Chap. 0108 An Act to incorporate the workingmen's loan association. 

Be it enacted, etc., as follows:

Section 1. Robert Treat Paine, Charles W. Dexter, John S. Blatchford, Francis C. Foster, John D. W. French, I. Wells Clarke, George W. Pope, Charles H. Washburn, Robert Treat Paine, 2d, Thomas T. Stokes and Henry R. Gardner, their associates and successors, are hereby made a corporation by the name of the Working-men's Loan Association, to be located at Boston, for the purpose of loaning money upon pledge or mortgage of goods and chattels or of safe securities of every kind, or upon mortgage of real estate ; and all the powers and privileges necessary for the execution of these purposes are granted, with all the powers and privileges and subject to all the
duties, restrictions and liabilities set forth in chapter one hundred and live of the Public Statutes, and in all the general laws which now are or hereafter may be in force in relation to such corporations.
Section 2. The capital stock of said corporation shall be twenty-five thousand dollars, to be divided into shares of one hundred dollars each, and to be paid for at such times and in such manner as the board of directors shall decide, provided that no business shall be transacted by said corporation until said amount of twenty-live thousand dollars is subscribed for and actually paid in;, and no certificate of shares shall be issued until the par value of such shares shall have actually been paid in, in cash. The said corporation may increase its capital stock from time to time until the same amounts to five hundred thousand dollars.
Section 3. Said corporation is hereby authorized to borrow money on its own notes not exceeding the amount of its capital paid in, and for periods not exceeding one year.
Section 4. The government of said corporation shall be in a board of directors, chosen as the by-laws may prescribe, conformably to law, provided however, that one director shall be appointed by the governor of the Commonwealth and one shall be appointed by the mayor of the city of Boston.
Section 5. All loans shall be for a time fixed, and not more than one year, and the mortgagor or pledgor shall have a right to redeem his property mortgaged or pledged at any time before it is sold, in pursuance of the contract between the parties, or before the right of redemption is foreclosed, on payment of the loan and rate of compensation to the time of the offer to redeem.
Section 6. The corporation shall give to each pledgor a card inscribed with the name of the corporation, the article or articles pledged, the name of the pledgor, the amount of the loan, the rate of compensation, the date when made, the date when payable, and the page of the book where recorded.
Section 7. The commissioners of savings banks shall have access to the vanlts, books and papers of the company, and it shall be their duty to inspect, examine and inquire into its affairs, and to take proceedings in regard to them in the same manner and to the same extent as if this corporation was a savings bank subject to all the
general laws which are now or hereafter may be in force relating to such institutions in this regard. The returns required to be made to the commissioners of savings banks shall be in the form of a trial balance of its books, and shall specify the different kinds of its liabilities and the different kinds of its assets, stating the amounts of each kind, in accordance with a blank form to be furnished by said commissioners ; and these returns shall be published in a newspaper of the city of Boston, at the expense of said corporation, at such times and in such manner as may be directed by said commissioners, and in the annual report of said commissioners ; provided however, that said commissioners may cause any examination to be made b}T an expert under their direction, but at the expense of the corporation. Approved March 8, 1888.