176 



shareholders by being posted in the office or otherwise. The 

 manager, moreover, makes an inventory at the end of each fiscal 

 year, and this, with a report showing the exact position of the 

 society's affairs, is communicated to the annual meeting. 



THE COMMITTEE OF CREDIT MANAGEMENT. 



The president and other shareholders chosen for the purpose at 

 the general meeting, constitute a committee of credit and matiagement, 

 the shareholders so appointed not being allowed to belong to the 

 council of administration or to another committee. Their term of 

 office is two years, one-half retiring each year. No transaction in 

 connection with the loan or advances can be made by the society 

 without the previous approval of the committee of credit and man- 

 agement, and its decision must be unanimously adopted by the 

 members present — the presence of three members, at least, being 

 required to render decisions valid. They cannot borrow from the 

 society. Should their decision not be unanimous in any matter, it 

 is brought before the council of the society, whose decision is 

 final. 



The services of the officers and various members comprising 

 the council of administration, the committee of credit and manage- 

 ment and the committee of supervision, who are charged with the 

 administration of the operations of the society, are gratuitous. 

 They are, however, entitled to travelling expenses when necessary, 

 as well as expenses necessitated by the performance of special 

 duties entrusted to them. 



THE COMMITTEE OF SUPERVISION. 



The general meeting selects yearly from amongst the share- 

 holders, three members who, constitute a committee of supervisiofi. 

 This committee watches over all the operations of the society and 

 frequently checks the cash, investments and securities ; sees to the 

 carrying out of the by-laws and regulations and decisions of the 

 committee of credit and direction, especially as regards loans, 

 renewals and advances. They must ascertain frequently and at least 

 once a month, the exact value of the securities in hand, and have 

 the right to examine and audit all the books of the society. Where 

 urgency demands it, they have power to suspend officers and to 

 call a general meeting of the shareholders. 



The members of this committee must be chosen from amongst 

 the shareholders, other than those who are upon other committees, 

 and are not allowed to borrow from the society. They must meet 

 at least once every month and draw up a minute of their checking 

 and auditing and submit a written report to every annual general 

 meeting. 



FUNDS AND RESOURCES OF THE SOCIETY. 



In carrying on its business the society has, by way of funds and 

 resources : (i.) the entrance fees paid by each shareholder, which 

 amounts to 10 cents per share ; (2.) the capital represented by the 

 shares subscribed and paid up by the shareholders (shares being 

 of the value of $5 each); (3.) the reserve fund, the provident fund, 



