the by-laws, and every member shall have one vote
for every share of unredeemed stock which he may
hold at any meeting of the stockholders or elec-
tion for Directors, and no one shall be eligible as
President, Vice President or Director who is not
the bona fide owner in his own right of one or
more shares of unredeemed stock, and upon his
ceasing to hold in his own right unredeemed stock,
it shall be the duty of the Board of Directors to de-
clare his or their office or offices vacant, and to fill
the vacancy.

Sec. 5. And be it enacted. That any person or
persons applying for membership or for stock in
said corporation, after the end of one month from
the time of incorporation, may be required to pay
on subscribing such bonds or assessment as may
from time to time be fixed or assessed by the Board
of Directors, in order to place such new members
or stockholders on a footing with the original
members and others holding unredeemed shares
at the time of such application.

Membership.

Sec. 6. And be it enacted. That it shall and may
be lawful for the said corporation at any time in
advance of the period or periods of time at which
the several instalments on the shares or stock of
any member shall become due and entirely paid
up according to the provisions in the fourth section
of this Act, to redeem the same and to advance to
such member for such premiums as may be agreed
upon, the par value of four hundred dollars per
share thereof, for any number of shares therein
held by him, at such a sum and price as such
member may agree to receive; or to loan the said
sum for a period of years, deducting the interest
thereof in advance, and on payment of said sum
of money by the society, to receive from such mem-
ber a transfer of all his interest in such share or
shares, and also security by way of mortgage on
real or personal property, or by hypothecation of
unredeemed shares or stock of the said corporation
held by such member; that said mortgage or hy-
pothecation conditioned for the payment by such
member to said corporation of the unpaid intal-
ments to be paid on the share or shares of stock so
redeemed, or sold by him, together with interest
on the sum so paid or advanced, and all assess-
93

May redeem,
&c.