Notwithstanding the foregoing provision for the management of the general affairs of each such association by its board of directors, the control of the policies of such association is hereby reserved to and conferred upon their respective shareholders, who shall by direct vote govern the policies of such associations, including their policies with reference to the declaring of dividends, the setting aside of reserve funds, the method of distributing profits, the amendment of articles of association, the increasing and diminishing of capital stock, and other general policies; each shareholder shall be entitled to but one vote, irrespective of the number of shares owned, which vote may be cast by proxy as herein provided.