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termines, subject to the provisions of the bye-laws of the society, 

 the dividends to be paid, and the maximum of advance to be given 

 to a single shareholder. 



THE COUNCIL OF ADMINISTRATION. 



The council of administration consists of nine members chosen 

 from amongst the shareholders by the general meeting. Its 

 members are known as directors, and are elected for three years, 

 three members retiring at the expiration of each year. 



The council thus elected chooses a president, vice-president and 

 secretary, who are likewise the president, vice-president and 

 secretary of the society. This council meets at least twice a 

 month and as often as may be necessary in the interest of the 

 society. Its powers are most extensive, including the admission 

 and refusal of admission of shareholders, the expulsion of mem- 

 bers, the filling of vacancies in the council and the several com- 

 mittees, the appointment and removal of employees, together with 

 the fixation of their duties, salaries, &c. ; the making of agreements 

 and regulating of transfers and withdrawal of shares, the making 

 out of balance sheets and dividends to be paid, the manner in 

 which moneys, reserve, provident and other funds are to be em- 

 ployed, and generally, the taking of all measures that may be 

 deemed advisable in the interests of the society. They also 

 appoint and remove the manager of the society and determine the 

 expense of management. They may borrow money on the credit 

 of the society from one or more shareholders to meet applications 

 for loans and advances when the available funds are insufficient. 

 To the same end they may rediscount securities on hand, though 

 their power to borrow for this purpose is restricted to $300, except 

 by special authorization from the general meeting of shareholders, 

 and their power to rediscount, to $500, without the same authori- 

 zation. They determine the rate of interest to be allowed on 

 savings deposits, and the conditions connected with the calcula- 

 tion and payment thereof ; also fix the rate of commission and 

 interest on loans and advances, and determine the duration of the 

 latter and of conditions respecting renewals. 



The members of the council of the society incur no personal or 

 joint liability in connection with the operations of the society. 

 They are responsible solely for the execution of their duties, 



THE MANAGER. 



The management is entrusted to a salaried official called the 

 manager, who represents the society, under the immediate super- 

 vision of the council of administration. He has full control over the 

 staff and proposes the appointment or suspension and dismissal 

 of employees to the council of administration, who decide finally. 



The manager, under the superintendence of the committee of 

 credit and management draws up daily, weekly, monthly, or 

 yearly, statements of the society, and submits a general report of 

 its operations, the statements show the position of affairs from the 

 beginning of the year to date, and are placed at the disposal of the 



