EDWIN WARFIELD, ESQ., GOVERNOR.

1047

porate; 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 and privi-

leges which are intended to be hereby given, and they shall,

at the first meeting of the directors after their election, and

at their meeting immediately following all subsequent elections,

elect from their number a president and vice-president or

vice-presidents, and the said directors shall also have the power

Directors to

to elect a cashier, and to appoint and employ such other officers,

elect cashier.

clerks and agents as the business of said body corporate may

from time to time require.

SEC. 3. And be it further enacted, That the said body corpo-

rate be and it is hereby authorized to receive money on

Authority

deposit subject to check, or otherwise, and allow interest

given same as

on such deposits as it may see fit; to receive evidence of debt

granted to
other like

for collection, chattels, stocks and all paper writing, on storage,

banks.

upon such terms as may be agreed upon; and said body cor-

porate 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, mortgages 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 properties,

Loans on
bonds.

personal effects, securities, mortgages, land, certificates of in-

debtedness, stocks of incorporated companies, loans on bonds

of the United States, or of any State, county or municipality,

or of any incorporated company or individual.

SEC. 4. And be it enacted, That said body corporate shall

have the right, from time to time, to increase its capital stock

Increasing its

up to twenty thousand shares of the par value of twenty-five

capital stock.

dollars each provided the holders of two-thirds of the stock

then issued vote in favor of such increase.

SEC. 5. And be it enacted, That the directors of said body

Directors'

corporate shall have the power to declare such dividends of the

right to de-
clare divi-

profits of said body corporate as they may deem proper, pro-

dends.

vided that no dividend shall be declared when the capital stock

will be impaired thereby.

SEC. 6. And be it enacted, That the stockholders of the said

body corporate shall be liable to the amount of their respective
share or shares of stock in said body corporate for all its

Stockholders'
liability.

debts and liabilities upon note, bill or otherwise.