STATUTES RELATING TO CO-OPERATIVE BANKS. ORGANIZATION. (P. S., Chapter 117, Sections 1, 2, 3, 4.) for accumula. of members and to members. [As amended by Acts of 1890, Chapter 243, and Acts of 1883, Chapter 98.] SECTION 1. Twenty-five or more persons who associ- Corporations ate themselves together by an agreement in writing with tion of savings the intention of forming a corporation for the purpose of lending funds accumulating the savings of its members paid into such corporation in fixed periodical instalments and lending to its members the funds so accumulated shall, by and with the consent of the board of commissioners of savings banks, become a corporation upon complying with the provisions of the three following sections. what to set SECT. 2. The agreement shall set forth the fact that Agreement, the subscribers thereto associated themselves with the forth. intention of forming a corporation; the name by which the corporation shall be known; the purpose for which it is formed; the town or city, which shall be within this Commonwealth, in which it is located; and the limit of capital to be accumulated. SECT. 3. The name shall be one not previously in use Name. by any existing corporation established under the laws of this Commonwealth, and shall be changed only by act of the General Court. The words "co-operative bank' shall form a part of the name. SECT. 4. The provisions of sections eighteen, twenty, Corporation, and twenty-one of chapter one hundred and six shall how organized. apply to such corporations, except that, in the certificate signed by the secretary of the Commonwealth, the limit of capital to be accumulated, as fixed in the agreement of association, shall be inserted, instead of the amount of the capital, that the certificate required by said section twenty-one to be filed and recorded may be signed and sworn to by the presiding and financial officers, and a majority at least of the officers possessing the powers of directors by whatever name they may be called, and that the fees to be paid for filing and recording the certificates required by said section twenty-one, including the issuing of the certificate of organization, shall be five dollars. Limit of capital. CAPITAL. (P. S., Chapter 117, Section 5.) SECT. 5. The capital to be accumulated shall not exceed one million dollars, and shall be divided into shares of the ultimate value of two hundred dollars each. The Plans of issuing shares may be issued in quarterly, half-yearly, or yearly stock, etc. Limitation of capital. By-laws. Officers to hold series, in such amounts and at such times as the members may determine. No person shall hold more than twentyfive shares in the capital of any one such corporation. No shares of a prior series shall be issued after the issue of a new series. (Acts of 1887, Chapter 216, Section 1.) The limitation of capital to be accumulated in any cooperative bank now organized or hereafter formed under the provisions of chapter one hundred and seventeen of the Public Statutes shall be held to apply to capital actually paid in, and no such bank shall be restrained from issuing shares so long as the capital actually paid in on shares is not in excess of one million dollars. OFFICERS. (P. S., Chapter 117, Section 6.) SECT. 6. The number, title, duties and compensation office until suc- of the officers of the corporation, their terms of office, the cessors are elected. time of their election, as well as the qualifications of electors, and time of each periodical meeting of the officers and members, shall be determined by the by-laws; but no member shall be entitled to more than one vote at any election. All officers shall continue in office until their successors are duly elected, and no corporation shall expire from neglect on its part to elect officers at the time prescribed by the by-laws. (Acts of 1885, Chapter 121, Section 1.) may be both treasurer. In any co-operative bank now or hereafter formed under One person the provisions of chapter one hundred and seventeen of secretary and the Public Statutes, the offices of secretary and treasurer may be held by one and the same person. MEETINGS. (P. S., Chapter 117, Section 7.) ings. Dues. SECT. 7. The officers shall hold stated monthly meet- Monthly meetings. At or before each of these meetings every member shall pay to the corporation, as a contribution to its capital, one dollar as dues upon each share held by him until the share reaches the ultimate value of two hundred dollars, or is withdrawn, cancelled, or forfeited. Payment of dues on each series shall commence from its issue. WITHDRAWALS. (Acts of 1887, Chapter 216, Sections 2, 3.) shares. SECT. 2. A member may withdraw his unpledged Withdrawal of shares at any time by giving thirty days' notice of his intention so to do, written in a book held and provided by the corporation for that purpose. Upon such withdrawal the shareholder's account shall be settled as follows:- From the amount then standing to the credit of the shares to be withdrawn there shall be deducted all fines, a proportionate part of any unadjusted loss, together with such proportion of the profits previously credited to the shares as the by-laws may provide, and such shareholders shall be paid the balance: provided, |