BANKS. 23

49. The affairs of every such corporation shall be managed
and its corporate powers exercised by a board of directors of
such number, not less than eleven nor more than thirty, as
shall from time to time be prescribed in its by-laws. The num-
ber of directors necessary to form a quorum for the transaction
of business may be fixed by the organization certificate or by
the by-laws; such quorum shall not be less than one-third of
the number of directors, and in no case less than seven. No
person can be a director who is not the holder of at least five
shares of capital stock in the corporation. The persons named
in the organization certificate, or such of them, respectively, as
shall become holders of at least five shares of such stock, shall
constitute the first board of directors, and may add to their
number not exceeding the limit of thirty, and shall severally
continue in their office until others shall be elected to fill their
respective places. Such election shall be held at the office of
the corporation, and at such time and upon such public notice,
not less than ten days, by advertisement in at least one news-
paper published in the city or county where said office is
located. Vacancies occurring in the intervals of election shall
be filled by the board. Each director when appointed or elected
shall take an oath that he will, so far as the duty devolves on
him, diligently and honestly administer the affairs of the cor-
poration, and will not knowingly violate, nor willingly permit
to be violated, any of the provisions of law applicable to such
corporation, and that he is the owner in good faith and in his
own right of the number of shares of stock required by this
section, subscribed by him or standing in his name on the
books of the corporation, and that the same is not hypothe-
cated nor in any way pledged as security for any loan or debt.

50. Every trust company incorporated under this Act, and
also every trust company heretofore incorporated under any
law or laws of this State, shall be subject to the provisions of
this Act; provided, however, nothing in this Act shall be con-
strued to repeal, modify or affect any special rights, privileges
or powers conferred upon any trust company heretofore created
under any law of this State by their respective charters, if
said companies were organized and doing business prior to
the passage of this Act.

General Regulations.

51. The words "Banking Institution," as used in this Ar-
ticle, shall be held to mean incorporated banks, savings institu-
tions and trust companies, and not apply to or include build-
ing and loan associations.

52. Every bank and trust company shall keep a stock book,
which shall at all times during the usual hours for the transac-