less than three hundred and twelve dollars. [Acts, 1908, c. 589, §§ 4 and 6, as last am. by Sp. Acts, 1915, c. 304, § 1.] Limit of the amount of taxes increased. — For the purposes of this act the limit of the amount of taxes on property in the city of Boston is increased two cents on each one thousand dollars of the valuation upon which the appropriations by the city council of the city are based. [Sp. Acts, 1915, c. 304, § 2.] COUNTIES. For complete text of the act authorizing the counties of the commonwealth to establish retirement systems for their employees, see Acts, 1911, c. 634, and amendments thereto. Amendments to the Act in 1915 follow: "Continuous service" defined. (f) The words "continuous service" mean uninterrupted employment, with these exceptions: a lay-off on account of illness or reduction of force; and a leave of absence, suspension or dismissal followed by reinstatement within one year. In the case of employees of the county who are now paid wholly by it, but who at any prior period were employees of the county within the meaning of paragraph (c) of this section and did not receive the whole or any part of their compensation from said county, and in the case of employees of any department or institution formerly administered by the commonwealth, or formerly administered in part by the commonwealth and in part by the county and later taken over by the county, service rendered prior to such transfer shall be counted as a part of the continuous service for the purposes of this act. [Acts, 1911, c. 634, § 1, paragraph (f), as am. by Acts, 1913, c. 817, § 1, and by Gen. Acts, 1915, c. 234, § 1.] 714. Employees who may be retired. (b) Pensions based upon prior service. Any member of the association who reaches the age of sixty years, having been in the continuous service of the county for fifteen years or more immediately preceding, and then or thereafter retires or is retired, and any member who completes thirty-five years of continuous service and then or thereafter retires or is retired, shall receive in addition to the annuity and pension provided for by paragraphs (2) B and C (a) of this section [section 6] an extra pension for life as large as the amount of the annuity and pension to which he might have acquired a claim if the retirement system had been in operation at the time when he entered the service of the county, and if accordingly he had paid regular contributions from that date. to the date of the establishment of the retirement association at the same rate as that first adopted by the board of retirement, and if such deductions had been accumulated with regular interest. [Acts, 1911, c. 634, § 6, as am. by Acts, 1913, c. 817, § 3, and by Gen. Acts, 1915, c. 234, § 2.] CITIES AND TOWNS. For complete text of the act authorizing cities or towns to establish a retirement system for their employees, see Acts, 1910, c. 619, and amendments thereto. 727. Pensioning laborers in cities and towns. Any laborer in the employ of a city or town which accepts this act, who has reached the age of sixty years and has been in such employ for a period of not less than twenty-five years and has be Except the city of Boston (see Acts, 1912, c. 503, § 4). come physically or mentally incapacitated for labor, and any laborer in the employ of such city or town who has been in such employ for a period of not less than fifteen years and has become physically or mentally incapacitated for labor by reason of any injury received in the performance of his duties for such city or town may, at his request, and in cities, with the approval of the mayor, or in towns, with the approval of the selectmen, be retired from service, and if so retired he shall receive from the city or town for the remainder of his life, an annual pension equal to one half of the average annual compensation paid to him as a laborer during the two years next prior to his retirement. Any laborer in the employ of such a city or town who has reached the age of sixty-five years and has been in such employ for a period of not less than twenty-five years including the time when incapacitated by reason of sickness, not exceeding two years in the aggregate, which is certified by a physician in regular standing, shall be retired from service and shall receive from the city or town an annual pension computed in the manner hereinbefore set forth. [Acts, 1912, c. 503, § 1, as am. by Gen. Acts, 1915, c. 47.] 733. Retirement fund for laborers employed by the city of Boston. Any laborer employed by the city of Boston who has reached the age of sixty years and who has been in the service of the city for a period of not less than twenty-five years, and who is physically incapacitated, shall, at his request and with the approval of the retirement board above provided for, be retired from service, and shall receive for the remainder of his life an annual pension equal to one half of the compensation to which he would have been entitled for full employment during the last year of his service for the city; but in no case shall such pension exceed in amount the sum of three hundred and sixty dollars per year. It shall be the duty of the said board so to retire any laborer in the service of the city who has reached the age of seventy years and has served the city for a period of not less than twenty-five years: provided, however, that said retirement board may, upon the request of the mayor and city council, retire any laborer employed by said city who has been in the service of the city continuously for a period of not less than fifteen years and who, owing to injury, physical incompetency, old age or infirmity, may be incapacitated from further performance or discharge of his duty or labor. This act shall take effect upon its acceptance