EL—2B.

9. The business of the association shall be managed by a board of directors, of not less thannine or more than twelve shareholders, who shall be elected from the general body, five to form aquorum. The directors shall appoint their own chairman and vice-chairman, and shall hold office for twelve months'; six of the directors retiring annually, who shall be eligible for re-election. The directors shall be entitled to such remuneration as the shareholders in general meeting shall from time to time determine. 10. There shall be a secretary and a treasurer, who shall be elected by the directors, and by whom their duties shall be defined, and during whose pleasure they shall hold office. 11. The secretary for the time being shall, by himself or competent deputy, attend every meeting of the association and enter minutes of all resolutions, transactions, and business of the association, and the accounts thereof, in proper books to be provided for the purpose. He shall send all the circulars and conduct the correspondence of the association under the direction of the directors, and shall generally guard and promote the interests of the association. He shall receive as remuneration for his services such annual salary as shall from time to time be fixed by the directors. He shall prepare a general statement of the funds and effects of the association, to be presented at the annual general meeting, specifying in whose custody or possession the said funds or effects shall be then remaining, together with an account of all sums of money received and expended on account of the association since the publication of the last annual statement. He shall also, if required, give such security as the association may deem expedient for the faithful performance of his duties. 12. The treasurer shall be answerable for all moneys of the association received by him, and shall on the day following every meeting-night pay into the hands of the bankers of the association all moneys received by him to the credit of the directors, and at the same time leave the banker's pass-book to be made up. Any omission to account for or to pay over the moneys so received by the said treasurer as aforesaid shall forthwith be communicated by the secretary to the chairman, who thereupon shall convene a meeting of the directors (notice thereof shall be given to the treasurer), and in case the said treasurer shall have neglected to pay the money into the bank as aforesaid, and on request by the directors to pay the same to such person as the directors shall then appoint to receive the same, and on the treasurer neglecting or refusing so to do, the directors shall and are hereby authorized and empowered to expel the said treasurer, who shall forfeit all his benefit in the said association; and moreover he shall be liable to be proceeded against in such manner as the directors shall be advised for the recovery of such money. For the purpose of the lastmentioned regulation the non-attendance of the treasurer so in default as aforesaid at such lastmentioned directors' meeting shall be deemed and considered to be a refusal on his part to conform to the resolution of the directors. The treasurer shall be paid such salary as may be considered right by the directors, and shall give security in accordance with section 12, subsection (1), of the* Industrial and Provident Societies Act, in such form as the directors shall direct. 13. There shall be two auditors elected annually, one to be appointed by the shareholders and one by the directors. The accounts shall be audited annually, in the manner provided by section 9, subsection (lc), "Industrial and Provident Societies Act, 1877." The auditors shall thoroughly inspect the books and securities every three months and report the result to the directors. The auditors shall be paid such fees as the directors may deem fit. The books shall be open to the inspection of any shareholder on giving one week's notice to the directors. The cash-book and bank pass-book shall be presented for inspection at every weekly subscription night. 14. Any member may, on application to the secretary, transfer all or any of his shares upon payment of a fee of 2s. 6d. per share and all arrears of subscriptions and fines, such transfer to be in the form of Schedule A hereto attached, and to be countersigned by the secretary, and registered in the office of the association in a book to be kept there for that purpose. 15. Applications for withdrawal may be considered, and at the discretion of the directors may be granted, in the order of priority of the dates on which such applications may have been received by the secretary. In the event of such application being granted, the directors shall, so soon assufficient funds are at their disposal, make payments for the purpose of discharging such claims. 16. A member of this association, not being under the age of sixteen years, may, by writing under his hand delivered at or sent to the registered office of the association, nominate any person not being an officer or servant of the association, unless such officer or servant is the husband, wife, father, mother, child, brother, sister, nephew, or niece of the nominator, to whom his shares in the association shall be transferred at his decease, provided that the amount credited to him in the books of the association does not exceed fifty pounds, and may from time to time revoke or vary such nomination by a writing under his hand similarly delivered or sent, but not otherwise. If any member of this association entitled to an interest in this association not exceeding fifty pounds dies intestate and without having made any nomination as aforesaid which remains unrevoked at his death, such interest shall be transferable or payable without letters of administration to or among the persons who appear to a majority of the directors upon such evidence as they may deem satisfactory to be entitled by law to receive the same. 17. In the event of a member dying without having made any nomination as aforesaid which remains unrevoked at his death and leaving a will, or to whose estate administration shall be taken out, the executor or administrator shall be entitled to the same rights and be subject to the same liabilities as the deceased member would have been, and similar provisions shall apply in the case of trustees of bankrupt members. 18. The directors may purchase, in the name of the association, any land or buildings, and may hold, subdivide, sell, exchange, mortgage, lease, or build upon the same, with power to alter and pull down buildings and again rebuild, and no purchaser, assignee, mortgagee, or tenant shall be bound to inquire as to the authority for any sale, subdivisions, exchange, mortgage, or lease by

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