EDWIN WARFIELD, ESQ., GOVERNOR.

1167

ances whatever; to have and use a common seal and the same

to change, alter and renew at pleasure, and generally to do

every other act or thing necessary to carry into effect the pro-

visions of this Act or to promote the objects or designs of said

corporation.

SEC. 2. And be it enacted, That the capital stock of the said

corporation intended to be created by this Act shall be ten

Capital stock.

thousand dollars, in shares of fifty dollars each, to be paid as

the shareholders may determine, and privilege is hereby given

to said corporation to increase the capital to twenty-five thou-

sand dollars whenever it shall be determined by the unani-

mous vote of the board of directors.

SEC. 3. And be it enacted, That the affairs of this corpora-

tion shall be managed by a board of nine directors, who are to

Management

be elected annually in the month of January by the stock-

by a board of

directors.

holders, and that the first directors of said corporation shall

be elected by the persons named in the first section of this Act,

said directors thus first elected to serve until the annual meet-

ing in January following. Said directors shall, as soon as they

deem it expedient, and annually in the month of January there-

after, elect from their number a president, vice-president, sec-

retary and treasurer, and such other officers as they may see

fit. A majority of said directors shall form a quorum and be

fully authorized for the transaction of any business, and said

board of directors shall have full power, from time to time, to

make such by-laws, rules and regulations as in their judgment

they may deem necessary for the welfare of said corporation ;

they shall also fix the amount of bond to be given by the officers

for the faithful discharge of their respective duties, and to reg-

ulate the salaries to be paid them.

SEC. 4. And be it enacted, That said corporation shall have

power to borrow money, receive money on deposit, to loan

General pow-

money or to discount notes in accordance with bank usage,

ers of the cor-
poration.

taking such security therefor, either real or personal, as the

board of directors of said bank may deem sufficient, may buy

and sell bills of exchange, notes, bonds or other securities;

may accept and hold all such trusts as shall or may be com-

mitted to it by any person, or by the order or direction of any

judge or court of tribunal, may make such special regulation

in reference to trust funds and special or other deposits as the

board of directors may think advisable; may purchase and

hold, or sell real and personal estate and property; may issue

letters of credit and other commercial obligations, and gen-

erally may do and transact a general banking business.