JAMES THOMAS, ESQUIRE, GOVERNOR.

1832.

Sec. 3. And be it enacted, That the directors, for the
time being, or a majority of them, shall have power to elect
a President, from their own body, or from the other mem-
bers, to fill all vacancies that may occur in the Directory
or Presidency; to appoint all such officers, agents, and ser-
vants, as they shall deem necessary to conduct or execute
the business of said Corporation; to fix their compensation;
and, in their discretion, to dismiss them; to take bonds for
the said corporation from all or any of the officers, agents,
or servants, by them so appointed, with security, condition-
e'd in such forms as they shall approve, for the faithful ex-
ecution of the duties, of such officers, agents or servants;
and to secure the said corporation from loss; to regulate
the manner of making and receiving deposites; the form of
certificates to be issued to depositors, and the mode of
transferring the same; to invest the funds of said corpora-
tion, and generally to do any such other acts, touching the
same, as they shall deem most safe and beneficial; to ad-
mit members, and furnish proof of such admission; to ex-
dude members when they have not any property in said
corporation; and generally to pass all such by-laws as may
be necessary for the exercise of the aforesaid powers, or
the powers vested in the said corporation, and the same

CHAP. 238.

Powers of director

by-laws, from time to time, to alter and repeal; Provided,
That all such by-laws may be altered and repealed, by a
majority of the members assembled at any annual meeting,
or at any general meeting called in pursuance of any by-
laws made for that purpose, and a majority of the members
present at any annual or general meeting may pass by-laws
which shall be binding upon the Directors; Provided also,
That such by-laws shall not be contrary to any law of this
State, or of the United States.

Proviso.

Sec. 4. And be it enacted, That the said corporation
shall be capable to receive from any free person or persons

May receive de-

posits.

any deposit or deposits of money, and to invest all money
so received in public stock, or other securities, at the dis-
cretion of the Directors, according to the by-laws, in such

Make investments.

manner as they shall deem most safe and beneficial; Provi-
ded, That no President, Director, or Officer, of said Cor-
poration, shall, at any time, owe, or be responsible
thereto, in any sum larger than his clear interest in the

Restrictions.

funds and property of the said corporation; Provided al-
ways, That nothing contained in this act shall be construed
to authorize the corporation hereby intended to be created,
to issue any bill, note, or other device, in the nature of a
bank note

Not to issue notes