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9. The conditions on which shares may bo held by persons jointly, by partnerships, and by corporations;

10. When share subscriptions, loan repayments, or other moneys may be paid by members and borrowers;

11. When and how loans to, or deposits with, such society may be made;

12. The form of bond or certificate to be issued for such loans or deposits: Provided, that there shall be printed in red ink on the face of every such bond or certificate a notice referring the holder to sections three, four, and five (3254, 3253, and 3256) of this act;

13. The terms on which borrowers may obtain loans, and how such loans may be repaid and redeemed;

14. Provisions for the registration, custody, and delivery of securities;
15. Provisions for banking and checking the funds of such society;
16. Provisions for the custody and use of the corporate seal of such society;

17. How special meetings of the members of such society shall be called, and on which of the first fourteen days of February the annual meeting of such members shall be held;

18. What members may vote, and how they may vote, at any meeting of such society, and the regulations for the use of proxies;

19. How questions shall be submitted and decided at any meeting of members; 20. Provisions for adjourning or removing any meeting of members;

21. The number of directors and how the directors and auditors shall be elected at the annual meetings;

22. How and what officers other than directors and auditors shall be appointed and removed;

23. What shall disqualify and remove directors and auditors from office;
24. How vacancies in the directors, auditors, or other officers shall be filled;
25. The powers and duties of directors, auditors, and other officers;
26. The manner of remunerating the directors, anditors, and other officers;

27. That such society shall not be responsible for any trust, express or implied, created by any member in reference to its stock, or by parties loaning or depositing money to or with such society, and such society shall not be bound to see to the execution of any such trust, nor shall notice of any trust, express, implier, or constructivo, be entered upon its registers;

28. That any member, borrower, or other person doing business with such society may see and examine his acconnt on the books thereof;

29. Such other roles and regulations as such society's business may require.

SEC. 3281. Any society formed under this act may alter or rescind any bylaw, or make any additional bylaw, with the consent of a majority of its members (holding not less than two-thirds of its capital for the time being), present at a special meeting convened for that (such) purpose, but the notice calling such meeting shall set forth fully and clearly the proposed alteration, rescission, or addition.

Sec. 3282. The bylaws of any society formed under this act shall be recorded in a book to be kept for that purpose, and such book shall be open during business hours for the inspection of the members. The bylaws so recorded shall be binding on the several officers and members of such society, and on all persons claiming on acconnt of any or either of them, or under such bylaws, all of whom shall be deemed and taken to have full notice thereof by such record. The entry of such bylaws in the books of such society, or a true copy of the same, examined with the original, and proved to be a trne copy, shall be received as evidence thereof in all courts and places.

Sec. 3283. It shall be the duty of every society formed under this act, to print and publish in pamphlet form, the whole of this act, and the whole of such society's articles of association and bylaws, and of any amendments, alterations, or additions thereto, and to supply a copy thereof to any person on demand, on payment

Sec. 3284. Any society formed nnder this act, desiring for any reason to be dissolved prior to the expiration of the term of years specified in its articles of association, may, with the consent of a majority of its members (holding not less than two-thirds of its capital for the time being) given by resolution passed at a special meeting conrened for such purpose, file a petition in the circuit court for the county wherein it is located, setting forth

1. The reasons for such dissolution;

2. The indebtedness of such society of all kinds, with a classification of its creditors; and

3. The assets and effects belonging to such society.

Upon the filing of such petition, said court or cirenit judge may make an order for the appearance in said canso of all persons interested in such society, and in such form as shall be proper and just. On proof of the publication of such order, and the cutering of appearance of snch persons as shall have appeared therein, said court may proceed and take the proofs in said cause, and hear the same, and mako such order or orders thereon as shall be just and proper; and may appoint one or more trustees for the purpose of winding up such society, and prescribo the compensation to be paiel them therefor; and may direct the payment of creditors in such order and manner as said court may deem proper, having reference to the provisions of the organic act, the articles of association, and the bylaws of such society, and to the petition in said cause; and said court may provide that the claims of all creditors, who shall have appeared and made proof of the same in said cause, shall be paid before such society is dissolved; and said court may make an order that such society shall be dissolved; and a copy of said order of dissolntion shall be filed, by the parties representing such society, in the offices of the secretary of state of this state, and of the clerk of the county wherein its articles of association were filed and recorded, and such order of dissolution shall be recorded by the said secretary and clerk in like manner as the articles of association of such society were recorded.

