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amended by the directors or a majority of them; and such
by-laws so made in accordance with the objects of this Act
shall be legal and binding until altered, amended or
repealed.
SEC. 9. And be it enacted, That the corporation shall have
power to purchase and hold, bargain and sell, grant, assign
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CHAP. 422
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and convey land or any interest or estate therein, chattels,
choses in action, checks, notes, bills receivable, bills payable,
bills of exchange, due bills, certificates of deposit, warehouse
receipts, stocks, bonds, mortgages on real, leasehold or chat-
tel property, and every evidence of debt; to advance money
upon the security thereof by receiving and holding the same
on such terms as may be agreed upon or established by the
said corporation, or of accepting mortgages or other liens
thereon, and generally to deal in every and all descriptions
of property or properties, personal effects, securities, mort-
gages, bonds, certificates of indebtedness, stock of incorpor-
ated companies, notes, loans or bonds of the United States,
or of any State, city, county or municipality, or of any incor-
porated company, co-partnership, joint stock company or
individual, upon such terms as may be agreed upon or estab-
lished by said corporation.
SEC. 10. And be it enacted, That the said corporation is
hereby authorized and empowered to establish and maintain
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Powers ot the
coporatlon.
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a separate department from its other business in which it
may receive money from any individual or corporation, to be
paid in fixed periodical instalments or otherwise, as may be
provided by the by-laws of said corporation, and may issue
certificates therefor in shares of the par value of one hundred
each, to any amount not exceeding two million dollars, par
value, and may mature the instalment shares by the accumula-
tion of a fund derived from said instalments and moneys
obtained from the investment thereof, and may declare divi-
dends on any or all of said shares; and it shall have power to
lend such funds, so paid in or accumulated, to the sharehold-
ers or members thereof for their use and benefit in acquiring
real estate, erecting houses thereon and removing encum-
brances therefrom, and may repay to each instalment share-
holder his savings when his shares have reached par, or may
repay any and all of said funds at any time when the said
company may desire to repay the same. The said shares
shall not be liable for any of the obligations assumed by
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Separate
department
established.
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