28                       the provident loan society.

money for its corporate purposes at a rate of interest not exceed¬
ing the lawful rate. The persons named in the first section of
this Act, or a majority of them, shall hold a meeting and organize
the Society, and adopt a Constitution and By-Laws not incon¬
sistent with the Constitution and Laws of this State. The Con¬
stitution shall prescribe the qualifications of members of the
Society ; the manner of electing members; the number of mem¬
bers who shall constitute a quorum for the transaction of business
at meetings of the Society ; the number of Trustees by whom the
business and affairs of the Society shall be managed ; the qualifi¬
cations, powers, and the manner of selection of the Trustees and
officers of the Society, and it may contain any other provisions
for the management of the property and regulation of the affairs
of the Society. No member or Trustee of the Society shall re¬
ceive any compensation for his services, or any profit other than
lawful interest on money loaned to it, nor shall any member or
Trustee be personally liable for any debt incurred by the Society.

Section 3. Said Society shall be entitled to act as pawn¬
broker, and shall be subject to and entitled to all the benefits of
all the provisions of the laws of this State concerning pawn¬
brokers, except that it shall not be required to obtain a license or
file a bond.

Section 4.    This Act shall take efliect immediately.