HERBERT R. O'CONOR, GOVERNOR. 1067

(3) The number of members of the Board of Directors,
which shall not be less than five, the number of members of
the 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and withdrawn, the method of receipting for money, the man-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 dis-
solution of the corporation shall be effected. The Bank Com-
missioner shall thereupon ascertain, from the best sources of
information at his command, and by such investigation as he
may deem necessary, whether the character, responsibility
and general fitness of the person or persons named in such
certificate, are such as to command confidence and warrant
belief that the business of the proposed corporation will be
honestly and efficiently conducted in accordance with the in-
tent and purposes of this Article, and whether the public con-
venience and advantage will be promoted by allowing such
proposed corporation to engage in business. After the Bank
Commissioner shall have satisfied himself by such investiga-
tion whether it is expedient and desirable to permit such pro-
posed corporation to engage in business, he shall have power
to require such changes in the certificate of organization or
in the by-laws as he may deem necessary. He shall within
sixty days after the date of the filing of such certificate with
him for examination, endorse upon each of the triplicate
copies thereof, over his official signature, the word "approved"
or the word "refused" with the date of such endorsement.
In case of refusal he shall return one of the triplicates so
endorsed to the proposed incorporators. If the Bank Com-
missioner is satisfied that the certificate of organization is in
conformity with this Article and his investigation warrants
Tils belief that the public convenience will be promoted and
that the general fitness of the incorporators is such as to
command confidence and warrant the belief that the business
of the corporation will be honestly and efficiently conducted,
he shall approve the same. Likewise, he may approve the by-
laws if upon investigation he is satisfied that they are reason-
able and in conformity with this Article. Thereupon he shall
issue to the said incorporators a certificate of approval an-