CO-OPERATION IN THE UNION. 237 



or otherwise, who shall become the owner of capital stock 

 of the association in excess of the limitation under the 

 laws of the association, shall report the fact, with the 

 amount of stock held above the limit, to the board of direc- 

 tors, who may buy the stock, at not exceeding its par value, 

 for the benefit of the association: but under no circum- 

 stances shall said excess of stock be entitled to representa- 

 tion in the annual election; provided, however, said stock 

 shall share in the profits of the association the same as any 

 other stock. 



Sec. 1 6. The stockholders, by a two- thirds vote of 

 the stock represented at the annual meeting, may amend 

 these articles of association, and may increase or decrease 

 the capital stock of the association. 



Sec. 17. No stock dividend shall ever be made. 



Sec. 1 8. No credits shall be given to any person by 

 this association, except upon ample security. The board 

 of directors may give credit to stockholders upon the deposit 

 of their stock with the association as security, to the amount 

 of fifty per cent, of their PAID up stock and no more. 



Sec. 19. No dividends or interest shall be paid to any 

 person indebted to this association in cash; but all such 

 dividends or interest shall be credited upon their indebted- 

 ness. 



Sec 20. Any stockholder of unpaid up stock of this 

 association, who shall fail to pay assessments made by the 

 board of directors within .... days after the same shall 

 be due and payable, notice of such assessment having been 

 given by publication in some newspaper published in the 

 c ounty, shall forfeit to the association the said unpaid stock, 

 or the same shall be sold, or a sufficient amount thereof 

 (if more than one share) to pay said assessment, as the 

 board of directors may elect. 



Sec. 21. No stockholder shall receive a dividend on 



