SEC. 4. Be It enacted, That the corporation may, at
any time prior to the period at which the several
instalments to he paid on a share or shares shall be
completed, purchase or redeem the same, and advance
to the holder thereof, for such premium as may be
agreed upon, the par value of three hundred dollars
per share, at such a sum or price as the said holder
thereof may agree to receive, or they may loan the
said sum for a term of years, deducting the interest
thereof in advance, in either case on payment of said
sum of money the corporation to receive from the
said holder a transfer of all his or her interest in
such share or shares, and also security by way of
mortgage on real, leasehold or personal property; the
said mortgage to be conditioned for the payment by
said holder, or his or her legal representatives or
assigns, the unpaid instalments on said share or
shares, together with interest where it may not have
been deducted in advance on the sum so paid or
advanced, and all penalties incurred under the by-
laws in respect thereof; shares when thus redeemed
or advanced on shall be cancelled, and an equal
number of new shares may be issued in their stead.
SEC. 5. And be it enacted, That the Board of Direc-
tors are fully empowered to employ all officers,
agents and servants necessary to fulfill the objects
aforesaid; to dismiss the same; to allow compensa-
tion thereto; and, in their discretion, to require bond
for the faithful discharge of the duties of such officers
and agents; to make all such by-laws as may be
necessary for the government of its officers and con-
duct of its affairs, and the same to alter and repeal at
pleasure; and especially to levy such fines or for-
feitures for non-payment of instalments upon unre-
deemed shares at the time fixed by the by-laws for
the payment of the same, as they may deem neces-
sary.
SEC. 6. And be it enacted. That each stockholder
shall be liable to the amount of Ins or her- share or
shares of stock for all its debts and liabilities upon
note, bill, or otherwise; and the hooks, papers and
accounts of said bank shall be open to inspection
under such regulations as may be prescribed by law.
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May purchase-
and redeem
shares.
Transfer to
be made.
Powers of the Board of
Directors.
Liability of
stockholders.
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