T. WATKINS LIGON, ESQUIRE, GOVERNOR

461

the said board of trustees; all certificates and other evi-
dences of deposits made by the proper officers of such
corporation shall be as binding upon the corporation as if
made under the common seal; it shall be the duly of the
trustees of the said corporation to regulate the rate of in-
terest to be allotted to the depositors, so that they shall
receive as nearly as may be a rateable proportion of all
the profits of said corporation, after the deducting all
necessary expenses whenever it shall appear that there
is an excess of twenty-five thousand dollars in the pos-,
session of said corporation, after the payment of usual,
interest to the depositors; that sum shall be invested
for the security of the depositors in said corporation,
and thereafter annually in the month of January in
each year, any surplus over and above said sum shall,
in addition to the usual interest, be divided rateably
among the depositors in such manner as the board of
managers shall direct; in all loans upon real estate, a
sufficient bond or other satisfactory personal security
shall be required of the borrower, and all expenses of
searches, examinations and certificates of title, and of
drawing and recording papers shall be paid by sued
borrower; and it shall be the duty of the trustees of
said corporation, to invest as soon as practicable in pub-
lic slock, or public securities, or in bonds and mort-
gages, 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 on interest or otherwise in
such available form as the trustees may direct.

SEC. 7. And be it enacted, That the board of
trustees of 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 pro-
per 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 trustees, and generally for transacting,
managing and directing the affairs of the corporation;

By-laws.

Provided, such by-laws, rules and regulations are not
repugnant to this act, to the constitution or laws of this
State, or of the United States.

Proviso.

SEC. 8. And be it enacted, That the subordinate
officers and agents of the said corporation shall respec-
tively give such security for their fidelity and good con-
duct, as the board of trustees may from time to time

Security of
officers.