by the mayor and city council of Boston. [Acts, 1911, c. 413, § 2, as last am. by Acts, 1914, c. 765, §§ 1, 2, and by Sp. Acts, 1915, c. 63, § 1.] VETERANS. Retirement act for veterans in the employ of the commonwealth amended. A veteran of the civil war in the service of the commonwealth, if incapacitated for active duty, shall be retired from active service, with the consent of the governor, at one half the rate of compensation paid to him when in active service, to be paid out of the treasury of the commonwealth: provided, that no veteran shall be entitled to be retired under the provisions of this act unless he shall have been in the service of the commonwealth at least ten years. But if, in the opinion of the governor and council, any veteran of the civil war, after five years, in said service is incapacitated to such a degree as to render his retirement necessary for the good of the service, he may so be retired. A veteran retired under the provisions of this act, whose term of service was for a fixed number of years, shall be entitled to the benefits of the act without reappointment. [Acts, 1907, c. 458, § 1, as am. by Gen. Acts, 1915, c. 95.] 1 This act was accepted on October 30, 1913. 9. SAVINGS BANK INSURANCE. 756. Amount of policy limited. No savings and insurance bank shall write any policy binding it to pay more than one thousand dollars, exclusive of dividends or profits, upon the death of any one person, nor any annuity contract binding it to pay in any one year more than two hundred dollars, exclusive of dividends or profits. [Acts, 1907, c. 561, § 10, as am. by Gen. Acts, 1915, c. 32.} 783A. Expenditure for giving publicity to the advantages of savings bank insurance. -The sum of twenty-five hundred dollars may be allowed and paid out of the treasury of the commonwealth from the ordinary revenue, to be expended under the direction of the trustees of the General Insurance Guaranty Fund, for the purpose of making known to those in need of industrial insurance the advantages offered by the life insurance departments of savings banks; the said sum to be in addition to any sums appropriated for salaries, office rent, and other necessary expenses during the current year. [Gen. Acts, 1915, c. 168.] 10. CO-OPERATIVE ASSOCIATIONS. (For the statutes governing co-operative banks see compilation issued by the bank commissioner.) CO-OPERATIVE SOCIETIES. 786. Capital stock. The capital stock of such a co-operative corporation shall not be less than one hundred dollars, nor more than one hundred thousand dollars. No stockholder shall own shares of a greater par value than one tenth of the total par value of the capital stock, nor shall any member be entitled to more than one vote on any subject arising in the management of the corporation. [Acts, 1913, c. 447, § 3, as am. by Gen. Acts, 1915, c. 118, § 1.] 789. Distribution of earnings. 1. From the balance of the net earnings of the corporation the directors may appropriate a sum not exceeding five per cent of the annual net earnings to be used in teaching co-operation. 2. The directors shall distribute the remainder of such earnings or any part thereof by a uniform dividend upon the amount of purchases or sales of shareholders, through the corporation, and, if the directors so vote, upon the amount of wages which have been earned and paid to employees except that in the case of a purchaser who is not a shareholder, but who desired to become a shareholder, a dividend of one half the uniform dividend may be declared upon such non-shareholders' purchases or sales and credited to him on account of the purchase of stock for which he may subscribe. In productive corporations, including creameries, canneries, storages, factories and the like, dividends shall be calculated on raw material delivered to the corporation instead of on goods purchased. If the corporation be both a purchasing and a selling, or a productive concern, the dividends may be on both raw material and on goods purchased. The profits or net earnings of such corporation shall be distributed to those entitled thereto at such times as the by-laws prescribe, which shall be as often as once in twelve months. [Acts, 1913, c. 447, § 6, as am. by Gen. Acts, 1915, c. 118, § 3.] 790A. Use of the word "co-operative" restricted. No person, partnership, association or corporation, organized or doing business for profit, except corporations formed under the provisions of this act, or co-operative banks organized under R. L., c. 114, shall hereafter transact business under any name or title, which contains the word "co-operative". The provisions of Acts, 1908, c. 590, § 17, shall apply to violations of this [paragraph], and as prescribed therein, proceedings shall be brought against any person, partnership, association or corporation which violates the provisions of this [paragraph]. Any person, partnership, association or corporation not organized under the provisions of this act, transacting business under a name or title which contains the word "co-operative", shall alter the said name or title to comply with the provisions of this act within ninety days after its passage. . . [Acts, 1913, c. 447, as am. by Gen. Acts, 1915, c. 118, §2.] ... 790B. Fees for filing articles of incorporation. -. . . The fee for filing and recording the articles of organization required by Acts, 1913, c. 447, including the issuing by the secretary of the commonwealth of the certificate of incorporation, shall be one twentieth of one per cent of the total amount of the authorized capital stock as fired by the articles of organization, but not in any case less than five dollars. [Gen. Acts, 1915, c. 118, § 2.] CREDIT UNIONS. 792. Defining term "credit union."