ALBERT C. RITCHIE, GOVERNOR. 941

(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and withdrawn, the method of receipting for money, the man-
ner in which the reserve fund shall be accumulated and divi-
dends 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
dissolution of the corporation shall be affected.

If the Bank Commissioner is satisfied that the certificate of
organization is in conformity with this Act he shall approve
the same and if he is satisfied as to the character of the incor-
porators and that the by-laws are reasonable and in conformity
with this Act he shall approve said by-laws. Thereupon he
shall issue to the said incorporators a certificate of approval
annexed to the duplicate of the said certificate of organization
and of said by-laws, which certificate of approval together
with said attached duplicate certificate of organization and
duplicate by-laws duly acknowledged, shall be filed with the
State Tax Commission and thereupon said incorporators 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 incorpo-
ration under the General Corporation law of the State,

SEC. 3. No amendments of the by-laws shall become oper-
ative until such amendment has been approved by the Bank
Commissioner and a copy thereof, fully certified by the Bank
Commissioner, has been filed with the State Tax Commission.

SEC. 4. The use by any person, co-partnership, association
or corporation except corporations formed under the provisions
of this Act, of any name to title which contains the words
"credit union" shall be a misdemeanor.

SEC. 5. A credit union may receive the savings of its
members in payment of shares or any deposit; may loan to its
members at reasonable rates, which shall not exceed one per
cent, a month, on unpaid balance; or may invest as hereinafter
provided the funds so accumulated, and may undertake such