THOMAS SWANN, ESQUIRE, GOVERNOR

113

every member shall have one vote for every share
of unredeemed stock which he may hold, at
any meeting of the stockholders or election 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 declare his or
their office or offices vacant and to fill the vacancy.

Votes.

Sec. 5. And be it enacted, That any person or
persons applying for membership or 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 mem-
bers and others holding unredeemed shares at the
time of such application.

Subscription.

Sec. G. 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 installments 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

Premium.

of money by the Society, to receive from such
member 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 corpo-
tion held by such member ; that said mortgage or
hypothecation conditioned for the payment by such
member to said corporation of the unpaid instal-
ments to be paid on the share or shares of stock so re-
deemed or sold by him, together with interest on the
sum so paid or advanced, and all assessments, fines
and penalties incurred according to the by-laws in
8

Mortgage.