PRIVATE ACTS. 1279

effects as shall have been bona fide pledged or mortgaged to it
by way of security or conveyed to it in satisfaction of debts con-
tracted in the course of its dealings or purchased at sales upon
judgments which shall have been obtained for such debts;
provided, however, that nothing herein contained shall be con-
strued to prevent said corporation from making investment of
its funds in the purchase of such securities as the president and
directors for the time being, may deem safe and beneficial.

Article 15. That all bills or notes which may be issued by
order of the said corporation signed by the president and coun-
tersigned by the cashier or treasurer thereof, promising the pay-
ment of money to any person or persons, his, her or their order
or bearer, though not under the seal of the corporation shall
be binding and obligatory upon the same in the like manner
and with the like force and effect as upon any private person or
persons if issued by him or them in his, her or their private or
natural capacity or capacities; and shall be assignable 'and
negotiable in like manner as if they were so issued by such pri-
vate person or persons, that is to say, those which shall be pay-
able to any person or persons, his, her or their order, shall be
assignable by endorsement in like manner and with the like
effect as foreign bills of exchange now are and those which are
payable to bearer shall be negotiable or assignable by delivery
only.

Article 16. That the shares of capital stock of the corpora-
tion shall be transferrable on the books of the corporation only,
according to such rules as shall be established by the president
and directors, but all debts actually due and payable to the cor-
poration by a stockholder requesting a transfer, must be satis-
fied before such a transfer shall be made, unless the president
and directors shall direct to the contrary.

Article 17. That the capital stock and funds of the corpora-
tion shall be deemed and taken to be personal and not real
estate.

Article 18. The president and directors for the time being
shall give three weeks' public notice in at least two newspapers
published in Washington county, of the time and place of hold-
ing the annual election of directors.

Article 19. That at all meetings of the stockholders of the
corporation created by this Act for the elections and other pur-
poses, no person shall be allowed to vote any share or shares of
stock at such meeting, either in person or by proxy, unless the
said person shall, if required by a stockholder, make oath be-
fore the judges of the election or other officer of the meeting
that he or she, as the case may be, is the lawful and bona fide