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ART. Xl] BANKS. 45
Sixth. To exercise, by its directors, duly authorized officers or
agents, all such powers as shall be usual in carrying on the business of
banking; by buying, discounting and negotiating promissory notes,
bonds, drafts, bills of exchange, foreign and domestic, and other evi-
dences of debt; by receiving deposits of money upon which interest may
be paid; by buying and selling coin and bullion, and by buying and
selling exchange, foreign and domestic; to accept for payment at a
future date, drafts or bills of exchange drawn upon it, having not more
than six months* to run, which grow out of transactions involving the
importation or exportation of goods, or which grow out of transactions
involving the domestic shipment of goods, provided shipping documents
conveying or securing title are attached at the time of acceptance, or
which are secured at the time of acceptance by a warehouse receipt or
other such document conveying or securing title covering readily market-
able staples; and to issue letters of credit authorizing the holders thereof
to draw drafts upon it or its correspondents at sight or on time not
exceeding one year; and by loaning money on personal or real security,
as provided hereinafter.
See notes to this section in volume 1 of the Annotated Code.
Savings Institutions.
1910, ch. 219, sec. 30 (p. 15). 1918, ch. 33, sec. 31.
31. An association for carrying on the business of savings banking,
may be formed by any number of persons, not less than fifteen, citizens,
of the United States, and a majority of them citizens of this State, who
shall enter into articles of association which shall specify the object for
which the association is formed and shall state: The name by which
the savings institution is to be known, the village, town or city and!
county where such institution is to be located, the names and residences
of the members thereof, the date on which it is proposed to commence
operations, the number of directors proposed to manage the association's
affairs, which shall not be less than five, who must be members of the
association, and the names and residences of the directors who shall
serve the first year. The articles of association shall be executed in
triplicate by the persons joining therein before any officer authorized
to take acknowledgments, and then filed with the Bank Commissioner
for examination. The Bank Commissioner shall thereupon ascertain
from the best sources of information at bis command, and by such
investigation as he may deem necessary, whether the character, responsi-
bility and general fitness of the person or persons, named in such
certificate, are such as to command confidence and warrant belief that
the business of the proposed corporation will be honestly and efficiently
conducted in accordance with the intent and purpose of this Article,
and whether the public convenience and advantage will be promoted by
allowing such proposed corporation to engage in business. After the
Bank Commissioner shall have satisfied himself by such investigation
whether it is expedient, and desirable to permit such proposed corpora-
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