SEC. 3961. It shall and may be lawful for any number of persons, not less than ten, to associate themselves to form with such other persons as shall afterwards associate, a body politic and corporate, under such name as the original associates may select, for the purpose of saving and investing among themselves and accu. wulating sams to be paid at intervals of not exceeding one month, by its mombers, in proportion to their interests in the funds to be invested or accumulated.

SEC. 3962. The persons associating in the first instance shall make and subscribe in duplicate an instrument in writing, stating the name, location and place of business of such corporation; the amount of cach share therein, the periods for payments on the shares, and the amount of cach payment thereon; the maximum number of shares; the officers it will elect, which shall include a president, secretary and treasurer, and the first officers may be named therein; the times of the annual clections; and (the) period of the corporate existence of such corporation, which shall not be less than three years nor more than ten years, and be further limited to the number of periods necessary to pay in full the shares subscribed for in the manner proposed; the minimum number of shares to be subscribed for previous to the filing of said instrumeut as the articles of association of said corporation, and such rules and limitations as the subscribers shall deem proper to be inserted for the security of its members.

SEC. 3963. Whenever the necessary shares shall have been subscribed, any three or more of the subscribers may annex to one of the counterparts so executed an attidavit that the subscriptions aro genuino and made in good faith as they believe, and thereupon such counterpart and affidavit shall be filed and recorded in the office of the clerk of the county in which the business of the corporation is to bo conducted, and upon such filing the said association shall become a body politic and corporate, and such record or a certified copy thereof shall be evidence of such incorporation.

SEC. 3964. Such corporation shall in no caso borrow moneys or receive deposits, with or without interest, nor shall it executo or endorse, or buy or sell commercial

paper, or in any way engage in the business of banking; it shall accept no trusts or agencies, and shall engage in no business other than that of, or connected with, the collection of the dnes of members of the corporation, and of liquidating the obligations of the corporation to its members.

SEC. 3965. The shares of such corporation shall be not less than twenty-five dollars nor more than one hundred and twenty-fivo dollars each; the total nominal amount of all such shares shall not exceed three hundred thousand dollars; no person shall become the owner of more than sufficient of said shares to amount to the nominal value of two thousand and five hundrod dollars; but a parent or guardian may, if authorized by the bylaws, sign for and become personally responsible for shares to be taken in his name as trustee for his infant child or children or ward, to such extent as the bylaws may permit, but not exceeding for each child or ward the said sum of twenty-five hundred dollars: Prorided, howerer, that this provision shall not authorize such subscription by a guardian for a ward and payment out of the moneys of the ward, except authority for that purpose be given by the proper probate court.

SEC. 3966. Every holder of one or more shares in said corporation in his own right, who is of full age, shall be entitled to one vote and no more at all meetings of the corporation, and no vote by proxy shall be allowed. A quorum shall consist of such number not less than fifteen as the articles of association or bylaws shall prescribe.

SEC. 3967. At the time of organizing the corporation an initiation fee not exceeding one dollar may be charged to each member, and the amount of the initiation fee may be from time to time increased to such sum as in the judgment of the members constituting a quorum at any regular meeting may be required to make the investment of a new member equal to that of an original corporator.

