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amounts shall be received at the discretion of the direc-
tors, and the regulations so adopted shall not be altered
so as to affect any deposit previously made; no presi-
dent, treasurer, director or other officer or servant of said
corporation, shall directly or indirectly, borrow the funds
of said corporation or its deposits, or in any manner use
the same or any part thereof, except to pay necessary
expenses under the direction of the said board of direc-
tors; all certificates or other evidences of deposit made
by the proper officer of such corporation, shall be as
binding upon the corporation as if they were made un-
der the common seal; it shall be the duly of the direc-
tors of the said corporation to regulate the rate of interest
to he allowed to the depositors, so that they shall receive
as nearly as way be a rateable proportion of all the prof-
its of said corporation, after deducting all necessary ex-
penses; whenever it shall appear that there is an excess
of twenty-five thousand dollars in the possession of said
corporation, after the payment of the usual interest to
the depositors, that sum shall be invested for the security
of the depositors in said corporation, and thereafter at
each annual examination of the officers of said corpora-
tion, any surplus over and above that sum shall in ad-
dition to the usual interest, be divided rateably amongst
the depositors in such manner as the board of directors
may direct; in all cases of loans upon real estate, a suf-
ficient bond or other satisfactory personal security shall
be required of the borrower, and in alt expenses of
searches, examinations and certificates of title, and of
drawing, perfecting and recording papers, shall be paid
by such borrowers, and it shall be the duty of the di-
rectors of said corporation to invest as soon as practicable
in public stocks or public securities or in bonds and
mortgages, as provided for in this act, all sums received
by them beyond an available fund of not exceeding
fifty thousand dollars, which they may keep to meet
the current payments of said corporation, and which
may by them be kept on deposit or interest or other-
wise, in such available form as the directors may di-
rect.
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By-laws.
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SEC. 7. And be it enacted, That the board of di-
rectors of the said corporation shall have power from
time to time to make, constitute, ordain and establish
such by-laws, rules and regulations as they shall judge
proper for the election of their officers, for prescribing
their respective functions and the mode of discharging
the same for the regulation of the times of meetings of
the officers and directors, and generally for transacting,
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