EDWIN WARFIELD, ESQ., GOVERNOR.

755

pose of property, both real and personal, to sue and be sued
in courts of law, equity, and any other place; to receive and
make all deeds, transfers, contracts and conveyances what-
ever; to have and use a common seal, and the same to
change, alter and renew at pleasure, and generally to do
every other act or thing necessary to carry into effect the
provisions of this Act or to promote the objects or designs
of said corporation.
SEC. 2. And be it enacted, That the capital stock of the
said corporation intended to be created by this Act shall be

CHAP. 418

one hundred thousand dollars, in shares of ten dollars each,
to be paid as the shareholders may determine; and privilege
is hereby given to said corporation to increase the capital
stock to one million dollars whenever it shall be determined
by the unanimous vote of the board of directors.
SEC. 3. And be it enacted, That the affairs of said corpora-
tion shall be managed by a board of seven directors, who are

Capital stock.

to be elected annually in the month of May by the stock-
holders, and that the first directors of said corporation shall
be elected by the persons named in the first section of this
Act within ninety days from the date of this Act, said direc-
tors thus first elected to serve until the annual meeting in
May following; said directors shall, within ninety days after
the passage of this Act, and annually in the month of May
thereafter, elect from their number a president, vice-presi-
dent, secretary and treasurer, and such other officers as they

Election of
directors.

may see fit; a majority of said directors shall form a quorum
and be fully authorized for the transaction of any business ;
and said board of directors shall have full power, from time
to time, to make laws, rules and regulations as in their judg-
ment they may deem necessary for the welfare of said cor-
poration; they shall also fix the amount of bond to be given
by the officers for the faithful discharge of their respective
duties, and to regulate the salaries to be paid them.
SEC. 4. And be it enacted, That said corporation shall have
power to borrow money, receive money On deposit, to loan

Quorum.

money or to discount notes 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
buy and sell bills of exchange, notes, bonds or other securi-
ties; may accept and hold all such trusts as shall or may be
committed to it by any person or by the order or discretion

Discretionary
powers
granted to
corporation.