Each member shall be entitled to one vote only, in person or by proxy, provided that no vote by proxy shall be permitted for the election of any of the directors of the association, unless such proxy shall specifically designate the person for whom such vote shall be cast. Each association, under its bylaws, may provide for the right of members to vote by proxy or by mail, or both; and the conditions manner, form and effects of such votes.

Laws 1917, c. 22, p. 65, § 9; Laws 1923, c. 181, p. 313, § 9.