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CHAP. 473
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five, however, who shall serve until the ensuing annual elec-
tion, the time of which is to be fixed by the Constitution
and by-laws to be adopted by said body corporate, and the
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 hereby given, and they shall, at the
first meeting of the directors after their election, and at their
meeting immediately 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 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 further enacted, That the said body cor-
porate be and it is hereby authorized to receive money on
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May receive
money on
deposit, etc.
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deposit, subject to check or otherwise, and allow interest on
such deposits as it may see fit; to receive evidences of debt
for collection, and chattels, stocks and all paper writings on
storage, upon such terms as may be agreed upon; and said
body corporate shall also have power, and is hereby author-
ized 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 generally to deal in every and all description of
properties, personal effects, securities, mortgages, land, cer-
tificates of indebtedness, stocks of incorporated companies,
loans, bonds of the United States, or of any State, county or
municipality, or of any incorporated company or individual,
and to exercise all the powers and privileges of a bank of
discount and deposit.
SEC. 4. And be it further enacted, That said body corporate
shall have power to act as the fiscal or transfer agent or
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Authority to
act as fiscal
or transfer
agent, etc.
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depository of any State, municipality, body politic or corpo-
rate, and in such capacity to receive and disburse money,
and transfer, register and countersign certificates of stock,
bonds or other evidences of indebtedness, and to receive and
manage any sinking fund of any corporation on such terms
as may be agreed upon.
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