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copy of report.
to be ascertained
the amounts for principal shall be stated in such account and
general statement separate and distinct from amounts for interest Statement to be or dividends; and such account and general statement shall be signed and coun. sigued by the president, countersigned by the manager, and attested
by the auditors of such society; and each member of such society Each member to shall have a printed copy of such report, account, and general statehave printed
ment sent to him along with the circular notice convening such annual meeting, such notice to be mailed, at least ten days before
such meeting, to the registered address of each member; and such Report to be society shall also publish such report, account, and general statement published in
in some newspaper printed in the county where the principal office
of such society is located; and any director, president, or other Penalty for falso officer who shall include, or knowingly consent to, any false state
ment in such statement or report, or in any other statement required to be made by this act, or by any vote of such society at any meeting thereof, shall be deemed guilty of a misdemeanor, and shall, upon conviction thereof, be punished by a fine of not more than one thousand dollars, or by imprisonment in the State prison not more than one year, or by both such fine and imprisonment, in the
discretion of the court. Profits or losses Sec. 21. The profits or losses of such society's business shall be and declared at ascertained as at the close of the thirty-first day of December in close of each
each and every year, and the same shall be declared by the directors year.
in their report to the next following annual meeting of such society. Apportionment The net profits, after providing for the payment of accrued interest of profits.
and all liabilities other than for interest or dividends on capital, and after setting apart for the purpose of forming and maintaining a permanent reserve fund to meet future contingencies, such sum, not less in any year than two per centum upon the net profits of the business of such year, as the directors for the time being shall think fit, shall be apportioned pro rata between each class of shareholders according to the moneys paid in on their several shares, and
for the average or actual time that such moneys have been in the Member not possession and use of such society, but no such interest or dividend dend except on shall be paid to any member (except on his withdrawal from such
society under the provisions of its by-laws) until his share or shares are fully paid up, and the interest or dividends on paid up shares may be paid annually or semi-annually, as the directors for the
time being may determine and order. Yearly report to Sec. 22. Every society formed under this act shall, on or before State Treasurer,
Sntain the seventh day of February in each and every year, report to the
State Treasurer of this State the amount of paid up capital, an account of all the cash receipts and disbursements of such society for the year ending on the thirty-first day of December next previ. ous thereto, and also a general statement of such society's funds and effects, liabilities and assets, as at the close of the date last aforesaid, such account and general statement to contain all the facts and information as are required by section twenty of this act, to be given in the account and general statement to be presented to such society's annual meeting in said month of February, and every
entitled to divi.
full payment of shares.
signed and veri.
to report, perjury.
to notify Govern. or and Attorney
such report shall be signed and verified on oath or affirmation, Report to be before a notary public, by two directors and by the president and fied. manager of such society, and if any person signing such report Falsely swearing shall, as to any material facts, knowingly and willfully swear or jo affirm falsely, he shall be deemed guilty of perjury, and be punished accordingly; and such report shall be filed in the office of said State Treasurer, and shall be published by him in his annual report. If any such society shall neglect to make out and transmit Society neglect. the report required in this section for one month beyond the period me to raport when the same is required to be made, such society may be deemed to have willfully violated the provisions of this act, and may be proceeded against and dissolved in the same manner as any other corporation may be proceeded against and dissolved.
SEC. 23. Whenever the State Treasurer of this State shall, upon State Treasurer knowledge, information, or belief, derived from any report made to ton him by any such society, or from any other source, be satisfied that General when the business of such society is being conducted in a manner incon- properly con. sistent with the provisions of this act, or of any of the laws of this ducted. State, and prejudicial to the interests of the creditors of such society, or if such society shall neglect to make the report as required by the last preceding section, he shall notify the Governor and Attorney General of this State of such fact, and it shall there- Attorney upon become the duty of the said Attorney General to examine General to ex. into the affairs, condition, and management of such society, and ment, etc., and
report to Governto report such examination in writing, together with a detailed or. statement of facts to the said Governor, who shall lay the same Governor to lay before the Legislature; and for the purpose of making such exam- report before ination the said Attorney General shall have power to call to his Examination by assistance the services of an accountant, to administer all necessary Attorney oaths to the directors and officers of such society, and other witnesses, and to examine them on oath in relation to the affairs, conditions, and management thereof, and to examine the vaults, safes, securities, books, papers, and documents belonging to such society, or pertaining to its affairs, condition, and management; and if the Governor may said Governor on receipt and consideration of such report shall deem & such society to be insolvent, or to have conducted its business in a tute proceedings manner inconsistent with the provisions of this act, or of any of the ety. laws of this State, he shall order and it shall be the duty of the said Attorney General to institute proceedings against such society for the dissolution thereof in the proper court, and in the same manner as any other corporation may be proceeded against and dissolved.
SEC. 24. Every officer of a society formed under this act, having Officers to give the receipt or charge of any money or other property belonging to bor such society shall, before entering upon the execution of his office, become bound with two or more sufficient sureties, in such sum as the directors shall require, and according to the following form of bond :
Know all men by these presents, that we, A B, of ..... one of the officers of the ...
........ society limited,
order Attorney General to insti
to dissolvo soci.
Form of bond.
established at ............, in the county of ............, in the State of Michigan, and C D and EF, of ...... --. (as sureties on behalf of the said A B), are jointly and severally held and firmly bound to the said society, in the sum of ............ dollars of lawful money of the United States, to be paid to the said society, for which payment well and truly to be made we jointly and severally bind ourselves, and each of us by himself, our and each of our heirs and representatives, firmly by these presents, sealed with our seals. Dated the ........ day of ............, in the year of our Lord .. ...
