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of all future elections shall be appointed, and notice of
such election given, as the by-laws shall provide.
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 among
the members, to appoint all such officers, agents and
servants, as they shall deem necessary to conduct or
execute the business of said Institution; to fix their
compensation and, in their discretion, to dismiss them
to provide for the taking of bonds to the said Institu-
tion from all or any of the officers, agents or servants,
by them so appointed, with security conditioned in such
form as they shall prescribe for the faithful performance
of their several duties, and secure the corporation from
loss; to regulate the manner of making and receiving
deposits; the form of certificates to be issued to the de-
positors, and the manner of transferring stock in the
said Institution; to provide for the investment of the
funds of the corporation, in such manner as they shall
deem most safe and beneficial; to provide for the ad-
mission of members, and furnishing proof of such ad-
mission; to provide for all the necessary expenses in-
curred in conducting the affairs of the corporation,
and generally to pass all such by-laws as shall or may
be necessary to the exercise of said powers, and of
the powers vested in said corporation by this charter,
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CHAP. 294.
Power of di-
rectors.
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and the same by-laws to alter and repeal; Provided,
that all such by-laws as may be made by the directors,
may be altered and repealed by a majority of the mem-
bers of said corporation assembled at the annual meet-
ing, or any general meeting, called in pursuance of any
by-laws made for that purpose; and a majority of the
members of any annual or general meeting may pass
by-laws, which shall be binding upon the directors ;
Provided, that such by-laws shall not be contrary to
the laws of this State, or of the United States; And
provided further, that no person shall be an officer or
director of this Institution, who is an officer or director
of any other monied Institution.
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Provisoes.
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SEC. 4. And be it enacted, That the said corporation
shall be capable of receiving from any person or per-
sons, or bodies corporate or politic, any deposit or de-
posits of money, and that all monies so received shall
be invested in public stocks or other securities, at the
discretion of the directors, in the manner deemed most
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Capable of re-
ceiving depo-
sits of money.
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safe and beneficial; Provided, always, that nothing
herein contained shall be construed to authorise this
corporation to issue any bill, note or other device in the
nature of a bank note.
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Proviso.
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