No. 4.] AGRICULTURAL LEGISLATION. 291 



own land reserve certificates, or the certificates of any other farmland 

 bank. 



Eighth. — To issue, sell and trade in its own collateral trust bonds, 

 which shall be known and described as farmland bonds and shall be secured, 

 as hereinafter provided, by the deposit of first mortgage notes on farm 

 lands and the mortgages securing the same. 



ORGANIZATION. 



Section 4. Farmland banks shall be organized under the provisions, 

 so far as applicable, of sections two to six, inclusive, of chapter three hun- 

 dred and seventy-four, of the acts of the year nineteen hundred and four, 

 as amended by section four of chapter two hundred and four of the acts 

 of the year nineteen hundred and six, and any other amendments thereof, 

 except that the fee for fiUng and recording the articles of organization, in- 

 cluding the issuing by the secretary of the commonwealth of the certificate 

 of incorporation, shall be five dollars. 



The provisions relating to supervision by the bank commissioner, so far 

 as applicable, of chapter five hundred and ninety of the acts of the year 

 nineteen himdred and eight and any amendments thereof, shall apply to 

 banks incorporated under tliis act. 



BY-LAWS. 



Section 5. The by-laws may prescribe, subject to the provisions of 

 this act, the name of the corporation, the purposes for which it is formed, 

 the location of the principal office, the time and place of holding and the 

 manner of conducting its meetings, the number of shareholders and direc- 

 tors necessary to constitute a quorum, the powers and duties of its directors 

 and officers, the expediency of providing for an executive committee and 

 the number of members thereof and the duties which may be delegated to 

 it, the amount of the treasurer's bond and the expediency of requiring 

 bonds of other officers or directors of the bank, and the amount of such 

 bonds, the conditions under wliich a new certificate of stock may be issued 

 in place of a certificate which is alleged to have been lost or destroyed, the 

 requisite notice and advertisement when bonds are called before maturity, 

 the method in general of transacting its business, and the manner by which 

 the by-laws may be altered, amended or repealed. 



FISCAL YEAR. 



Section 6. The fiscal year of every farmland bank shall end at the 

 close of business on the last business day of October. 



directors, OFFICERS AND COMMITTEES. 



Section 7. The business of every bank subject to this act shall be 

 managed and conducted by a board of not less than six nor more than 

 fifteen directors, a president, a vice president, a clerk, a treasurer, a com- 



