The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1859-03-09

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sales upon judgments, which shall have been
obtained for such debts.
SRc. Q. Be It further enacted. That there
shall be meeting Of the members Of the
Hillsborough Savings Institution on the first
day Of April next, or at any other time. and
At such place as the persons above named or
any three Of them shall appoint. and give at
least ten days notice in some one or more
newspapers published in Hillsborough, and
on the first Monday in January. and at such
place annually thereafter as the bylaws Of
said Institution shall provide, for the pur-
pose Of choosing among the members seven
Directors to manage the affairs of said Insti-
tuition for twelve months thereafter, and until
a new election shall take place: Provided,
That each election shall be made within one
month from the expiration Of the term for
which the preceding Directors shall have
been elected and three members first named
above, or upon their refusal or neglect to act,
any three named 10 this act shall be judges
of the FIRST election Of Directorsj and the
Judges of all fsture elections shall be ap-
pointed, aud notice Of such election given in
such manner as the bylaws shall provide.
SEC. s. BE it further enacted, That the
Directors for the time being, or majority Of
them. shall have power to elect a President
from their own body, or from among the other
members to appoint all such officers, agents
and servants as they shall deem necessary to
conduct or expedite the business Of said In
stitution; to fix their compensation, and in
their discretion, to dismiss them; to provide
for the taking Of bonds to said Institution
from all or any Of the officers, agents or SER
wants by them 50 appointed, with security
conditioned in such form. as they shall pre-
scribe for the faithful execution Of their sew
eral duties, and so secure the corporation
from less +; to regulate the manner of making
and receiving deposits; the iorm oi certif
Gates to be issued to depositors. and the man
ner Of transferring stock in said Institution
10 provide for the Investment Of the funds Of
the corporation in such manner as they shall
deem most safe and beneficial 10 provide for
the admission ef members, and furnishing
proof ef such admission; to provide for pay
Ing all necessary expenses Incurred In con-
Quoting the affairs Of the corporation. and
generally TO pass all such bylaws, as shall
or may be necessary TO the exercise OF the
said powers and Of the powers vested in
said corporation by this charter, and the
same bylaws TO alter and repeal: Propided.
that ali such by laws as may be made by the
Directors, mar be altered and repealed by
majority Of the members of said corporation
assembled At any annual meeting, or OF any
general meeting called in pursuance Of any
bylaw made for that purpose. and majority
Of the members may at any general meeting.
or annual meeting. pass bylaws which shall
be binding upon the Directors: Prorided,
that such bylaws shall not be contrary to
the laws Of this State or Of the United States.
SIC. 4. Be il further enacted. That said
corporation shall be capable Of receiving from
any person or persons, or bodies corporate
OF polite. any deposit or deposit. Of money.
and il shall have power 10 invest its funds
in notes. bonds, bills Of exchange, gold and
silver, public stock. or other securities at the
discretion Of the Directors in the manner By
them deemed most safe and beneficial. and
the sane to buy and sell Prouided, that no.
thing herein contained shall be so construed
o authorize this corporation TO issue any
Gill, note or other device in the nature OF a
bank note or certificate 81 deposit.
SEC. S. BE IL further enacted. That such
deposit shall be repaid to zach depostor when
required, at such times and with such inter-
est, and under such regulations as the Board
az Directors shall from time 10 time pre-
scribe. which regulations shall not be altered
60 as to effect any one who may have been
depositor previous TO such alterations aud all
certificates or evidences of deposit made by
the proper alicer, shall be as eaectual TO bind
the corporation as il they were under the
common seal thereof.
sec. o. Be II further enacted. That when
any deposit shall be made By any person be-
ing minor the said corporation may pay
10 such deposition any such sum or sums as
may be due to him or her. az their discretion,
not exceeding two hundred and fifty dollars,
although no guardian shall have been ap.
pointed for such minor, and the receipt orae.
quaintance Of such MINOR shall be as valid as
IL the same were executed By guardian o.
such minor.
Sac. I. he il further enacted, That Il shall
be the duty of the Directors, Ut least ONCE 10
every SIX months. TO appoint Eve competent
members Of said corporation as committee
Of examination, whose duty il shall be TO IN.
vestigate the affairs Of said corporation and
10 make aud publish report thereof in one
or more newspapers printed in Hhlsborough.
or in the State; and IL shall be the duty Of
the Directors on the FIRST day Of January. and
on the first day Of July in each and every
year, to make and declare dividend Of the
interest and profits Of the said corporation
after paying IFS expenses. and the same TO
pay over unto the stockholders or their legal
representatives within ten days thereafter, Il
called on.
SIC. g. BE II further enacted. That no
stakeholder who is debtor 10 the corpora
ton shall be permitted 10 transfer bis stock
until such debt be paid or otherwise secured
70 the satisfaction vi the Directors; who are
hereby authorized to sell and transfer the
same, if the debt 10 not paid.
SIC. Q. BE il fatthei enacted, That IN all
discounts or loans TO be made BY said corpo- |
ration, IL shall not take more than the rate
ofinterest established by the laws OF the State |
az North Carolina which interest shall be
taken in advance at the time Of making such