by the members of the association as may be enti-
tled by the constitution of said association to vote
at such annual election; and to hold their offices
until their successors are elected.

Annual elec-
tion.

Sec. 4. And be it enacted, That the annual elec-
tion for officers of said corporation shall be held
on the first Monday of October in each year, but a
failure to elect on that day shall not work a for-
feiture of the corporate powers or any of the rights
or privileges hereby granted.

Tenure of of-
fice-vacancies.

Sec. 5. And be it enacted, That the several offi-
cers of said association at the time of the passage
of this Act, shall continue to hold their respective
offices until the next annual election, and in case
vacancies should occur before said annual election
or at any time thereafter, they shall be filled in
the manner provided for in the constitution of said
association.

Property to
vest.

Sec. 6. And be it enacted, That all personal pro-
perty, money, books, or securities now held by said
officers or either of them, or any other person in
trust for them, or the said association, shall vest
and become the property of said corporation, and
may be sued for and recovered in the name of said
corporation.

Powers of
corporation.

Sec. 7. And be it enacted, That said corporation
may receive and make deeds and contracts; make,
have, and use a common seal, and the same alter
or renew at pleasure; and make such by-laws for
the government and management of the corpora-
tion as they may deem proper, which will not
divert the estate, property and funds from the gen-
eral purposes and objects specified in the first sec-
tion of this Act.

No compen-
sation.

Sec. 8. And be it enacted, That the officers of
said corporation named in the first section of this
Act, or their successors, shall receive no compen-
sation for their services.

No banking
privileges.

Sec. 9. And be it enacted, That nothing con-
tained herein shall be construed as granting any
banking privileges or authorizing the issuing of
any note or device to be used as currency.

Reservation.

Sec. 10. And be it enacted, That the General
Assembly reserves to itself the right to alter,
amend, or annul this Act at its pleasure.