EDWIN WARFIELD, ESQ., GOVERNOR.

1397

matters and things as may be necessary to carry out the
object and protect the interest of said body corporate, and
to exercise the powers by this Act conferred upon it.
SEC. 2. And be it enacted, That the capital stock of said
body corporate shall consist of one thousand (1,000) shares,

CHAP. 820

of the par value of twenty-five ($25) dollars each, but the
said body corporate shall not undertake the prosecution of
its business until stock to the amount of fifteen thousand
dollars ($15,000), which may be payable in such instalments
as the directors of said body corporate may stipulate, shall
have been subscribed, and at least fifty per cent, paid
thereon, at which time the stockholders may elect a board
of directors, which shall consist of not more than fifteen
directors and not less than seven, who shall serve until the

Capital stock

next annual election, the time of which is to be fixed by the
constitution and by-laws to be adopted by said body cor-
porate ; and the directors so elected may and they are hereby
authorized and empowered to have and exercise in the name
and on behalf of the said body corporate all the rights and
privileges which are intended to be hereby given. The said
board of directors shall at the first meeting of directors after
their election, and at every meeting immediately following
all subsequent elections, elect from their number a president
or vice-president or vice-presidents ; and the said directors
shall also have the power to elect a cashier and to appoint
and employ such other officers, clerks and agents as the
business of said body corporate may from time to time
require.
SEC. 3. And be it further enacted, That the said body cor-

Board of
directors
elected.

porate be and it is hereby authorized to receive money on
deposit, subject to check or otherwise, and to allow interest
on such deposits as it may see fit ; to receive evidences of debt
for collection ; to purchase and hold, bargain and sell, grant,
assign, lease and convey land, or any interest or estate
therein, chattels, choses in action, checks, notes, bills of
exchange, certificates of deposit, warehouse receipts, stocks,
bonds, mortgages on real or leasehold property, and any and
every evidence of debt ; to advance money upon the security
thereof by receiving and holding the same, or accepting
mortgages thereon, and to do the general business of a bank
of discount and deposit ; provided, however, that the pro-
visions of this Article are subject to the legal operations

Authority to
receive
money on
deposit, etc.