E. LOUIS LOWE, ESQUIRE, GOVERNOR.
405
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 power, 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such by-laws may be altered and repealed by a majority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
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; Provided,
also, that such by-laws shall not be contrary to any
law of this State, or of the United States.
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Provisoes.
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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
said 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 from
time to time be made and declared.
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Person above
21 years of
age, 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the deposits so converted into stock, shall not be withdrawn,
the said shares of stock shall be assignable, if
the consent of a majority of the board of directors be
first obtained by transfer in person or by attorney, in a
book to be kept for that purpose at the office aforesaid,
and every member of the corporation, shall be entitled
at each meeting of the corporation to elect directors or
for any other purpose to give one vote for each share of
stock such member may hold at the time of such meeting,
all votes to be given in person and not by proxy;
Provided always, that the whole number of shares of
stock which it shall be lawful thus to create, shall not
exceed seven thousand five hundred, and that the directors
or a majority of them may in their discretion
limit the number to five thousand, or any greater number
not exceeding seven thousand five hundred.
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Deposits converted
into
stock.
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SEC. 6. And be it enacted,
That the said corporation
shall be capable to receive from any free person
or persons, any deposit or deposits of money, and to invest
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Deposits.
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