HARRY W. NICE, GOVERNOR. 305

credit and of the supervisory 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 with-
drawn; 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withdrawn, the method of receipting for money, the manner in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 obligations 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 voluntary dis-
solution 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 ap-
prove the same and if he is satisfied as to the character of the
incorporators and that the by-laws are reasonable and in con-
formity 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 attached triplicate certificate of organiza-
tion and triplicate by-laws duly acknowledged, shall be filed
with the State Tax Commission and thereupon said incor-
porators shall become and be a corporation. The State Tax
Commission 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.

109. 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 exec-
utive 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 treas-
urer 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 member;