128 ARTICLE 11.

approval of the Bank Commissioner, any mutual savings institution shall
have the right and authority to establish in the same city, town or village
and maintain branches where its guarantee fund equals the minimum
requirement as to capital of State banks in the same locality.

An. Code. 1924, sec. 35. 1912, sec. 35. 1910, ch. 219, sec. 34 (p. 16).
1931, ch. 294, sec. 35.

35. The dividend or interest of the depositors in such savings institu-
tion shall be declared and paid from the net income or profits after de-
ducting expenses for management, losses, necessary credits to premium
account, taxes, and the amount reserved for guarantee fund, but this
dividend shall not exceed such net income or profit remaining after the
above deductions, nor shall it at any time impair the guarantee fund of
3 per cent, provided for. In ascertaining the profits or earnings, no
savings institution shall be required to charge off from the premium of
bonds purchased or hold more than an amount proportionate to the life of
the bond, and in ascertaining the amount of said guarantee fund the
assets shall not be valued above their market value.

1931, ch. 294, sec. 40A.

40A. Every savings institution incorporated under this Article or
heretofore incorporated may amend its charter or articles of association
in any manner not inconsistent with the provisions of law, at any time;
such amendment shall be by a vote, in person or by proxy, of two-thirds
of its corporate members, or like governing bodies, and in event there is
no such body, the amendment may be by vote of two-thirds of the board
of directors, such vote to be taken at a meeting duly called for that pur-
pose as provided by law. The amendment, certified by the president and
treasurer, shall be executed, approved, filed and recorded as required for
articles of association.

1931, ch. 294, sec. 40B.

40B. Every savings institution incorporated under this Article or here-
tofore incorporated may go into voluntary liquidation by a vote, in person.
or by proxy, of two-thirds of its corporate members, or like governing
bodies, and in event there is no such body, by a unanimous vote of the
board of directors. Whenever a vote is taken to go into liquidation, it
shall be the duty of the board of directors to cause notice of this fact to be
certified under seal of the institution by its president and treasurer to
the State Bank Commissioner and publication thereof, notifying creditors
to present their claims against the institution for payment, shall be made
once in each week for eight consecutive weeks in a newspaper published
in the city, village or county in which the institution is located, and if no
newspaper is there published, then in the nearest county seat. After this
has been done the directors of the institution shall file with the Bank
Commissioner over their signatures, a statement to the effect that the
institution has been duly liquidated.