JOHN LEE CARROLL, ESQUIRE, GOVERNOR. 409

SEC. 3. And be it enacted, That said bank shall
have power to borrow money or receive money on	Power to bor-
deposit, and pay interest thereon, and to loan money	row or lend.
at any rate of interest allowed by law, or to dis-
count in accordance with bank usage, taking such
security therefor, either real or personal, as the board
of directors of said bank may deem sufficient ; may	May buy and
buy and sell exchange, bills, notes, bonds or other	sell.
securities; may accept and hold all such trusts as	Hold trusts.
shall or may be committed to it by any person, or
by the order and direction of any judge or any court
or tribunal ; may make such special regulations in reference to trust funds, deposits or savings left for
safe keeping, as shall best aid the parties interested,
allowing and receiving such interest therefor as may
be agreed on ; may purchase annuities, real estate,
and issue letters of credit and other commercial ob-	Shall not
ligations, provided the said corporation shall not be authorized to make any bills or notes in the nature	issue bank notes for cir- culation.
or description of bank notes for circulation.
SEC. 4. And be it enacted, That the affairs of said
bank shall be managed by a board of directors of	Managed by a
not less than seven persons, who shall be elected an-	board elected
nually from among the stockholders, after not less	annually.
than ten days' notice to the stockholders of said elec-
tion, such election shall be by ballot, a plurality of
votes shall elect ; every stockholder shall be entitled
to one vote for every share of the capital stock stand-
ing in his or her name on the books of the bank, and
may vote in person or by written proxy ; the direc-
tors to hold over until their successors are elected
and qualified ; the first election of directors shall	First election
take place when not less than ten thousand dollars
of the capital stock has been subscribed for and ac-
tually paid in, and any three of the corporators here-
in named may open books for subscription to the
capital stock at any time ; the directors shall elect a	Elect. presi-
president annually from their own number, and	dent.
elect such other officers and make such by-laws,
rules and regulations as may be necessary for the
prosecution of the business of the bank ; they shall
call for the capital stock to be paid in as they shall	Call for capi-
think proper, on due notice to stockholders by instal-	tal stock.
ments, at uniform intervals of time, in sums not
greater than five dollars per month on each share,