by him, and the number or designation of the series or issue to which said shares respectively belong, and the date of the issue of such series. All moneys so received shall be originally entered by the proper officer in a book to be called the "cash book," to be provided by the corporation for the purpose, and the entries therein shall be so made as to show the name of the payer, the number of shares, the number or designation of the series or issues of the particular share or shares so entered, together with the amount of dues, interest, premiums, and fines paid thereon, as the case may be. Each payment shall be classified and entered in a column devoted to its kind. Said cash book shall be closed after the termination of each stated meeting, and shall be an exhibit of the receipts of all moneys paid at said meeting. All payments made by the corporation for any purpose whatsoever shall be by order, check, or draft upon the treasurer, signed by the president and secretary, and indorsed by the persons in whose favor the same are drawn. The name of the payee, the amount paid, and the purpose, object, or thing for which the payment is made, together with its date, shall be entered on the margin of said order, check, or draft. The treasurer shall dispose of and secure the safe keeping of all moneys, securities, and property of the corporation, in the manner designated by the bylaws, and the treasurer and secretary shall give such security for the faithful performance of their respective duties as the bylaws may direct.

SEC. 18. The profits and losses may be distributed annually, semi-annually, or quarterly, to the shares then existing, but shall be distributed at least once in each year, and whenever a new series of shares is to be issued. Profits and losses shall be distributed to the varions shares existing at the time of such distribution, in proportion to their value at that time, and shall be computed upon the basis of a single share fully paid to the date of distribution. Losses shall be apportioned immediately after their occurrence.

SEC. 19. Any such corporation may purchase at any sale, public or private, any real estate upon which it may have a mortgage, judgment, lien, or other encumbrance, or in which it may have an interest; and may sell, convey, lease, or mortgage, at pleasure, the real estate so purchased, to any person or persons whatsoever. All real estate so acquired shall be sold within five years from acquisition of title thereto.

SEC. 20. The commissioners of savings banks shall perform in reference to every such corporation the same duties, and shall have the same powers, as are required of or given to them in reference to savings banks, and shall annually make report to the general court of such facts and statements respecting such associations and in such form as they deem that the public interest requires. Every officer of such corporation shall answer truly all inquiries made, and shall make all returns required by the commissioners.

ACTS OF 1882.

CHAPTER 251.

SECTION 2. Any corporation organized under said chapter one hundred and seventeen [Public Statutes of 1882] may provide in its bylaws that the bid for loans at its stated monthly meetings shall, instead of a premium, be a rate of annual interest upon the sum desired payable in monthly instalments. Such bids shall include the whole interest to be paid, and may be at any rate not less than five per centum per annum.

ACTS OF 1885.

CHAPTER 121.

SECTION 1. In any cooperative bank, now or hereafter formed under the provisions of chapter one hundred and seventeen of the Public Statutes, the offices of sec

SEC. 2. At each periodical distribution of profits, the directors shall reserve as a guaranty fund a sum not less than one nor more than five per cent of the net profits accruing since the next preceding adjustment, until such fund amounts to five per cent of the dues capital, which fund shall thereafter be maintained and held; and said fund shall be at all times available to meet losses in the business of the corporation from depreciation of its securities or otherwise.

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.

SEC. 2. A member may withdraw his unpledged 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 bylaws may provide, and such shareholder shall be paid the balance: Provided, that at no time shall more than one-half of the funds in the treasury be applicable to the demands of withdrawing members without the consent of the directors. The directors may at their discretion, under rules made by them, retire the unpledged shares of any series at any time after four years from the date of their issue, by enforcing the withdrawal of the same; but whenever there shall remain in any series, at the expiration of five years after the date of its issue, an excess above one hundred unpledged shares, then it shall be the duty of the directors to retire annually twenty-five per centum of such excess existing at said expiration of five years after the date of its issue, so that not more than one hundred unpledged shares shall remain in such series at the expiration of nine years from the date of its issue, and thereafter the directors may in their discretion retire such other unpledged shares as they consider the best interests of the bank to require: Provided, that whenever under the provisions of this section the withdrawal of shares is to be enforced the shares to be retired shall be determined by lot, and the holders thereof shall be paid the full value of their shares, less all fines and a proportionate part of any unadjusted loss; And provided, also, that shares pledged for share loans shall be treated as unpledged shares.

