PHILLIPS LEE GOLDSBOROUGH, GOVERNOR. 931

elected annually at a Stockholders' Meeting, as may be provided
for from time to time by the Constitution and By-Laws of said
Association. The Directors so elected shall hold office for one
year and until the election and qualification of their successors.

SEC. 5. And be it enacted, That the said Corporation be and
it is hereby authorized and empowered through its Board of
Directors to invest the capital stock and accumulated funds of
the said Association for the benefit of its stockholders and mem-
bers, in fee simple, real estate and leaseholds, mortgages, bonds,
stocks of other incorporated companies, individual securities and
other evidences of debt; or in such other property as the said
Association may deem profitable; and that said Corporation be
authorized and empowered to purchase, take, have, hold, own,
and employ all such estates, real, personal or mixed, as may be
obtained with the money aforesaid, and also with any and all
other funds that may come into its possession, in course of its
business dealings; and to sell, convey, grant, mortgage, lease,
assign or otherwise dispose of the same in its discretion, will and
pleasure, and execute, acknowledge and deliver all deeds and
legal instruments for the same.

SEC. 6. And be it enacted, That the following powers and
privileges are also granted the said incorporation: First, to re-
ceive any personal property or estate on storage or safe deposit,
on such terms or rates of charge as may be agreed upon;
Second, to purchase, invest in and sell any kind of property real,
personal or mixed, and to execute deeds, conveyances or assign-
ments or transfers therefor; Third, to receive dposits of money,
securities and other property from any person or Corporation;
and to accumulate the same, and to issue Certificates of deposit
therefore, payable at such times and on such terms, and allow-
ing such rate of interest therefor, as may be agreed upon, not
exceeding the legal rate of interest; provided such Certificate
or bonds do not at any time exceed twice the amount of the
capital stock actually paid in; Fourth, to loan money on promis-
sory and negotiable notes, bonds, bills obligatory or other evi-
dences of debt, with a clause embodied in the same for the pay-
ment of Attorney's Commissions of collection, in case of default
of payment, to be accompanied with personal security or en-
dorsement, or with collectual security, if desired, or both; and
to, purchase with any unemployed funds, bonds, notes, accounts,
orders or other evidences of debt, and to borrow money on the
faith and credit of the Association at such rate of interest, not
exceeding the legal rate as may be agreed upon, and to issue