PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1847.

to take bonds for the corporation from all or any of the
officers, agents or servants by them so appointed, with
security, conditioned in such form as they shall approve,
for the faithful execution of the duties of such officers,
agents or servants, and to secure said corporation from
loss, to regulate the manner of making and receiving
deposits, to use, employ and dispose of the funds, money
and credit of said corporation, as they, or a majority of
them, may deem expedient, and generally to do any
such other acts touching the same as they shall deem
most safe and beneficial, to admit members, and gen-
erally to pass all such bye-laws as may be necessary for
the exercise of the aforesaid powers, or the powers
vested in the corporation, and the same bye-laws from

CHAP. 88.

time to time to alter and repeal; provided, that all such
bye-laws may be altered or repealed by a majority of the
members assembled at any annual meeting, called in
pursuance of any bye-law made for that purpose, and
a majority of the members present at any annual or
general meeting;, may pass bye-laws which shall be bind-
ing upon the directors.

Proviso.

SEC. 4. And be it enacted, That any white person
above the age of twenty-one years, may become a mem-
ber of this corporation for the purpose of making de-
posits, and receiving the benefit of such profits or divi-
dends as may be made and declared from time to time,
upon being elected to such membership by a vote of two-
thirds of the board of directors present when such vote is
taken, and upon the payment of two dollars weekly
thereafter, upon such day in every week as the directors
shall prescribe.

Eligibility of
members.

SEC. 5. And be it enacted, That every member who
may deposit two dollars per week for fifty weeks or more,
or one hundred dollars at any one time, or more, may, at
his or her option, by signing an agreement to that effect,
in a book to be provided and kept at the office of the
corporation for that purpose, convert the same or any
adequate portion thereof into a share or shares of stock
of the par value of one hundred dollars each, which
stock shall be a capital stock of the said corporation, and
the deposits so converted into stock shall not be with-
drawn, the said shares of stock shall be assignable, it
the consent of a majority of the board of directors be
first obtained, by transfer, in person or by attorney, in a
book to be kept for that purpose at the office aforesaid,
and every member of the corporation duly elected by the
board of directors shall be entitled at each meeting of the

Deposites may
be converted
into capital
stock.