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Session Laws, 1832
Volume 547, Page 47   View pdf image (33K)
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faithful execution of the duties of such officers, agents or
servants, and to secure the said corporation from loss; to
regulate the manner of making and receiving deposites,
the form of certificates to be issued to depositors, and the
mode of transferring the same; to invest the funds of the
corporation 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; to pay all expenses necessasy to conduct the
affairs of said corporation; and generally to pass all such
by-laws as may be necessary for the exercise of the afore-
said powers, or the powers vested in the said corporation;
and the same by-laws from time to time to alter and re-

CHAP. 46.

peal; provided, that all such by-laws may be altered or re-
pealed by a majority of the members assembled at any
annual meeting, or at any general meeting called in pursu-
ance of any by-law 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 direc-
tors; provided, that such by-laws shall not be contrary to
the law of this State or of the United States.


Sec. 4. And be it enacted, That the said corporation
shall be capable of receiving from any free person or per-

Receive deposits.

sons, any deposite or deposites of money, and shall have
the power of investing all monies so received in public
stock or other securities, at the discretion of the directors,
and in the manner deemed by them most safe and bene-

Make investments

Sec. 5. And be it enacted, That every person who shall
be a regular weekly depositor of said corporation, and who
shall have deposited not less than one dollar in each week
for the period of twelve successive months, shall have the
privilege of becoming a member of said corporation, and
shall have the right to require and receive from the proper
officer thereof under its by-laws a certificate of member-
ship; and that when such depositor shall have received
such certificate of membership, he shall thereby become
entitled to all the rights and privileges of a member of said
corporation under its by-laws, or under the provisions of this


act; Provided, That nothing herein contained shall be so
construed as to confer authority on the Directors or Stock-
holders, by any rule or by-law to restrict or limit the number
of weekly depositors, who may desire to deposite or become
members of said corporation; provided, the amount made
by each depositor be not less than the minimum sum of
one dollar per week, and that they in all things comply


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Session Laws, 1832
Volume 547, Page 47   View pdf image (33K)   << PREVIOUS  NEXT >>

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