Loans for bad credit in Minnesota

The shareholders of every such corporation shall make By-lawa. The time for holding the annual meeting of the shareholders and the monthly meetings of the board of directors, and for the receipt of moneys.

The manner of calling either regular or special meetings. The number necessary to constitute a quorum at all meetings.

The number, title and duties of officers and standing committees, their terms of office and the manner of their election or appointment. The care and custody of money, securities and property of the bank.

The proportion of profits, if any, to be reserved upon voluntary withdrawals.

The time within which satisfactory security for real estate loans shall be offered.

Whether loans for bad credit in Minnesota partial payments of less than fifty dollars may be re- ceived upon loans. The rate of fines to be charged upon delinquent payments. The manner of transferring shares and the fee therefor.

The manner and conditions under which the by-laws may be amended. The business and affairs of every such corporation shall be managed by a board of not less than five directors to be elected by the shareholders. Directors may be elected for terms of not less than one year nor more than three years, and, in case the term is more than one year, they shall be divided into classes and loans for bad credit in Minnesota an equal number, as nearly as may be, elected each year. All vacancies in the board or in any office may be filled by the board of directors for the unexpired term. Every officer and director when appointed or elected shall take an oath that he will faithfully and impartially discharge the duties devolving upon him, and the fact that the oath has been taken shall be entered in the records of the bank. The president, vice presi- dent and treasurer may be chosen either by the shareholders or by the board of directors as the by-laws may determine. No shareholder shall be entitled to more than one vote at any meeting, and no share- holder shall vote by proxy. All officers shall be elected by ballot, shall be shareholders when nominated and shall continue to hold their offices until their successors have been chosen and shall have assumed loans for bad credit in Minnesota their duties, and no such corporation shall expire from neglect to elect officers at the time prescribed in its by-laws. If an officer ceases to be a shareholder his office shall thereupon become vacant. At the first meeting of the board of directors after the annual meeting for the election of officers, the board shall elect from its own number a security committee of at least three members, whose duty shall be to examine real estate offered as security for loans and to report thereon under the requirements of section twenty-three of loans for bad credit in Minnesota this act. The personal examination of any parcel of real estate by the se- curity committee may be omitted by special vote of the board of di- rectors. No member of the security committee shall make an official report upon property offered as security for a loan in which he has a personal interest. It shall be the duty of the treasurer to keep the accounts and have charge of all books and papers necessary to the performance of such duty, and dispose of and secure the safe keeping of all money, securities and property of the corporation, in the manner designated by the by-laws, and the treasurer and all other permanent employees having online installment loans Maine access at all times to the cash or negotiable securities, shall each give, subject to the provisions of section thirty-five of chapter five hundred and ninety of the acts of the year nineteen hundred and eight, a bond for the faithful performance of their respective duties in such amount as the board of directors may require. The capital to be accumulated shall be unlimited Issue of sharea. A minor under the age of eighteen years shall not have the right to vote. If shares are held in trust, the name and residence of the beneficiary shall be disclosed and the account shall be kept in the name of the holder as trustee for such person. If no other notice of the existence and terms of the trust has been given in writing to the corporation, such shares may, upon the death of the trustee, be withdrawn by the person for whom such deposit was made or by his legal representatives. Shares may be issued to, or in the name of, two persons loans for bad credit in Minnesota joint accounts. The joint ownership of shares shall not confer the right to vote to a greater extent than if they were held by an individual. All withdrawals shall be paid in the order in which notices thereof are given, and the treasurer may waive such APPENDIX. On any occasion when there is an unusual demand by depositors for withdrawal from the funds of any co-operative bank operating under this act, such co-operative bank by a vole of at least three fifths of its directors and with the consent of the bank commissioner, may borrow from any national bank, savings bank, co-operative bank or trust company. As security for such loans, it may pledge any portion of its securities or resources.

All shares forfeited shall cease to participate in any profits accruing after the adjustment and valuation of shares last preceding said for- feiture. The board of directors have voted to retire on the 191 shares in series No.

Should you desire to have your shares, or any number of them, retired and to receive the full value thereof, you will please notify the treasurer in writing on or before 191. If the shares voluntarily offered exceed the number desired, the shares to be retired will be determined by lot from those offered. If the number so offered is less than the number desired the number offered shall be retired and the balance determined by lot from the remaining shares in the series. The directors may, under rules made by them, retire matured shares at any time and in such order and manner as they may provide.

The shareholders whose shares are retired shall be paid the full value thereof, less all fines and any other charges legally incurred. Whenever shares are retired between the dates of adjustment of profits, interest shall be paid upon the full value of the shares from the date of the preceding adjustment to the date of retirement, at the rate at which profits were distributed at said preceding adjustment.

The bank commissioner, whenever in his judgment it is necessary for the welfare of the shareholders in any co-operative bank, may order the retirement of matured shares or of unmatured shares in any series after four years from the date of issue, and it shall be the duty of the board of directors, in the manner hereinbefore provided, to comply with the order of the commissioner.