THOMAS G. PRATT, ESQUIRE, GOVERNOR.

18-15.

may sustain after his said failure to pay his proportion
of loss assessed upon him as above mentioned, within
thirty days from demand as aforesaid, shall be remune-
rated or made good by the said corporation; but said act
of delinquency, shall operate as an expulsion of said
member from the said corporation; and such expelled

CHAP. 249.

member shall not be again admitted, unless by a vole of

two-thirds of the board of managers, and upon full pay-
ment of all arrearages.

Vote of two-
thirds.

SEC. 12. And be it enacted, That it shall not be lawful
for the said corporation, to deal in or employ any part of
their funds or monies in buying and selling any goods,
wares or merchandise in the way of traffic or in any bank-
ing operations, or in the purchase and sale of any stocks
or funded debt, created or to be created, under any law of
this State, or any other State, or under any law of the Uni-
ted States; but it shall nevertheless, be lawful for said cor-
poration to make loans of any funds that may accumu-
late in the hands of the treasurer, on bond and mortgage;
provided, that said bond and mortgage shall be on unin-
cumbered real estate, and the same to call in and release
as occasion may require, or the same be judged expedi-
ent and proper by the president and managers.

Not lawful to
buy goods,
wares, or mer-
chandise.

SEC. 13. And be it enacted, That for the further go-

vernment of said corporation, the hoard of managers
shall have power, by the concurrent vole of two-thirds
of its members, to enact and ordain such by-laws not
inconsistent with this act, or with the constitution and
laws of this State, or of the United States, as may be
found requisite to carry out the legitimate purposes of the

Enact by-laws.

said corporation, which by-laws, when ratified and con-
firmed by a vote of two-thirds of the members of the
company, shall be recorded with a copy of this act, in a
book to be kept for that purpose by the secretary, and
shall have upon the members of the said company, upon
the board of managers, and upon all the business opera-
tions of the said company, the same force and effect as if
they were part and parcel of this act; and when such by-
laws are so made, ordained and confirmed, no amendment
or alteration therein shall he made, unless by the consent
of two-thirds of the board of managers, and ratified by a
vote of two-thirds of the members of the company pre-
sent at an annual meeting, as herein before provided for;
and such alteration or amendment, when so made and
confirmed, if not inconsistent with law, shall have the
same force and effect as if part of this act.

Ratified and
confirmed.