52 ARTICLE 11.

invest as hereinafter provided the funds so accumulated, and may under-
take such other activities relating to the purposes of the corporation as
may be consistent with this sub-title and authorized by the by-laws.

1929, ch. 337, sec. 6.

105. The membership of the corporation shall consist of the incor-
porators and such persons as have been duly elected to membership and
have subscribed for one or more shares and have paid for the same in
whole or in part, together with the entrance fees as provided by the by-laws,
and have complied with such other requirements as the by-laws contain;
no credit union shall pay any commission or offer compensation for the
securing of members or the sale of shares.

1929, ch. 337, sec. 7.

106. Credit unions shall be subject to the supervision of the Bank
Commissioner and shall be examined at least annually by him or one of
his deputies. The Bank Commissioner may order such additional exami-
nations as he may deem to be necessary. In January of each year each
credit union shall make a report to the Bank Commissioner of the business
of the preceding calendar year in such detail as the Bank Commissioner
may require on blank forms supplied by him for the purpose. He may
require such further reports from time to time as he may deem necessary.
All reports shall be signed and acknowledged by the president, treasurer
and a majority of the members of the supervisory committee.

For failure to file a report when due a credit union shall forfeit to the
State five dollars for each day such neglect continues and if it continues
for more than fifteen days, the said Bank Commissioner may revoke the
certificate of approval of said corporation and said corporation shall there-
upon discontinue doing business until such time as it may be permitted to
continue to do business by a re-issuance of the certificate of approval by
the Bank Commissioner. If the Bank Commissioner, upon examination,
finds that the credit union is insolvent or that it has 'violated any of the
provisions of this sub-title or that, in his judgment any of its practices are
unsafe, he may by an order made over his hand and official seal, order said
credit union to discontinue said illegal or unsafe practices, after a hearing
or any opportunity for a hearing has been afforded said credit union, if
said credit union fails to comply with said order within sixty days the
Bank Commissioner may take possession of the business and property of
said credit union and retain such possession until such time as he may
permit it to resume business or cause its affairs to be finally liquidated as
by law provided.

1929, ch. 337, sec. 8.

107. The fiscal year of every credit union shall end at the close of
business on December thirty-first. The annual meeting shall be held at
such time in January as the by-laws may provide. Special meetings may
be held by order of the directors or of the supervisory committee or at the
request of ten per cent, of the members. Notice of all meetings shall be