Whereas, the above bounden A B hath been duly appointed to the office of ............ of the ................ society limited, established as aforesaid, and he, together with the above bounden C D and E F as his sureties, have entered into the above written bond, subject to the condition hereinafter contained: Now, therefore, the condition of the above written bond is such, that if the said A B shall and do justly and faithfully execute his said office, and shall and do render and enter a just and true account on such society's books of all moneys received and paid by him, and shall and do pay over all the moneys remaining in his hands, and deliver all securities and effects, books, papers, and property of or belonging to such society in his hands or custody, to such person or persons as such society shall appoint, or according to the by-laws of such society, together with the proper or legal receipts or vouchers for such payments, then the above written bond shall be void and of no effect; otherwise shall be and remain in full force and
SEC. 25. If any director, officer, clerk, agent, servant, or other by person em... person in the employment of any society formed under this act, ployed by society to be larcony." shall embezzle or fraudulently dispose of or convert to his own use,
or shall take or secrete with intent to embezzle and convert to his own use, any money or property of such society, or of any of its dealers or customers, which shall have come to his possession, or shall be under his charge by virtue of such office or employment, or otherwise, he shall be deemed by so doing to have committed
the crime of larceny, and shall be punished accordingly. Service of legal Sec. 26. Service of legal process on any society formed under
this act may be made on any one of the directors or on the manager thereof, or any other officer of such society, if any such director or manager or other officer be in the county where such society's principal office is located; but if not there, by leaving a copy of such
process with any officer thereof, at such office as aforesaid. Minors author
Sec. 27. It shall be lawful for any minor above fourteen years
of age to take and hold shares in, or to make loans or deposits of loans, etc money to or with, any society formed under this act, and for such
society to pay to any minor any moneys that may be due to him in respect of any such shares, loans, or deposits standing in his name, and his receipt therefor shall be in all respects valid in law; but such minor shall not be eligible to hold any office in such society, though he may, subject to its by-laws, vote at any meeting of its members.
process on soci. ety.
ized to own shares, mako
ment of install.
odical instry of fine, furtnerships,
observance of by laws and
shall set forth.
Sec. 28. It shall be lawful for any society formed under this act Fines for default to charge its members, borrowers, or other persons, partnerships, m
or delay in pay. or corporations doing business with it, by way of fine, for any de- ments or other fault or delay in payment of periodical installments on shares, loan repayments on bonds and mortgages or on notes and mortgages, or of any other moneys, at the time when the same are duc and payable, at a rate not exceeding ten per centum per annum on the amount so past due and unpaid, which fines, however, shall not be in addition to, but in lieu of, interest on such arrearages; and such Fino for non. society may charge its members, borrowers, or other persons, part- bv nerships, or corporations doing business with it, by way of fine for rules. any breach or non-observance of its by-laws, or any of its business rules and regulations, such reasonable sum, not exceeding five dollars for each offense, as the directors shall determine and order; and all such fines shall be due and payable to such society in one when finos duo month from such default or offense.
Sec. 29. The by-laws of every society formed under this act shall What by-laws set forth,
First, When and how persons may be admitted and registered as members of such society;
Second, The terms on which shares to be known as permanent stock, and which shall not be repayable or withdrawalıle, are to be issued ;
Third, The terms on which other shares may be issued, and by what name or names they shall be known, and how they may be withdrawn or converted into permanent stock; : .
Fourth, The form of certificate to be issued for the several denominations of shares, and how the same shall be registered :
Fifth, When shares may be transferred, the forms and conditions of transfer;
Sixth, Provisions for renewing lost or destroyed share certificates;
Eighth, The amount of stock, not exceeding the limits prescribed by section six of this act, any one person may hold in his own name or right, and what amount may be held by persons jointly, by partnerships, and by corporations;
Ninth, The conditions on which shares may be held by persons jointly, by partnerships, and by corporations;
Tenth, When share subscriptions, loan repayments, or other moneys may be paid by members and borrowers;
Eleventh, When and how loans to, or deposits with, such society may be made;
Twelfth, 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 of this act;
Thirteenth, The terms on which borrowers may obtain loans, and how such loans may be repaid and redeemed;
Fourteenth, Provisions for the registration, custody, and delivery of securities;
Fifteenth, Provisions for banking and checking the funds of such society;
Sixteenth, Provisions for the custody and use of the corporate seal of such society;
Seventeenth, 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;
Eighteenth, What members may vote, and how they may vote, at any meeting of such society, and the regulations for the use of proxies;
Nineteenth, How questions shall be submitted and decided at any meeting of members ;
Twentieth, Provisions for adjourning or removing any mecting of members;
Twenty-first, The number of directors and how the directors and auditors shall be elected at the annual meetings;
Twenty-second, How and what officers other than directors and auditors shall be appointed and removed ;
Twenty-third, What shall disqualify and remore directors and auditors from office;
Twenty-fourth, How vacancies in the directors, auditors, or other officers shall be filled ;
Twenty-fifth, The powers and duties of directors, auditors, and other officers;
Twenty-sixth, The manner of remunerating the directors, auditors, and other officers;
Twenty-seventh, 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, implied, or constructive, be entered upon its registers;
Twenty-eighth, That any member, borrower, or other person doing business with such society may see and examine his account on the books thereof;
Twenty-ninth, Such other rules and regulations as such society's business may require.
Sec. 30. Any society formed under this act may alter or rescind any by-law, or make any additional by-law, 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. 31. The by-laws 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 by-laws so recorded shall be binding on the several officers and members of such society, and on all persons claiming on account of any or either of them, or under such by-laws, all of
Record of by.
laws to be open for inspection, etc.