ELIHU E. JACKSON, ESQUIRE, GOVERNOR.

653

bonds are required of individuals outstanding uncompleted; but

its income if not needed at any dividend time to make good such

undertakings, may be added to and disposed of with the general

income of this company.

SEC. 16. And be if enacted, That upon all moneys received by

this company, as depository under the order of any court, interest

shall be allowed by this company at not less than the rate of one

per cent, per annum; and when the annual income of an infant,

of whose estate this company shall be guardian, shall exceed the

Interest.

sum allowed, or which may be sufficient for the education and

support of such infant, such surplus income may be accumulated

by this company for the benefit of such infant, by adding inter-

est on the whole as a new principal, and the interest so to be

allowed and added in such accumulation, shall in no case be less

than two per cent, per annum.

SEC. 17. And be it enacted, That no loan shall be made by this

company to any director, officer or employee thereof; and any di-

rector or directors, or other person or persons connected with this

company, making or consenting to any such loan directly or in-

No loan to

directly, or knowing that such loan is made, and failing to inform

employees

tha board of directors thereof at its next meeting, after obtaining

such knowledge, shall be liable to this company for the amount

so loaned, with interest thereon, and all expenses, including coun-

sel fees, incident to collecting the same.

SEC. 18. And be it enacted, That it shall be the duty of the di-

rectors of this company, by a committee of not less than three of

their number, at least twice in each year, to thoroughly examine

the books, vouchers and assets of this company, and its affairs

generally, and such committee may, if it deem necessary, employ

at the expense of this company an expert accountant to aid it in

making such examinations, and it shall be the duty of said com-

Statement

mittee, as speedily as practicable, after any such examination has

been completed, to prepare a statement showing the assets and

liabilities of this company, and to present to the board of directors,

verified by the oath or affirmations of the directors, or a majority

of them who made such examination, and by the oath or affirma-

tion of such accountant, where one is employed; and any wilful

false swearing thereto shall be deemed perjury, and be subject to

the prosecution and punishment prescribed by law for that of-

fense.

SEC. 19. And be it enacted, That it shall be lawful for this com-

pany to sell at public auction or private sale, in its discretion, all

property of what kind soever mentioned or specified in any con-

To sell.

tract or agreement between this company and other parties, after

ten days shall have elapsed from the time of maturity of any

obligation under said contract or agreement, or immediately upon

the discovery of any fraud, misrepresentation or concealment in