J. MILLARD TAWES, GOVERNOR 21

160S. FINANCIAL STATEMENT.

The president of every association, or if so provided by the by-
laws, some other officer thereof, shall prepare or cause to be pre-
pared annually a statement of its financial condition in a form
prescribed or approved by the Director, which shall be submitted at
the annual meeting of the shareholders and filed within twenty (20)
days thereafter at the principal office of the association in the
State. A certified copy of the statement shall be filed with the De-
partment within twenty (20) days after the annual meeting of the
shareholders. A statement of condition of the association shall be
delivered to any member upon request. A certified statement of the
salaries, fees and expense accounts paid to the officers and directors
of the association shall be filed with the Department at the same
time the statement of financial condition is filed and shall be made
available by the Director to all free shareholders upon request. Every
free shareholder shall be sent notice by mail of the place and date
of the annual meeting at least twenty (20) days prior thereto.

160T. MANAGEMENT; DIRECTORS.

The business and affairs of every association of this State shall be
managed by a board of not less than five (5) nor more than fifteen
(15) directors. All the directors shall be citizens of the United
States and two-thirds (2/3) of such directors shall be bona fide
residents of this State. Non-resident directors shall be approved by
the Director as qualified to serve as such directors.

160U. CONSOLIDATION; MERGER; DISSOLUTION.

(a) Approval by Director. Any association shall have power to
consolidate or merge with any other incorporated association in this
State as provided by this Article for corporations having capital
stock₉ upon first filing its proposed plan of consolidation or merger
with the Director and securing his approval thereof. Any association
of this State shall have the power to partially liquidate, dissolve or
reorganize pursuant to the provisions of this Article pertaining to
corporations of this State, upon first filing its proposed plan of partial
liquidation, dissolution or reorganization with the Director and secur-
ing his prior approval thereof. The Director shall approve any plan
of consolidation, merger, liquidation, dissolution or reorganization
filed with him if he finds that (1) any resulting association meets all
requirements of this Article relating to the formation of new associa-
tions; and (2) the plan is fair; and (3) the execution of the plan will
promote the public interest, convenience and advantage. The Director
shall publish the fact that a plan has been filed for at least two
(2) successive weeks after filing in a newspaper of general circula-
tion in the city, town or county in which the principal office of each
association named in the plan is located, and shall give such other
notice as may be desirable. Upon approval of any plan aforesaid, the
association may proceed to file such other documents as may be re-
quired by this Article to be filed with the Department.

(b) Appeal. Any applicant or protesting association aggrieved
by any action or non-action of the Director under this Section may
appeal therefrom in accordance with the appeal provisions of Section
16OH relating to orders.