BANKS AND TRUST COMPANIES 445

An. Code, 1924, sec. 101. 1929, ch. 337, sec. 2. 1937, ch. 178, sec. 101.

126. At the time of filing the certificate of organization with the Bank
Commissioner the incorporators shall submit in triplicate, sets of by-laws
(with acknowledgment of their adoption by the incorporators) which shall
provide:

(1) The name of the corporation, its purpose and the qualifications for
membership.

(2) The date of the annual meeting, the manner of notification of meet-
ings and of conducting the same, the number of members constituting a
quorum and regulations as to voting.

(3) The number of members of the board of directors, which shall not
be less than five, the number of members of the credit and of the super-
visory committees, the officers and the powers and duties of said board,
said committees and said officers.

(4) The par value of the shares and the conditions under which shares
may be issued, paid in, transferred and withdrawn; the condition upon
which deposits may be received and withdrawn, the method of receipting
for money, the manner in which the reserve fund shall be accumulated and
dividends determined and paid.

(5) The fines, if any, which shall be charged for failure to meet obliga-
tions to the corporation promptly; the manner in which the funds of the
corporation shall be invested, loans made and repaid and the maximum rate
of interest, which may be charged upon loans; the manner in which a volun-
tary disolution of the corporation shall be affected.

If the Bank Commissioner is satisfied that the certificate of organization
is in conformity with this sub-title he shall approve the same and if he is
satisfied as to the character of the incorporators and that the by-laws are
reasonable and in conformity with this sub-title he shall approve said
by-laws. Thereupon he shall issue to the said incorporators a certificate
of approval annexed to the triplicate of the said certificate of organization
and of said by-laws, which certificate of approval together with said at-
tached triplicate certificate of organization and triplicate by-laws duly
acknowledged, shall be filed with the State Tax Commission and thereupon
said incorporators shall become and be a corporation. The State Tax Com-
mission shall charge fees at the same rate for filing said certificates of
approval as is now allowed for filing certificates of incorporation under
the general corporation law of the State.

An. Code, 1924, sec. 102. 1929, ch. 337, sec. 3.

127. No amendments of the by-laws shall become operative until such
amendment has been approved by the Bank Commissioner and a copy
thereof, fully certified by the Bank Commissioner, has been filed with the
State Tax Commission.

An. Code, 1924, sec. 103. 1929, ch. 337, sec. 4.

128. The use by any person, co-partnership, association or corporation
except corporations formed under the provisions of this sub-title, of any
name to title which contains the words "credit union" shall be a
misdemeanor.

An. Code, 1924, sec. 104. 1929, ch. 337, sec. 5.

129. A credit union may receive the savings of its members in payment
of shares or any deposit; may loan to its members at reasonable rates.