T. W ATKINS LIGON, ESQUIRE, GOVERNOR.

145

tion, by signing an agreement to that effect in a book
to be provided and kept at the office of the corporation
for the purpose, convert the same or any adequate por-
tion thereof, into share or shares of slock of the par value
of twenty dollars each, which stock shall compose the
capital stock of the said corporation, and the deposits so
converted into stock shall not be withdrawn: the said

shares of stock shall be assignable, if the consent of a
majority of the board of directors be first obtained, by
transfer in person or by attorney, in a book to be kept
for that purpose at the office aforesaid; and every mem-
ber of the corporation shall be entitled at each meeting
of the corporation to elect directors or for any other
purpose, to give one vote for each share of stock such
member may hold at the time of such meeting, all votes
to be given in person or by proxy; Provided, always,
that the whole number of shares of stock which it shall
be lawful thus to create, shall not exceed seven thou-
sand five hundred, and that the directors or a majority
of them, may in their discretion limit the number to
five thousand or any greater number not exceeding
seven thousand five hundred.

Stock assign-
able.

Voting,

Proviso.

SEC. 6. And be it enacted, That the said corporation
shall be capable to receive from any free person or
persons, any deposit or deposits of money, and to in-
vest money so received in public stocks or other secu-
rity, or to loan the same, at the discretion of the direc-
tors, according to the by-laws and in such manner as

Right to re-
ceive deposits.

they shall deem most safe and beneficial; Provided,
always, that nothing contained in this act shall be
construed to authorise the corporation hereby intended
to be created, to issue any bill, note or other device in
the nature of a bank note.

Proviso.

SEC. 7. And be it enacted, That it shall be the
duty of the directors at least once in every six months,
to appoint from the members of the corporation, three
competent persons to investigate the affairs of the said
corporation, and to make a report thereof, which report
shall be recorded in a book kept for that purpose, that
shall he open for the inspection at all times of any de-
positor or member; and it shall be the duty of the
directors on the first Monday of February, and on the
first Monday of August in each and every year, to make
and declare such dividends of the profits as shall have
been made by the investments hereinbefore provided
for, after paying the expenses of the institution, and the
same to pay over to the members or their legal repre-
sentatives within ten days thereafter.

Duty of direc-
tors.