SEC. 3. Shares may be issued in the rame of a minor, and if so issued may, at the discretion of the directors, be withdrawn, in manner as provided in section two of this act, by such minor, the parent or guardian of such minor, and in either case payments made on such withdrawals of shares shall be valid. When a share or shares are held by any one in trust for another, the name and residence of the person for whom such share or shares are held shall be disclosed; and the account shall be kept in the name of such holder as trustee for such person; and, if no other notice of the existence and terms of such trust has been given in writing to the corporation, in the event of the death of the trustee, such shares may be withdrawn by the person for whom such deposit was made or by his legal representatives.

SEC. 4. Partial payments of loans on real estate made by any cooperative bank may be received in sums of fifty dollars or any multiple thereof; and for each two hundred dollars so repaid one share of stock shall be released from pledge.

ACTS OF 1889.

CHAPTER 159.

SECTION 2. Every cooperative bank shall annually within twenty days after the last business day of October make a return to the commissioners of saving banks in such form as may be prescribed by them, showing accurately the condition thereof at close of business on said day, which return shall be signed and sworn to by the secretary and treasurer of such corporation. The president and five or more of the directors shall certify and make oath that the report is correct according to their best knowledge and belief.

ACTS OF 1890.

CHAPTER 63.

SECTION 1. The capital stock, corporate franchises and personal estate of cooperative banks shall be exempted from taxation; but this act shall not be construed to exempt from taxation any real estate of such corporations.

CHAPTER 310.

SECTION 1. Except as is hereinafter provided, no person, association or corporation shall carry on the business of accumulating the savings of its members and loaning to them such accumulations in the manner of a cooperative bank within this commonwealth, unless incorporated under the laws thereof for such purpose.

SEC. 2. The board of commissioners of savings banks may authorize any such association or corporation duly established under the laws of another state to carry on such business in the commonwealth, but said association or corporation shall not transact such business in this commonwealth unless it shall first deposit with the treasurer of the commonwealth the sum of twenty-five thousand dollars and thereafter a sum equal to fifteen per cent of the deposits made in such association or corporation by citizens of the commonwealth, the amount of percentage of deposits so required to be determined from time to time by said board of commissioners of savings banks; or in lieu thereof the whole or any part of said sum may consist of any of the securities named in the first, second and third clauses of section twenty of chapter one hundred and sixteen of the Public Statutes and acts amendatory thereof [providing for the investment by savings banks of deposits and income derived therefrom], at their par value, and the said deposit shall be held in trust by said treasurer for the protection and indemnity of the residents of the commonwealth with whom such associations or corporations respectively have done or may transact business. Said moneys or property shall be paid out or disposed of only on the order of some court of competent jurisdiction made on due notice to the attorney general of the commonwealth, and upon such notice to the creditors and shareholders of such association or corporation as the court shall prescribe. For the purpose of ascertaining the business and financial condition of any such association or corporation doing or desiring to do such business, said board may make examinations of such associations or corporations at such times and at such places as said board may desire, the expense of such examinations being paid by the association or corporation examined, and may also require returns to be made to them in such form and at such times as they may elect. Whenever, upon examination or otherwise, it is the opinion of said board that any such association or corporation is transacting business in such manner as to be hazardous to the public, or its condition is such as to render further proceedings by it hazardous to the public, said board shall revoke or suspend the authority given to said association or corporation, but this section shall not prevent such a bank or institution, incorporated under the laws of another state, from

SEC. 3. Every such person, association or corporation transacting business in the commonwealth at the time of the passage of this act shall, within sixty days after such passage, conform to the requirements of this act.

SEC. 4. Whoever violates any provision of the preceding sectious shall be punished by a fine not exceeding one thousand dollars; and any provision thereof may on petition be enforced by injunction issued by a justice of the supreme judicial court or of the superior court.

ACTS OF 1891.

CHAPTER 360.

SECTION 1. The commissioner of corporations may authorize any corporation subject to the provisions of [chapter] one hundred and seventeen said [chapter], to change

of the Public Statutes, and acts amendatory of its name, upon notice and hearing, as hereinafter set forth: Provided, such corporation shall, previously to its application to the commissioner of corporations for change of its name, at a meeting called for that purpose have voted, by a vote of two-thirds of the stockholders present and voting at the meeting, to change its name and adopt

a new one.

SEC. 2. Before authorizing a change of name, as provided in section one, the commissioner shall require public notice of the application therefor to be given, that all persons may appear to show cause, if any they have, why the application should not be granted.

