56 ARTICLE 11.

of the net income of the corporation which has accumulated during the
year. This amount may be increased by vote of the members on recom-
mendation of the directors. The reserve fund shall belong to the corpo-
ration and shall be held to meet contingencies, and shall not be distrib-
uted to members, except upon dissolution of the corporation,

1929, ch. 337, sec. 20.

119. At the close of the fiscal year a credit union may declare a divi-
dend from the net earnings, after deducting the proportionate part of the
earnings set aside to the reserve fund. Dividends shall be paid in the
way and manner provided in the by-laws.

1929, ch. 337, sec. 21.

120. The board of directors may expel from the corporation any mem-
ber who has not carried out his engagements with the corporation, or has
been convicted of a criminal offense, or neglects or refuses to comply with
the provisions of this sub-title and if¹ the by-laws, or who habitually
neglects to pay his debts or shall become insolvent or bankrupt, subject
to such rules and regulations governing the expulsion of members as may
be contained in the by-laws. A member may withdraw from a credit
union or a non-member may withdraw deposits in the way and manner
by the by-laws provided.

1929, ch. 337, sec. 22.

121. At a meeting, specially called to consider the subject, four-fifths
of the entire membership of the corporation may vote to dissolve the corpo-
ration and upon such vote shall signify their consent to such dissolution
in writing. Such corporation shall then file in the office of the Bank Com-
missioner such consent, attested by its secretary or treasurer and its presi-
dent or vice-president, with a statement of the names and residences of the
existing board of directors of said corporation and the names and addresses
of its officers duly verified. The Bank Commissioner, upon satisfactory
proof of the solvency of the corporation, shall issue to such corporation in
duplicate a certificate to the effect that such consent and statement have
been filed and that it appears therefrom that such corporation has complied
with this section. Such duplicate certificate shall be filed by such corpo-
ration with the State Tax Commission, and thereupon such corporation
shall be dissolved and shall cease to carry on business except for the pur-
pose of adjusting and winding up its affairs. The said corporation, by its
board of directors, shall then proceed to adjust and wind up its business
and affairs in such way and manner as the Bank Commissioner may direct,
and shall continue in existence for the purpose of discharging its debts and
obligations, collecting and distributing its assets, and doing all other acts
required in order to wind up its business, and may sue and be sued for
the purpose of enforcing such debts and obligations until its affairs are
fully adjusted and wound up, for a period of three years.

¹ Evidently a typographical error