Delaware State journal and statesman., 1864-03-15

nee. aRl all such other officers az may be deemed
necessary which officers shall continue in office
one year, and until others are chosen 10 their
stead, aud all officers so chosen shall be under
oath to the faithful discharge of the duties of
their offices, respectively.
Sec. 4. And be Il further enacted, That said
corporation may receive on deposit, for the use
and benefit of the depostors, all SUMS of money
offered for that purpose: Provided however,
That it shall not hold at the same time more
than one thousand dollars of any one depositor,
other than religious or charitable corporation.
All such sums may be invested in the stock Of
any bank incorporated by Congress, or may be
loaned on interest to any such bank, or may be
loaned on bonds or notes, with collateral securi-
iy oil the stock of such banks at not more than
ninety per centum of its par value, or they may
be invested at the public funds of the Uaited
States, of the several States, or loaned on a
pledge of any of said funds, or invested in loans
on mortgages of real estate Provided That the
whole amount of stock held by the institution at
one time in any one bank, both by way of in
vestment and as q surety for loans, shall not ex-
coed one half of its capital stock of such bank,
aud that not more than three quarters of the
whole sum deposited in the institution shall be
at any one time invested in mortgages of real es-
tate The income or interest of oil deposits shall
be divided among tho depositors, or their legal
representatives., according to the terms of inter
est stipulated and the principal may be with
drawn ut such times, or in such manner, as the
corporation shall in its bylaws direct.
Sec. 8. And be il further enacted That no Off
Ger, director, or committee charged with the
duty OF investing the deposits shall borrow any
portion thereof, or use the same, except in pay
ment Of the expenses of the corporation aud if
any officer, director, agent or other person con-
nected with said bank, and interested with the
lunda or deposits thereof, shall embezzle or
"'"''hl'ntly convert the same to his own use, he
w trmed guilty Of arcenoy and shall on
.o"'iction thereof, by any court competent to
try the offence, be impris ned in the penientia-
ry not less than one nor more than ten years.
Sec. And be further enacted, That tho
subordinate officers and agents of said corpora
tion shall respectively give snch security for
their flelity and good conduct as the board Of
managers may from time to time require, and
said board shall fix the salaries Of such officers
aud agents.
ssi Z. And be il further ehacte9, That the
persons named as corporators in the first section
OF this act shall be authorized to meet and or
ganize snid bank by the election of one of their
number as president, and one as vice president,
and thereupOn shall proceed to elect such per-
sous as they shall select, not herein named as
corporators, to be added to their board of mana
gers, so that the whole number of trustees, or
managers, including the president and vice pres
ident, shall not exceed nine persons
Sec. 3. And be il farther enacted, That this
corporation shall make an annual report to Con-
gress Of their funds and investments. Said re-
turns shall specify the following particulars,
namely: The number of depositors; total
amount Of deposits; amount invested 10 bank
stock aud depos ted in bank on interest amount
secured by bank stock; amount invested in pub
lie funds loans security of public funds !:
loans on mortgage Of zeal estate; loans on per
sonal securities amount of cash OH hand total
dividends of the year; annual expenses of the
institution; oil of which shall be certified and
sworn to by the treasurer; and five or more of
the managers shall also certify and make oath
that the said return is correct according to their
best knowledge and belief.
Sec. 8. And be il further enacted, That the
books of said corporation shall, ut all times du
ring their hours of business be open for inspec
tion and examination to the Comptroller OF the
Currency or depositors.
Sec. 10 And be il further enacted, That said
corporation may make bylaws for the more or
derly management of their business not repug-
nant TO law; may have a eommon seal, which
they may change at pleasure; that all deeds,
grants, covenants, and agreements, made by
their treasurer, or any other person by their au.
thoriiy, shall be good and valid and said cor
poration shall have power to sue aud may be
sued, defend and be held to answer by the name
aforesaid.
Sec IL. And be it further enacted, This act
shall lake effect and be iu force from and after
its passage.
Approved, March 1864.