8.—5

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(2.) Every such additional subscriber shall pay twenty per centum of the par value ol the stock subscribed for by him at the date of the supplementary application, a further sum of twenty per centum of the value of the said stock prior to the first day of April next but one following the date of the supplementary application, and a further sum of twenty per centum of the value of the said stock prior to the first day of April next following the last-mentioned first day of April, and so in each successive year until the full value of the said stock has been paid to the association. 5. The Farm Loan Board may require such further particulars and such other evidence verifying the application as may be deemed necessary, and may from time to time make rules and regulations in relation thereto, and prescribe the schedule of fees, and shall furnish forms of application and information to applicants desirous of forming associations under the provisions of this Act. 6. The Farm Loan Board may authorize the incorporation of the association, with all the powers conferred by this Act, by such name as shall have been approved, and may empower the provisional directors named in the applications to proceed with the organization cf the association and to do all things necessary thereto. 7. (1.) Upon receipt of a copy of the said authority, and upon payment of the fees prescribed, if any, the Registrar of Joint : stock Companies shall file the said copy in his office, enter particulars of the same in a special register (to be known as the New Zealand Co-operative Credit Associations Register), issue a certificate of registration (which may be in Form Bin the Schedule hereto or to the like effect) and publish a notice of the said registration in one issue of the New Zealand Gazette. (2.) Upon registration the persons who signed the application shall thereby become, and they, their associates and successors, shall be, a body corporate and politic, and shall have the powers, rights, and immunities vested by law in such bodies, subject to the provisions of this Act. 8. Upon receipt of the certificate of registration, and after publication in the New Zealar.d Gazette as aforesaid, the provisional directors shall call a meeting of all the said subscribers, for the purpose of electing directors representing the subscribers and completing the organization necessary for the operation of the association. 9. No association shall commence business until it has received subscriptions to its capital stock from not less than twenty farmers or persons engaged in, or agreeing to engage within one year in, farming operations of the kinds hereinafter referred to, to the amount of not less than five hundred pounds, upon which not less than twenty per centum has been paid. 10. No association shall be registered under a name identical with that by which any other existing association has been registered, or so nearly resembling such name as to be likely to .deceive the members of the public. 11. (1.) It shall be eligible for the Farm Loan Board, upon receipt of a duly certified schedule of the securities of such association, countersigned by the Inspector of Co-operative Rural Intermediatecredit Associations appointed for that purpose by the Board and bearing the approval of such Inspector, to issue trust debentures against such securities to the amount of such advance as it considers reasonable and safe, and to duly pay over to such registered co-operative rural intermediate-credit association the amount realized by the sale of such debentures, less the necessary charges for expenses. (2.) The Farm Loan Board is further empowered, under such terms and conditions as it may prescribe in its regulations, to authorize co-operative rural-credit associations to obtain advances from joint-stock banks, or other financial institutions, by means of bills signed by the chairman of directors and secretary-treasurer and endorsed by the Farm Loan Board's Supervisor. Such bills shall not in the aggregate exceed the value of the unpledged securities of the association, and their currency shall not exceed six months. Directors. 12. (J.) The management of the business of the association shall be vested in a board of directors, four of whom shall be elected at the first meeting and annually thereafter by the subscribers, and one of whom shall be appointed by the Farm Loan Board. (2.) Directors shall hold office until their successors are elected or named. 13. (I .) On receipt of the names of all the directors the acting secretary-treasurer shall call a meeting of the directors for the purpose of electing officers and completing organization. (2.) At such meeting the directors shall elect from amongst themselves a president, a vice-president, and a secretary-treasurer, and a notice of the names of all officers and directors shall be forthwith forwarded to the Farm Loan Board. (3.) From and after the date of the election of the said officers the association shall be entitled to carry on business and to exercise all the powers conferred by this Act. (4.) The Farm Loan Supervisor or his deputy shall be an ex officio member of all such directorates. (5.) The directors may appoint as secretary-treasurer, or as secretary, or as treasurer, any person not a member of the board of directors, if they deem it in the interest of the association to do so. 14. No officer or director except the secretary-treasurer shall be paid any salary or fee by the association, other than actual expenses necessarily incurred while attending meetings of the board of directors and while attending to the business of the association. 15. The directors of the association shall have full power in all things to administer the affairs of the association, and may make or cause to be made for the association any kind of contract into which the association may by law enter. 16. The directors may from time to time make not contrary to law or to this Act, to regulate— (a.) The allotment of stock, the making of calls thereon, the payment thereof, the issue and registration of certificates of stock, the forfeiture of stock for non-payment, the disposal of forfeited stock and of the proceeds thereof, and the transfer of stock ;