SEC. 3968. The bylaws to be adopted by such corporation shall provide for the collection of fines by way of penalty for any failure to pay periodical dues, or to carry into effect any agreement made by the corporation with a member, or for any other infraction of the reasonable bylaws of the corporation or of its articles of association, and such fines shall be a lien upon the interest of the member upon whom they are imposed in the said corporation, which lien may be enforced and collected in such mode as the articles of association or bylaws may provide: Prorided, however, that the amount of all unpaid fines chargeable against any member, who is not an officer of the corporation, shall at no time exceed the annual profits of such member upon the share or shares held by him, and any member, not an officer, shall be entitled at any time, by making a demand in writing, and a surrender to the corporation of all accrued profits, to be repaid all moneys paid by him on his share or shares, except initiation fees, and with such interest, if any, as the bylaws shall in such case (cases) provide. Such surrender of profits shall cancel all tines against members who are not officers, and the corporation shall repay such moneys before it shall make other liquidations of its liabilities to members. If any member shall continuously neglect for sixty days to pay the periodic dues required of or fines imposed upon him, it shall be lawful for the corporation to pay or tender to him the amount which he may have actually paid as periodic dues, without interest, or with such interest as the bylaws may in such cases provide for, and with or without the initiation fee, as the bylaws shall provide, and thereupon all the rights and liabilities of such member in the said corporation shall cease and determine.

SEC. 3969. Any member may dispose of any share held by him to any member holding less than the maximum number of shares, or to any other person who may be approved, in such manner and upon such conditions as the bylaws shall prescribe.

Sec. 3970, (as amended by act 74, acts of 1887). All arrangements for the liquidation of shares shall be made with a member of the corporation, upon security to be given, which security shall consist either of unencumbered real estate worth not

mortgage duly executed, acknowledged and recorded, or upon shares in said corporation upon estimates according to the dues actually paid thereon, or upon both such real estate security and such shares.

SEC. 3971. It shall and may be lawful at any regular meeting of the corporation to offer of [to] purchase, with any money then or soon to be in the treasury, the [share or] shares of tho member who, at an auction or bidding there to be held, shall allow the greatect discount from the par valuo of his share or shares, upon a purchase of the same subject to the payment by the seller of the regular periodical dues and the payment by him of such additional periodic sums not exceeding the rate of seven per cent per ann'ım on the nominal amount of the shares, as may bo preseribed by the bylaws. If at the said auction or bidding 110 member present or represented shall offer to allow a discount, subject to the payment by him of such original and additional periodic dues, it shall be lawful to cast lots in such manner as the bylaws shall prescribe, to determine the share in said corporation, which shall be paid and extinguished with the said moneys, and the same shall be applied according to said lot upon the like securities being given as in other cases: Provided, that in case the owner of the share so designated by lot shall not give the requisite security, then that the money shall be deposited in some bank upon such interest as can be obtained, there to remain as security for such payments till by the regular application of the same to the payment of dues the share shall be fully paid: Prorided further, however, that such portion of the same shall be paid to the owner of such share as in the judgment of the committee or officers authorized by the bylaws to decide can be safely paid and leave such payments to be made to the corporation adequately secured.

Sec. 3972. Any officer not acting as auctioneer may bid at any auction authorized by this act, but if the purchase shall be struck off to any officer having anything to do with the taking of securities or if the share of such officer shall be designated by the lot mentioned in the last preceding section, the security which such officer shall offer, shall be brought before a regular meeting of the corporators, and approved before any money shall be advanced or paid thereon.

SEC. 3973. No member of such corporation shall receive any greater pecuniary benefit or advantage from his share therein than its payment in full, at its nominal or par value; every discount and sum of interest allowed or paid, and every fine or penalty collected shall, equally and ratably in proportion to their shares, be for the benefit and advantage of selling and non-selling members, and every agreement which any shareholder may make in regard to payments for his share, or for additional payments in case of [a] sale thereof, shall be construed to have been fully performed whenever he shall have contributed in dues or additional dues, his ratable proportion of the sums necessary, with the profits accruing from initiation fees, discounts, dues, fines, and all other sources, after paying all expenses, to pay in full all shares in the corporation. Whenever such payments shall have been made, the said corporation shall cease and determine for all purposes, except winding up its affairs. The cancellation and discharge of a security given by a selling shareholder, to an amount equal to his share or shares, shall be deemed the payment thereof.

