BANKS AND TRUST COMPANIES. 327

Fourth. To elect or appoint all necessary officers, agents and servants,
define their duties and obligations, fix their compensation, dismiss them,
fill vacancies and require bonds.

Fifth. To make, amend and repeal by-laws and regulations, not incon-
sistent with law or its articles of organization, for its own government, for
the orderly conduct of its affairs and the management of its property, for
determining the manner of calling and conducting its meetings, the tenure
of office of its several officers, and such other matters as shall be necessary
or convenient for the accomplishment of its purpose.

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 evidences of debt; by
receiving deposits of money upon which interest may be paid; by buying
and selling coin and bullion; by buying and selling exchange, foreign and
domestic; by accepting for payment at a future date, drafts or bills of ex-
change 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 documents conveying or securing title
covering readily marketable staples; by accepting drafts or bills of exchange
drawn upon it having not more than three months' sight to run, by banks
or bankers in foreign countries or dependencies or insular possessions of
the United States for the purpose of furnishing dollar exchange as required
by the usages of trade in the respective countries, dependencies, or insular
possessions, provided that it shall not accept such drafts or bills of exchange
for the purpose of furnishing dollar exchange for any one bank or banker
to an amount not exceeding in the aggregate ten per centum of the paid-up
and unimpaired capital and surplus of the accepting bank unless the draft
or bill of exchange is accompanied by documents conveying or securing
title or by some other adequate security, and provided further that it shall
not accept such drafts or bills of exchange for the purpose of furnishing
dollar exchange in any amount exceeding at any time the aggregate of one-
half of its paid-up and unimpaired capital and surplus; by issuing letters
of credit authorizing the holders thereof to draw drafts upon, it or its cor-
respondents at sight or on time not exceeding one year; and by loaning
money on personal or real security, as provided hereinafter.
Cf. sec. 46; also art. 23, sec. 9.

An. Code, sec. 24. 1910, ch. 219, sec. 24 (p. 13).

24. The subscriptions to the original stock and the direction of the
affairs of the corporation prior to the election of directors shall be in con-
formity with the statutes of the State relating to corporations regulating
such matters, so far as applicable.

An. Code, sec. 25. 1910, ch. 219, sec. 25 (p. 13). 1914, ch. 805, sec. 25.

25. Whenever articles of incorporation are filed with the Bank Com-
missioner, as herein provided, and the bank transmitting the same notifies