§ 433 — Proposed by-laws

§ 433. Proposed by-laws. The incorporators shall subscribe and\nacknowledge and submit to the superintendent at his office proposed\nby-laws in duplicate, which shall prescribe the manner in which the\nbusiness of such savings and loan bank shall be conducted with reference\nto the following matters: 1. The date during the month of January of the\nannual meeting of shareholders; the manner of calling special meetings,\nand the number of members which shall constitute a quorum.\n 2. The number, manner of election and qualifications of directors,\nsubject to the provisions of section four hundred forty-one of this\narticle; the method of division into classes for the purpose of\nelecting, as nearly as may be, an equal number of directors each year;\nthe removal or suspension of directors; the filling of vacancies in the\nboard of directors, and the number of directors which shall constitute a\nquorum, which shall not be less than five.\n 3. The meetings, powers and duties of directors; the appointment or\nelection of committees.\n 4. The officers; the manner of their election; their terms of office,\nduties and compensation; and the bonds which shall be required of\nofficers.\n 5. The annual commission that may be charged each member, subject to\nthe limitations of section four hundred forty of this article.\n 6. The minimum amount of shares necessary to qualify for membership.\n 7. The minimum amount of shares necessary to qualify for extension of\ncredit.\n 8. The manner of voting, subject to the limitations of section four\nhundred forty-four of this article.\n 9. The transfer of membership, subject to the limitations of section\nfour hundred thirty-nine of this article.\n 10. The manner in which the by-laws may be altered or amended.\n