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May elect
directors.
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time the stockholders may elect fifteen directors, or a less
number of directors, not less than twelve, however, who shall
serve until the ensuing annual election, the time of which to
be fixed by the constitution and by-laws to be adopted by said
body corporate; and directors so elected may and they are
hereby authorized and empowered to have and to exercise in
the name and on behalf of the said body corporate all rights
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Shall elect
president and
other officers.
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and privileges which are intended to be hereby given, and
they shall, at the first meeting of the directors after their elec-
tion, and at their first meeting immediately following all sub-
sequent elections, elect from their number a president and
vice-president or vice-presidents, and the said directors shall
also have the power to elect a cashier or treasurer, and to
appoint and employ such other officers, clerks and agents as
the business of said body corporate may, from time to time,
require.
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Manner of
conducting
business.
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SEC. 3. And be it further enacted, That the said body cor-
porate be and it is hereby authorized to receive money on
deposit subject to check, or otherwise, and allow interest on
such deposits, as it may see fit; to receive evidences of debt
for collection, chattels, stocks, and all paper writings on
storage, upon such terms as may be agreed upon; to collect
rents, ground rents, interest on mortgages, dividends and in-
comes of all kinds, upon such terms as it may arrange; and
said body corporate shall also have the power and is hereby
authorized to purchase and hold, bargain and sell, grant,
assign, lease and convey land or any interest or estate therein,
chattels, choses in action, checks, notes, bills of exchange,
certificates of deposit, warehouse receipts, stocks, bonds, mort-
gages on real or leasehold property, and any and every evidence
of debt; to advance money upon the security thereof by receiv-
ing and holding the same, or accepting mortgages thereon,
and generally to deal in every and all descriptions of proper-
ties, personal effects, securities, mortgages, lands, certificates
of indebtedness, stocks of incorporated companies, loans on
bonds of the United States, or any city, county or munici-
pality, or of any incorporated company or individual.
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May increase
its capital
stocks.
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SEC. 4. And be it further enacted, That said body corporate
shall have the right, from time to time, to increase its capital
stock up to twenty thousand shares of the par value of twenty-
five dollars each; provided, the holders of two-thirds of the
stock then issued vole in favor of such increase.
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