Section 10
SEC. 10. Section thirty-six of Act Numbered Twenty-five hundred and eight is hereby amended to read as follows: “SEC. 36. The stockholders general assembly shall be composed of such members owning at least one share of stock, as are entitled to vote in general assemblies of the association, and when lawfully constituted, it shall represent all the members. There shall be a regular convention of the general assembly of stockholders at least once each year, on the date fixed in the by-laws, for the purpose of filling vacancies on the board of directors, and receiving the report of the latter on the operations of the preceding year and hearing their recommendations regarding the declaration of the dividend and the distribution of the gains and profits for the same period, and for the purpose of transacting other general business of the association. One-half plus one of the stockholders entitled to vote shall constitute a quorum, but if a quorum is not present on the data fixed in the call, the stockholders present therin may proceed with the transaction of the business of the association: Provided, That no resolution acted upon therein shall be valid until same has been duly certified to and approved by the Director of Commerce, to whom a copy of the minutes signed by all the stockholders who were present in, had been submitted within ten days from the date the said general assembly was held."