E. LOUIS LOWE, ESQUIRE, GOVERNOR.
301
SEC. 3. And be it enacted,
That the directors for
the time being, or a majority of them, shall have power
to elect a president from their own body, or from the
other members; to fill all vacancies that may occur in
the directors of presidency; to appoint all such officers,
agents and servants, as they shall deem necessary to
conduct or execute the business of the corporation, to
fix their compensation, and in their discretion dismiss
them; to take bonds for the corporation from all or any
of the officers, agents or servants, by them so appointed,
with security conditioned in such form as they shall
approve, for the faithful execution of the duties of such
officers, agents or servants, and to secure said corporation
from loss; to regulate the manner of making and
receiving deposits, the form of certificates to be issued
to depositors, and the mode of transferring the same;
to invest the funds of said corporation, and generally to
do such other acts touching the same, as they shall
deem most safe and beneficial; to admit members and
furnish proof of such admission; to exclude members
when they have not any property in said corporation,
and generally to pass all such by-laws as may be necessary
for the exercise of the aforesaid powers, or the
powers vested in the said corporation, and the same by-laws,
from time to time, to alter and repeal; Provided,
that all such by-laws may be altered and repealed, by
a majority of the members assembled, at any annual
meeting, or at any general meeting called in pursuance
of any by-laws made for that purpose; and a majority
of the members present, at any annual or general meeting,
may pass by-laws, which shall be binding upon the
directors.
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Election
of
president.
Appointment
of officers.
Investment of
funds.
Admission
and exclusion
of members.
Proviso.
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SEC. 4. And be it enacted,
That any person above
the age of twenty-one years, may become a member of
this corporation, in such manner as the by-laws shall
provide, for the purpose of making deposits, and receiving
the benefits of such profits or dividends as may be
made and declared from time to time.
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Any person
above 21 years
may become
member.
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SEC. 5. And be it enacted,
That every member who
may deposit fifty cents per week for forty weeks, or one
dollar per week for twenty weeks or more, or twenty
dollars at any one time, or more, may, at his or her
option, by signing an agreement to that effect, in a book
to be provided and kept at the office of the corporation
for the purpose, convert the same, or any adequate portion
thereof, into a share or shares of stock, of the par
value of twenty dollars each, which stock shall compose
the capital stock of the said corporation, and the
deposits so converted into stock shall not be withdrawn;
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Right to convert
deposit
into shares of
stock.
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