SEC. 3. When such change of name shall have been authorized by the commissioner of corporations, a certified copy of his authorization of the same, together with a certificate setting forth the vote of the corporation to so change its name and adopt a new one, signed and sworn to by the president, treasurer and a majority of the directors, shall be filed in the office of the secretary of the commonwealth. And the commissioner shall require public notice to be given of the change so authorized; and on receipt of proof thereof the secretary of the common wealth may grant a certificate of the name which the corporation shall bear, and which shall thereafter be its legal name, subject however to the provisions of chapter two hundred and fifty-seven of the acts of the year eighteen hundred and ninety-one.

SEC. 4. A corporation under its new name shall have the same rights, powers and privileges, and be subject to the same duties, obligations and liabilities as before such change, and may sue and be sued by its own name; but any action brought against it by its former name shall not be defeated on that account, and, on motion of either party, the new name can be substituted there for in the action.

SEC. 5. The secretary of the commonwealth shall prepare and submit to the general court, together with the abstract of certificates required by section two of chapter one hundred and six of the Public Statutes, a statement of all names of the corporations changed under the provisions of this act.

SEC. 6. In the case of corporations not having a capital stock, a two-thirds vote of the persons legally qualified to vote in meetings of the corporation, and present and voting on the question of change, shall be sufficient, in lieu of the vote of the stockholders required by section one of this act; and in the case of corporations not having a president, treasurer and directors, the certificate of the vote of the corporation required by section three of this act shall be sufficient if signed and sworn to by the presiding and the financial officer and a majority of its other officers having the power of directors, by whatever name called.

CHAPTER 403.

Whenever, upon examination or otherwise, it is the opinion of the board of commissioners of savings banks that any association or corporation established under the laws of another state, for the purpose of carrying on the business of accumula

ting the savings of its members and loaning to them such accumulations in the manner of a cooperative bank, and authorized to do business in this commonwealth, is transacting such business in a manner hazardous to the public, or its condition is such as to render further proceedings by it hazardous to the public, said board shall revoke or suspend the authority given to such association or corporation if it has been authorized to do business in the commonwealth as aforesaid, and if not so authorized said board shall notify it to cease the transaction of such business; and in either case such association or corporation shall thereafter have no authority to transact such business within the commonwealth. But nothing herein contained shall prevent such association or corporation from loaning money upon mortgages of real estate located within the commonwealth.

MICHIGAN.

HOWELL'S ANNOTATED STATUTES OF 1882.

SECTION 3252. Any ten or more persons may associate and form a society, under the provisions of this act, for the purpose of receiving, loaning and investing money; but it shall not be lawful for such society to discount, buy, or sell commercial paper or exchange, to issue any letters of credit, nor to do any business pertaining to banking, except as in the receiving, loaning, and investing of money as herein provided.

SEC. 3253. The capital of such society shall consist of the amounts remaining therein, of the sums paid in on the shares which may be issued from time to time to the members thereof, and such shares may be of one or more denominations, but of amounts not less than twenty-five nor more than one hundred dollars each, and may either be paid up at once, or by periodical instalments, or by voluntary subscriptions.

SEC. 3254. Such society may receive loans or deposits of money from its members, or from other persons, partnerships or corporations, at interest not exceeding seven per centum per annum, or without interest, and for such timo certain, as may be agreed upon, and may issue its bonds, certificates, or other evidences of indebtedness therefor: Provided, that such society shall not receive any such loans or deposits until such society shall have actually invested fifty thousand dollars of its paid in permanent stock capital in real estate securities, as provided in sections eight and nine [3259 and 3260] of this act.

SEC. 3255. The total amount of loans or deposits received and not repaid by such society, under the provisions of the last preceding section, shall not at any time exceed two-thirds of the amount for the time being secured to such society by bonds and mortgages or notes and mortgages on real estate, as provided in sections eight and nine [3259 and 3260] of this act; it being the true intent of this section that at least one-third of the amount invested in the securities as aforesaid shall consist of the capital paid in by the members of such society; and it is hereby declared that, in case of the insolvency or winding up of such society, the parties making such loans or deposits shall be preferrel creditors of such society: Provided, that if such society shall receive loans or deposits in excess of the limits prescribed in its articles of association, the directors and officers of such society receiving such loans or deposits on its behalf, shall be personally liable for the amount so received in excess: And provided further, that no part of the capital of such society shall be at any time withdrawn from or repaid by such society, so as to affect or impair the amount of the capital required by this section to be invested in real estate securities, as a protection and guarantee for such loans or deposits.

SEC. 3256. It shall be the duty of every society formed under this act, to exhibit in some conspicuous place in its principal office, not later than two o'clock p. m., on the first business day of every month, and to continue the same in such place until