M iscellaneous. 



114 



[Feb. 1907. 



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 members, the filling of vacancies in 

 the council and the several committees, 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 employed, 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 Avhen 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, AA'ithout the same 

 authorization. They determine the rate of interest to be allowed on savings deposits 

 and the conditions connected with the calculation 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 supervision of the council of adminis- 

 tration. 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 yeai'ly, 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 

 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 communicated to the annual meeting. 



The Committee of Credit Management. 

 Tho president and other shareholders chosen for the purpose at the general 

 meeting, constitute a committee of credit and management, 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 

 Avithout the previous approval of the committee of credit and management, 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 management 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. 