- Repealed by Gen. Acts, 1915, c. 268, § 26. Re-enacted in new form as follows: 792A. A corporation organized under this act shall include in the corporate name the two words "credit union", to which may be added the word "bank." Other distinguishing words may be used. The words "credit union", whenever hereinafter used, shall apply to a corporation heretofore organized under the provisions of Acts, 1909, c. 419, or hereafter organized under the provisions of this act. [Gen. Acts, 1915, c. 268, §1.] 793. Credit unions may loan savings of its members. - Repealed by Gen. Acts, 1915, c. 268, § 26. Re-enacted in new form as follows: 793A. A credit union may receive the savings of its members in payment for shares or on deposit; may lend to its members at reasonable rates, or invest, as hereinafter provided, the funds so accumulated; and may undertake such other activities relating to the purpose of the association, as its by-laws may authorize, any provisions in R. L., c. 114, § 1, notwithstanding. [Gen. Acts, 1915, c. 268, § 5.] 794. Organization of credit unions. Repealed by Gen. Acts, 1915, c. 268, § 26. Re-enacted in new form as follows: 794A. Seven or more persons, resident in this commonwealth, who have associated themselves by an agreement in writing with the intention of forming a corporation for the purpose of accumulating and investing the savings of its members and making loans to members for provident purposes, may, with the consent of the board of bank incorporation, become a corporation upon complying with all of the provisions of section three [see paragraph 796A] of this act. The board of bank incorporation is hereby authorized to grant such consent when it is satisfied that the proposed field of operation is favorable to the success of such corporation, and that the standing of the proposed incorporators is such as to give assurance that its affairs will be administered in accordance with the spirit of this act. [Gen. Acts, 1915, c. 268, § 2.] 795. Use of words "credit "' and 19 Gen. Acts, 1915, c. 268, § 26. Re-enacted in new form as follows: Repealed by 795A. No person, partnership or association, and no corporation, except such as have heretofore been incorporated under the provisions of Acts, 1909, c. 419, and such as shall hereafter be incorporated under the provisions of this act, shall hereafter transact business under any name or title which contains the two words "credit union". The proceedings authorized and the penalties imposed under the provisions of Acts, 1908, c. 590, § 17, and all acts in amendment thereof or in addition thereto, so far as applicable, shall apply in all cases of violation of the provisions of this [paragraph]. [Gen. Acts, 1915, c. 268, § 4.] 796. Subject to supervision of bank commissioner. Repealed by Gen. Acts, 1915, c. 268, § 26. Re-enacted in new form as follows: 796A. Credit unions shall be organized under the provisions, so far as applicable, of Acts, 1904, c. 374, §§ 2 to 6 inclusive, as amended by Acts, 1906, c. 204, § 4, and any other amendments thereof, except that the fee for filing and recording the articles of organization, including the issuing by the secretary of the commonwealth of the certificate of incorporation, shall be five dollars. The provisions relating to supervision by the bank commissioner, so far as applicable, of Acts, 1908, c. 590, and any amendments thereof shall apply to credit unions incorporated under this act. [Gen. Acts, 1915, c. 268, § 3.] 797. Content of by-laws. — Repealed by Gen. Acts, 1915, c. 268, § 26. Reenacted in new form as follows: 797A. The by-laws shall prescribe the name of the corporation, the purposes for which it is formed, the conditions of residence or occupation which qualify persons for membership, the par value of the shares of capital stock and the maximum number of shares which may be held by any one member, the conditions on which shares may be paid in, transferred and withdrawn, the conditions on which deposits may be received, and withdrawn, the method of receipting for money paid on account of shares or deposited, the number of directors and number of members of the credit committee, the duties of the several officers, the fines, if any, which shall be charged for failure to meet obligations to the corporation punctually, the date of the annual meeting of members, the manner in which members shall be notified of meetings, the number of members which shall constitute a quorum at meetings, and such other regulations as may seem necessary. [Gen. Acts, 1915, c. 268, § 6.] 798. By-laws to be approved by bank commissioner. Repealed by Gen. Acts, 1915, c. 268, § 26. Re-enacted in new form as follows: 798A. No credit union shall receive deposits or payments on account of shares, or make any loans, until its by-laws have been approved in writing by the bank commissioner, nor shall any amendments to its by-laws become operative until they have so been approved. [Gen. Acts, 1915, c. 268, § 7.] 798B. Certain property exempt from taxation. All property of a credit union, except real estate, and all capital stock in a credit union shall be exempt from state and local taxation, except legacy and succession taxes. [Gen. Acts, 1915, c. 268, § 8.] 799. Meetings of association. Repealed by Gen. Acts, 1915, c. 268, § 26. Re-enacted in new form as follows: 799A. The fiscal year of every credit union shall end at the close of business on the last business day of October. [Gen. Acts, 1915, c. 268, § 12.] 799B. The annual meeting of the corporation shall be held at such time and place as the by-laws prescribe, but must be held within thirty days after the close of the fiscal year. Special meetings may be called by a majority of the directors or of the supervisory committee, and shall be called by the clerk upon written application of ten or |