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  • PART I ADMINISTRATION OF THE GOVERNMENT
  • TITLE XXII CORPORATIONS
  • CHAPTER 170 CO-OPERATIVE BANKS
  • Section 5 First meeting of subscribers

Section 5. The first meeting of the subscribers to the agreement of association shall be called by a notice signed either by that subscriber to the agreement who is designated therein for the purpose, or by a majority of the subscribers. Such notice shall state the time, place and purpose of the meeting. Seven days at least before the day appointed for the meeting, a copy of the notice shall be given to each subscriber, or left at his residence or usual place of business, or deposited in the post office, postage prepaid, and addressed to him at his residence or usual place of business. Another copy of said notice and an affidavit by one of the signers that the notice has been duly served shall be recorded with the records of the proposed corporation. If, however, all the incorporators shall, in writing, endorsed upon the agreement of association waive such notice and fix the time and place of the meeting, no notice shall be required. The subscribers to the agreement of association shall hold the franchise until the organization has been completed. At the first meeting, or at any adjournment thereof, the incorporators shall organize by the election by ballot of a temporary clerk, by the adoption of by-laws and by the election, in such manner as the by-laws may determine of a president, a clerk of the corporation, a treasurer, a board of not less than five nor more than fifteen directors, and such other officers as the by-laws may prescribe. All the officers so elected shall be sworn to the faithful performance of their duties. The temporary clerk shall make and attest a record of the proceedings until the clerk has been elected and sworn, including a record of the election and qualification of the clerk.