SEC. 3974. The interests of the shareholders of such corporations shall be deemed personal estate, and shall be liable to taxation in the ward or township in which they reside, which taxation shall be in lieu of all taxes against said corporation, and the books of every corporation of this class shall be so kept as to show the interests of each shareholder, and shall be open at all reasonable times to the inspection of officers charged with the duty of making assessments for any purpose.

SEC. 3975. No corporation authorized by this act shall become the owner of any real estate except by purchase at sales made upon foreclosure of mortgages taken by it, and in such case, the land purchased shall be sold and disposed of within two years after the purchase: Provided, however, that it may rent an office and room for holding the meetings of the corporators, as may be convenient or necessary.

SEC. 3976. Any voluntary association which, before the going into effect of this act, may have been organized for like purposes, may, by the unanimous consent and agreement in writing of its members, become a body corporato under this act, upon filing the original articles of association of its members, and such consent and agreement in writing; which consent and agreement shall state all particulars required by the seeond scction [3962] of this act, not already stated in the original articles, and modify sach articles, if necessary, to conform them to this act, with the county clerk of the county, as required by the third section (3963) hereof; and such articles, consent and agreement, having first annexed to them an affidavit made by three or inore of the incorporators, that the signatures to such articles and consent and agreement are genuine, that the persons signing such consent and agreement are all the members of such association, and that such original articles, consent and agreement were executed in good faith as the affiants believe, being so duly filed and recorded on the record thereof, shall be evidence of the fact of incorporation, and all acts of such association of which a proper record shall have been kept from the date of its original organization, not inconsistent with this act, shall be deemed valid and binding as though the original organization had been under this act.

SEC. 3977. Every such corporation may require, by its bylaws or otherwise, bonds from its president, treasurer, and other officers, to the amounts and to the extent which it shall judge necessary to secure the safe keeping of its moneys and the faithful performance of the duties of its officers. The duties of all oficers shall be prescribed by bylaws adopted by the corporators, and all powers granted by this act, not expressly devolved thereby, or by the articles of association, or some bylaw upon one or more officers of the corporation, shall be exercised by the corporators only, at meetings where the quorum required by section six (3966) shall be present.

Sec. 3978. Every corporation formed under this act shall, in the month of Janary in cach year make a report in writing, under the oaths of two or more of its officers, showing the condition of its affairs at the close of the pending (preceding] year to the following extent:

1. The amount of its shares which have been subscribed for; 2. The amount which has been paid upon such subscriptions in dues and penalties;

3. The number of shares which have been purchased, and the gross amonnt of the discounts allowed upon purchases;

4. The number of shares otherwise paid or extinguished; and 5. The gross amount of the debts of the corporation;

Which report shall be filed in the office of the clerk of said county. The attorney general of the stato may at any time require further and detailed reports to be made to him as to the affairs of any or all such corporations to any extent which in his judgment the public interests (interest] may require, and he may personally make any investigation of their books, papers, and securities which he shall judge for the interest of the public.

Sec. 3979. Every member of such corporation, and every creditor whose just claim exceeds twenty-fivo dollars, shall at all reasonable times be allowed to inspect the records and securities of said corporation.

Sec. 3980. The shareholders of every such corporation shall be severally and jointly liable for all labor performed for such corporation, but no suit shall be brought against them, or any of them, until after an execution shall have been returned unsatisfied against said corporation, or the same shall have been judicially declared bankrupt; and any stockholder who may have been so compelled to pay such debt may collect of any other stockholder his ratable proportion thereof.

Sec. 3981. The circuit court for the county in which any corporation organized under this act shall be located may, on application of the corporation, or on petition of any member or creditor aggrieved by delay in winding up its affairs, and notice to the corporation, make such order and direction as it shall deem best calculated

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