944 LAWS OF MARYLAND.

of each officer having the custody of funds, (b) To deter-
mine 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; to declare dividends and to
recommend amendments to the by-laws, (c) To fill vacan-
cies in the board of directors or in the credit committee until
the election and qualification of successors; to have charge
of the investment of funds of the corporation except loans to
members and to perform such other duties as the members
may from time to time authorize.

Members of the board of directors and of the credit and
supervisory committees shall, as such, serve without compen-
sation. The officers elected by the board of directors may
receive such compensation as the members may authorize.

SEC. 11. The credit committee shall approve every loan
or advance made by the corporation to members. Every ap-
plication for a loan shall be made in writing and shall state
the purpose for which the loan is desired and the security, if
any, offered. Every loan must receive the unanimous ap-
proval of those members of the committee present when the
application was considered, which number must be at least a
majority of the committee. A loan shall not be made if any
member of the credit committee disapproves of it. An appli-
cation for a loan may have an appeal to the directors if the
by-laws so provide and as by the by-laws provided. The credit
committee shall meet as often as may be necessary after due
notice has been given each member.

SEC. 12. The supervisory committee shall inspect the securi-
ties, cash and account of the corporation and supervise the
acts of its board of directors, credit committee and officers. It
shall make an annual audit of the affairs of the corporation
at the end of each fiscal year and make a full report thereon
to the directors, which report shall be read at the annual meet-
ing and be preserved with the records of the corporation. It
shall fill vacancies in the committee until the next regular
meeting of the members. At any time by unanimous vote the
supervisory committee may suspend from office any member
of the credit committee, the credit committee, any member of
the board of directors or the entire board or any officer elected
by the board and shall within seven days after such suspen-
sion, give notice to the members of a special meeting to act on
such suspension. The supervisory committee may call meet-