54 ARTICLE 11.

and the security, if any, offered. Every loan must receive the unanimous
approval of those members of the committee present when the application
was considered, which number must be at least a majority of the com-
mittee. A loan shall not be made if any member of the credit committee
disapproves of it. An application for a loan may have an appeal to the
directors if the by-laws so provide and as by the by-laws provided. The
credit committee shall meet as often as may be necessary after due notice
has been given each member.

1929, ch. 337, sec. 12.

111. The supervisory committee shall inspect the securities, cash and
account of the corporation and supervise the acts of its board of directors,
credit committee and officers. It shall make an annual audit of the affairs
of the corporation at the end of each fiscal year and make a full report
thereon to the directors, which report shall be read at the annual meeting
and be preserved with the records of the corporation. It shall fill
vacancies in the committee until the next regular meeting of the members.
At any time by unanimous vote the supervisory committee may suspend
from office any member of the credit committee, the credit committee, any
member of the board of directors or the entire board or any officer elected
by the board and shall within seven days after such suspension, give
notice to the members of a special meeting to act on such suspension. The
supervisory committee may call meeting of the members to take action
upon any practice of the corporation, which in the opinion of the com-
mittee is unsafe and unauthorized.

1929, ch. 337, sec. 13.

112. The capital of a credit union shall consist of the payments that
have been made to it by the several members thereof on shares. Shares
may be subscribed for and paid in such manner as the by-laws may
provide. The credit union shall have a lien on the shares of any member
and upon any dividends payable thereon for and to the extent of any
loan made to him and of any dues and fines payable by him. Upon
resignation or expulsion of a member a credit union may cancel the
shares of such member and apply their withdrawal value towards the
liquidation of said member's indebtedness. A credit union may, if the
by-laws so provide, charge an entrance fee and also a transfer fee, neither
of which fees shall exceed twenty-five cents.

1929, ch. 337, sec. 14.

113. Shares may be issued and deposits received in the name of a minor
find in trust in such way and manner as the by-laws may provide.

1929, ch. 337, sec. 15.

114. For failure by any member of a credit union to meet his payments
on shares when due, or to make repayments on a loan when due, such
fines and other penalties may be imposed upon such delinquent member
a? the by-laws may provide.