BANKS AND TRUST COMPANIES. 51

(2) The date of the annual meeting, the manner of notification of meet-
ings and of conducting the same, the number of members constituting a
quorum and regulations as to voting.

(3) The number of members of the board of directors, which shall not
be less than five, the number of members of the credit union and of the
supervisory committees, the officers and the powers and duties of said
board, said committees and said officers.

(4) The par value of the shares and the conditions under which shares
may be issued, paid in, transferred and withdrawn; the condition upon
which deposits may be received and withdrawn, the method of receipting
for money, the manner in which the reserve fund shall be accumulated
and dividends determined and paid.

(5) The fines, if any, which shall be charged for failure to meet obliga-
tions to the corporation promptly; the manner in which the funds of the
corporation shall be invested, loans made and repaid and the maximum
rate of interest, which may be charged upon loans; the manner in which a
voluntary dissolution of the corporation shall be affected.

If the Bank Commissioner is satisfied that the certificate of organiza-
tion is in conformity with this sub-title he shall approve the same and
if he is satisfied as to the character of the incorporators and that the by-laws
are reasonable and in conformity with this sub-title he shall approve said
by-laws. Thereupon he shall issue to the said incorporators a certificate
of approval annexed to the duplicate of the said certificate of organiza-
tion and of said by-laws, which certificate of approval together with said
attached duplicate certificate of organization and duplicate by-laws duly
acknowledged, shall be filed with the State Tax Commission and thereupon
said incorporators shall become and be a corporation. The State Tax Com-
mission shall charge fees at the same rate for filing said certificates of
approval as is now allowed for filing certificates of incorporation under the
General Corporation law of the State.

1929, ch. 337, sec. 3.

102. No amendments of the by-laws shall become operative until such
amendment has been approved by the Bank Commissioner and a copy
thereof, fully certified by the Bank Commissioner, has been filed with the
State Tax Commission.

1929, ch. 337, sec. 4.

103. The use by any person, co-partnership, association or corporation
except corporations formed under the provisions of this sub-title, of any
name to title which contains the words "credit union" shall be a misde-
meanor.

1929, ch. 337, sec. 5.

104. A credit union may receive the savings of its members in payment
of shares or any deposit; may loan to its members at reasonable rates,
which shall not exceed one per cent, a month, on unpaid balance; or may