EDWIN WARFIELD, ESQ., GOVERNOR.

.1349

and laws of this State or of the United States; to elect
directors and generally do, execute and enforce all and
singular such acts, contracts, matters and things as may be
necessary to carry out the object and protect the interests of
said body corporate, and to exercise the powers by this Act
conferred upon it.
SEC. 2. And be it further enacted, That the capital stock
of said body corporate shall consist of one thousand shares

CHAP. 801

of the par value of one hundred dollars each; the said body
corporate shall not, however, undertake the prosecution of its
business until the stock to the amount of twenty-five thousand
dollars shall have been subscribed, and at least fifty per cent,
paid thereon, the balance thereof and of all subsequent sub-
scriptions or issue to be payable in such instalments
as the directors may stipulate, at which time the stock-

Capital stock.

holders may elect fifteen directors, or a less number of
directors, not less than seven, however, who shall serve
until the ensuing annual election, the time of which to be
fixed by the constitution and by-laws to be adopted by
said body corporate; and directors so elected may and
they are hereby authorized and empowered to have and
to exercise in the name and on behalf of the said body
corporate all rights and privileges which are intended to be
herebv given; and they shall, at the first meeting of the

Directors
elected.

directors after their election, and at the first meeting immedi-
ately following all subsequent elections, elect from their
number a president and vice-president or vice-presidents ;
and the said directors shall also have the power to elect a
cashier or treasurer, and to appoint and employ such other
officers, clerks and agents as the business of said body cor-
porate may from time to time require.
SEC. 3. And be it farther enacted, That the corporation

Officers
elscted.

hereby formed shall have the power to receive money on
deposit, subject to check or otherwise, as the depositors and
the board of directors may agree, and to allow interest
thereon at such rate as it may see fit; to deal in real estate
itself or as brokers and agents; to purchase and hold,
bargain and sell, grant, assign, lease, mortgage and generally
deal in lands or any estate or interest therein, and in chattels,
leases, fixture receipts, contracts of conditional sale, licenses,
choses in action, checks, notes, bills of exchange, warehouse
receipts, stocks, bonds, mortgages, bills of sale and evidences

Authority to
receive
money on
deposit, etc.