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to pay necessary expenses under the direction of the
said Board of Directors; all certificates or other ev-
idences of deposit made by the proper officer of said
corporation, shall be as binding upon the corpora-
tion as if they were made under the common seal; it
shall be the duty of the Directors of said corporation,
to annually regulate the rate of interest to be allowed
to the depositors; the surplus profits to be divided
every three years among the depositors in such manner
as the Directors for the time being may think proper;
after deducting all necessary expenses, and laying by
from said surplus profits such proportion thereof, as
the Directors may see fit, as a reserved fund, until it
amounts to the sum of twenty-five thousand dollars;
which reserved fund shall be invested by the said Direc-
tors for the security of the depositors; in all cases of
loans upon real estate, a sufficient bond or other sat-
isfactory personal security shall be required of the
borrower, and all expenses of searches, examinations,
and certificates of title and of drawing, perfecting and
recording papers, shall be paid by such borrower, and it
shall be the duty of the Directors of said corporation to
invest as soon as practicable in the securities as pro-
vided for in this act, all sums received by them be-
yond an available fund of not exceeding fifty thou-
sand dollars, which they may keep to meet the cur-
rent payments of said corporation, and which may
by them be kept on deposite, on interest, or other-
wise, in such available form as the directors may pre-
scribe.
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Repealed.
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SEC. 2. And be it enacted, That the sixth sec-
tion of the act, passed January session, eighteen hun-
dred and fifty-four, by which this corporation was
created, be and is hereby repealed.
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