conduct
the business of the credit union.
1t shall be the duty Of the di-
rectors to have general manage
ment of the affairs of the credit
union, particularly:
ca To act on applications for
membership.
CD To determine interest rates
on loans and on deposits.
Co To fix the amount Of the
surety bond which shall be required
of all officers and employees hand
ling money.
Cd To declare dividends, and to
transmit to the members recon-
mended amendments to the by
laws.
(e) To fill vacancies in the board
and in the credit committee until
successors are chosen and qualify
at the next annual meeting.
(f) To determine the maximum
individual share holdings, the
maximum amount of deposits and
the maximum individual loan which
can be made with and without
security, including liability indirect
ly as a co-maker, guarantor or en-
dorSer.
(g) To have charge of invest
ments other than loans to members.
(D To fix the salary Of the
treasurer and other employees,
which shall be on fixed monthly
or annual basis in dollars. (Not
percentage).
Cd To designate the bank or
banks in which the funds of the
credit union shall be deposited.
Cd To authorize the officers of
the credit union to borrow money
from any source, in total sum
which shall not exceed fifty per
cent of its assets.
The duties of the officers shall
be as determined in the bylaws,
except that the treasurer shall be
the general manager. No member
of the board or of either committee
shall, as such, be compensated"
Section 4. That Mason's Mime
sofa Statutes of 1927, Section 7774-11
is hereby amended SO as to read
as follows:
"7774-11. The supervisory commit
tee shall
(a) Make an examination Of the
affairs of the credit union at least
semi-annually, in June and Deem
Der, including an audit of its books
and, in the event said committee
feels such action to be necessary,
it shall call the members together
thereafter and submit to them its
report.
CD Make an annual report Of
it's audits and submit the same
at the annual meeting of the men,
berS.
Co BY unanimous vote, if it deem
such action to be necessary to the
proper conduct of the credit union,
suspend any officer, director or
member of committee and call the
members together to act on such
suspension. The members at said
meeting may by majority vote Of
those present sustain such suspen-
sion and remove such officer
permanently or may reinstate said
officer.
BY majority vote the supervisory