General and special meetings—how called.
Section 16
SEC. 16. General and special meetings—how called.—In its by-laws, each association shall provide for one or more regular meetings annually. The board of directors shall have the right to call a special meeting at any time, and ten per cent of the members or stockholders may file a petition stating the specific business to be brought before the association and demand a special meeting at any time. Such meeting must thereupon be called by the directors. Notice of all meetings, together with a statement of the purposes thereof, shall be mailed to each member or stockholder entitled to vote, at least ten days prior to the meeting: Provided, however, That the by-laws may require instead that such notice may be given publication in a newspaper of general circulation published at the principal place of business of the association, if any, or in default thereof in a newspaper of general circulation in the City of Manila. SEC. 17. Voting power.—No member of any association organized under this Act, shall be entitled to more than one vote, regardless of the amount of common stock or membership capital he may own therein. Owners of preferred stock who are not holders of any shares of common stock shall have no voting power, nor shall they be entitled to notice of any regular or special meeting: Provided, however, That in the event an association fails to pay any dividend which has accrued upon preferred stock for a period of two years after such dividend has accrued, then and in that event, and until all such dividend is paid, such preferred stockholders shall be entitled to notice of all regular or special meetings, and to the same voting power as attaches to members or owners of common stock: And, provided, further, That nothing contained herein shall be construed to preclude the said preferred stockholders from attending any regular or special meetings, and voicing their opinions regarding the election, appointment, or removal of any director or officer, of the association, or, any questions affecting the management of the affairs thereof.