BANKS AND TRUST COMPANIES 447

An. Code, 1924, sec. 107. 1929, ch. 337, sec. 8.

133. The fiscal year of every credit union shall end at the close of
business on December thirty-first. The annual meeting shall be held at
such time in January as the by-laws may provide. Special meetings may
be held by order of the directors or of the supervisory committee or at the
request of ten per cent, of the members. Notice of all meetings shall be
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.

An. Code, 1924, sec. 108. 1929, ch. 337, sec. 9.

134. 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.

An. Code, 1924, sec. 109. 1929, ch. 337, sec. 10. 1937, ch. 178, sec. 109.

135. At their first meeting in each fiscal year the Board of Directors
shall elect from their own number a president, vice-president, secretary
and treasurer, who shall be the executive officers of the corporation. If the
by-laws so provide an assistant secretary or an assistant treasurer or both
may be appointed by the board. 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 member-
ship 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 mem-
ber; 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 per-
form 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 board of directors may receive such compensation as the members
may authorize.