Article I

    Two thirds of this Society shall consist of such persons as are at the time of their admission, or who have been Officers of vessels.
The remaining one-third of such membership may consist of bona fide seamen.
    For the advancement of the design of this institution, persons of other professions may be admitted as honorary members of such Society. without the power to vote at the meetings of the Society.

    Stated Meetings—Three Members to Form a Quorum.
    The members of this Society shall meet monthly on the third Tuesday of each month, at such time and place as shall be most convenient. At these meetings the records of the Society shall be read, provided three or more members are present, which number shall be necessary to form a quorum.

    Officers and Committees to be chosen at the Annual Meeting.
    At the annual meeting in December, there shall be chosen by ballot, from among the members, the following officers: a President, Vice President, Treasurer, Secretary, Committee of Relief, Committee of Accounts, and a Committee on Finance, consisting of the President, who shall be Chairman (ex officio); the Vice President and three other members, and Committee on Membership, consisting of three members. All the officers and committees shall continue in office one year, or until their successors are elected and qualified to take their places.

    Sum to be Paid on Admittance—Members to Subscribe to the ByLaws and Receive a Certificate.
    Every marine member for a life membership admission, shall pay to the Secretary $150.00 for the use of the Society, and all monies so raised shall be appropriated as a fund for the relief of such members as shall need assistance.

    Duties of the Committee on Finance.
    It shall be the duty of this Committee to prevent any money, stocks or bonds belonging to this Society being loaned to any person at interest, or otherwise, upon personal security; and they shall also see that all monies collected or donated to the Society, over the necessary expenditures and grants for relief, shall be immediately invested in safe and first-class bonds, or bank stocks or real estate, or mortgages upon the same, or a suitable investment trust or safe preferred stock, or in such other securities as the Finance Committee may consider to be sound prudent investments; and they shall not exceed fifteen percent of the assets of the Portland Marine Society in stock of any one bank, and no investment shall be made by the Finance Committee unless a majority of the Finance Committee vote in favor of making the investment; and in every case, each member of the Finance Committee shall approve or reject such investment.

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