PLAN FOR THE MUTUAL MORTGAGE BANK. 



The following is Col. Greene's plan for a Mutual Bank, with 

 such alterations and additions as, in my humble judgment, will explain 

 it more fully, and add to its usefulne/s and safety as a co-operative ^ 

 instrumentality : 



1. The inhabitants, or any portion of the inhabitants, of any 

 town or city, may organize themselves into a MAtual Mortgage Bank- Q\ 

 ing Company. J 



2. The officers of a Mutual Mortgage Bank should be a board 

 of directors, an appraiser, a manager, a cashier, and a secretary. 



3. Those who propose to become members, should elect the 

 appraiser and the board of directors, who should hold their office for 

 one year. 



4. The board of directors should first elect the manager, cashier 

 and secretary, from among their number. 



5. The manager, cashier and secretary should hold office until 

 they resign, or are removed by the board of directors, who should 

 require each to give bonds. They should be subject to, and not 

 members of the board, nor participate in its meetings, except when 

 called upon to do so ; and the same rule should govern the appraiser. 



6. The appraiser and members of the board may be removed 

 at a general meeting of the members of the bank, and others elected 

 to fill their places, of which due notice should be given. 



7- Membership ceases when a member pays his notes to the 

 bank, and none but members should be directors. 



8. The board of directors should employ a secretary of its own, 

 and a legal advisor, and fix the salary of the officers and employees.' 



9- The manager should manage the affairs of the bank, the 

 cashier the usual duties, and the secretary should have charge of all 

 documents, see that all mortgages were duly recorded before notes 

 are cashed by the bank, and keep an account of the printing and issue 

 of bills. 



2£^^j^y^PgIiQ^J?^^y become a member of the >rutual MorteaL-e 



