BANKS AND TRUST COMPANIES. 53

given in the manner provided in the by-laws. A member shall have but
one vote, irrespective of the shares held. No shareholder may vote by
proxy but a society, association, co-partnership or corporation having mem-
bership in the credit union, may be represented by one person authorized
by said society, association, co-partnership or corporation to represent it.
At any meeting the members may decide upon any question of interest to
the corporation, and overrule the board of directors, and, by a three-fourths
vote of those present and represented, provided the notice of the meeting
shall have specified the question to be considered, may vote to amend the
by-laws.

1929, ch. 337, sec. 9.

108. At the annual meeting the members shall elect a board of directors
of not less than five members, a credit committee and a supervisory com-
mittee of not less than three members each. Unless the number of mem-
bers of the credit union is less than eleven no member of said board shall
be a member of more than one committee and all members of committees
and all directors, as well as the officers whom they may elect shall be
sworn to the faithful performance of their duties, and shall hold their
several offices for such term as may be determined by the by-laws:

1929, ch. 337, sec. 10.

109. At their first meeting in each fiscal year the board of directors,
shall elect from their own number a president, vice-president, a secretary
and a treasurer who shall be the executive officers of the corporation. The
offices of secretary and treasurer may, if the by-laws so provide, be held
by one person. The board of directors shall have the general management
of the affairs, funds and records of the corporation and shall meet as often
as may be necessary. It shall be the special duty of the directors: (a) To
act upon all applications for membership and the expulsion of members;
to fix the amount of the surety bond which shall be required of each officer
having the custody of funds, (b) To determine interest rates and fix the
maximum number of shares which may be held by and the maximum
amount which may be loaned to any one member; to declare dividends
and to recommend amendments to the by-laws, (c) To fill vacancies in
the board of directors or in the credit committee until the election and
qualification of successors; to have charge of the investment of funds of
the corporation except loans to members and to perform such other duties
as the members may from time to time authorize.

Members of the board of directors and of the credit and supervisory
committees shall, as such, serve without compensation. The officers
elected by the beard of directors may receive such compensation as the
members may authorize.

1929, ch. 337, sec. 11.

110. The credit committee shall approve every loan or advance made
by the corporation to members. Every application for a loan shall be
made in writing and shall state the purpose for which the loan is desired