ALBERT C. RITCHIE, GOVERNOR. 101

and Trust Companies", sub-title "Trust Companies", be
and the same is hereby repealed and re-enacted, with
amendments, to read as follows:

50. 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 five nor
more than thirty, as shall from time to time be prescribed
in its by-laws. The number 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 direc-
tors, and in no case less than four. No person can be
a director who is not the holder of at least five hundred
dollars ($500. 00) par value of the capital stock in the cor-
poration. The persons named in the organization certifi-
cate, or such of them respectively, as shall become holders
of at least five hundred dollars ($500. 00) par value 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 adver-
tisement in at least one newspaper published in the city or
county where such office is located. Within fifteen days
after the date on which the annual meeting of stockholders
is held, the directors elected at such meeting shall, after due
qualification, hold a meeting at which the officers of the cor-
poration shall be elected and hold their offices for one year
and until their successors have been elected and qualified,
unless sooner removed by the Board of Directors. Vacan-
cies 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 violated, any of the provisions of law applic-
able to such corporation, and that he is the owner in good
faith and in his own right of the par value 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
hypothecated nor in any way pledged as security for any
loan or debt.

SEC. 2. And be it further enacted, That this Act is
hereby declared to be an emergency law and necessary for