T. WATKINS LIGON, ESQUIRE, GOVERNOR

459

sary to carry into effect the provisions of this act and
promote the designs of said corporation.

SEC. 2. And be it enacted, That the real estate
which it shall be lawful for the said corporation to pur-
chase, hold and convey, shall be: first, such as may
be requisite for its immediate accommodation for the
convenient transaction of its business, such as shall
have been mortgaged to it in good faith for moneys
loaned in pursuance of the provisions of this act;
third, such as shall have been purchased at sales upon
judgments or decrees obtained or rendered for moneys
so loaned; and the said corporation shall not purchase,
hold or convey, real estate in any other case, or for any
other purpose, and all such real estate as is described in
the second and third subdivisions of this section, shall be
sold by the said corporation within seven years after the
same shall be vested in it by purchase or otherwise, and
the said corporation skill not directly or indirectly deal or
trade in buying or selling any goods, wares or commo-
dities whatsoever, except in the cases when it is autho-
rised to do so by the terms of this act, and except
such personal property as may be requisite for its im-
mediate accommodation for the convenient transaction
of its business.

Purposes for
which real es-
tate shall be
held.

SEC. 3. And be it enacted, That the trustees of said
corporation shall not as such directly or indirectly re
ceive any payment or emolument for their services.

Directors not
to receive
pay.

SEC. 4. And be it enacted, That the business of
the said corporation shall be managed and directed by
the said hoard of trustees, who shall elect from their
number a president, two vice presidents, and such other
officers as they may see fit, eight of said trustees of
whom the president and one of the vice presidents
shall he one, shall form a quorum for the transaction of
business, and the affirmative vote of at least seven

Management.

members of the board shall be requisite in making any
order for or authorising investments of any moneys,
or the sale or transfer of any stock or securities belong-
ing to said corporation, or the appointment of any offi-
cer receiving any salary therefrom.

Quorum.

SEC. 5. And be it enacted, That persons named
in the first section of this act, shall be the first trustees
of the said corporation, and all vacancies by death, re-
signation or otherwise, in the office of trustees, shall be
filled by the board by ballot, without unnecessary de-
lay, and at least six votes shall be necessary for the

First direc-
tors.