PHILLIPS LEE GOLDSBOROUGH, GOVERNOR. 1487

mitting the same notifies the Bank Commissioner that its neces-
sary or required capital has been duly paid in, in cash, and
that such bank has complied with all the provisions of this
Act required, before the bank shall be authorized to commence
business the Bank Commissioner shall examine into the condi-
tion of such bank, ascertain whether or not the capital to the
extent of at least one-half has been paid in, the name and
place of residence of each of its directors, and whether such
bank has complied with all the provisions of law required to
entitle it to engage in the business of banking. If, upon such
examination, it appears that such bank is lawfully entitled to
commence business, the Bank Commissioner shall forthwith
give to such bank a certificate, under his hand and official seal,
that such bank is authorized to commence business. If the
Bank Commissioner has reason to believe that the stockholders
have formed the same for any other than the legitimate business
contemplated by this Act, he may, with the advice and consent
of the Governor, withhold the certificate herein mentioned.

SEC. 49. The affairs of every such corporation shall be man-
aged 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 transac-
tion 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, which stock shall
represent at least $500.00 par value. 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 con-
stitute the first board of directors, and may add to their num-
ber, not exceeding the limit of thirty, and shall severally con-
tinue in their office until others shall be elected to fill their re-
spective 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 elections 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 corporation,
and will not knowingly violate, nor willingly permit to be vio-