perpetual succession, and be capable in law to hold
and dispose of property, to sue and be sued, plead
and be impleaded, answer and defend, and be answer-
ed and defended in all courts of law and equity, and
in any other place whatever, and to receive and make
all deeds, transfers, contracts, covenants, conveyances
and grants whatsoever, to have, make and use a
common seal, and the same to change and renew at
pleasure, and generally to do any or every other act
or thing necessary to carry into effect the provisions
of this Act, to make by-laws for the organization of
said bank, so that the same be not contrary to the
laws of this State, or of the United States, and may
have, enjoy and exercise all the powers necessary to
carry out the purposes of a Savings Bank.
SEC. 2. And be it enacted. That the capital stock of
the said corporation shall be fifty thousand dollars,
with liberty to increase the same to two hundred
thousand dollars, to be procured in the manner here-
inafter to be provided, and said capital stock shall be
divided into shares of fifty dollars each.
SEC. 3. And be it enacted, That the said bank shall
have power to borrow money or receive money on
deposit, and pay interest thereon, and to loan money
at any rate of interest allowed by law, or to discount
in accordance with bank usage, taking such security
therefor, either real or personal, as the Board of Direc-
tors of said bank may deem sufficient, may buy and
sell, exchange bills, notes, bonds or other securities,
may accept and hold all such trusts as shall or may
be committed to it by any person, or by the order
and direction of any judge, or any court or tribune,
may make such special regulations in reference to
trust funds, deposits or savings, left for safe keeping,
as shall best aid the parties interested, allowing and
receiving such interest therefor as may be agreed
on, may purchase annuities, real estate, and issue
letters of credit and other commercial obligations,
provided, the said corporation shall not be authorized
to make any bills or notes in the nature of or de-
scription of bank notes.
SEC. 4. And be it enacted. That the affairs of this
bank shall be managed by a Board of Directors, of
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Rights and
powers.
Capital stock
Borrow
money.
Proviso.
Affairs, how
managed.
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