The Montana post., 1868-12-25

First. such shall be requisite for its imme-
disis accommodation in the convenient transactiou
Second. Such as shall have been mortgaged to
il IN good faith by way of security for loans Pre
viously contracted for moneys due; or
Third. Sucq ss shall have been conveyed 10 IL
in satisfaction Of debts previously contracted, In
the course Of its dealings; or
Fourth. Such ~ shall have been purchased at
salos upon judgemeu's DEGREES. or mortgages OBJ
tanned made for such dsots
The said corporation shall not purchase, hold. or
coavey real estate In any other case or for any
other purpose: and all such real estate shall not
be necessary for the accommodation Of said
pany in the convenient transaction OF its business,
shall be sold and disposed OF within six years
the same; and IL snail not be lawful for the said
company to hold such real estate for longer
period than that above mentioned,
SEC. Q. Ind be u further enacted, That the
board Of directors shall have power 10 invest the
capital stock and accumulated prohts surplus
funds Of the said company n such securities and
In such marne As they may elect. but the stock.
holders of this company shall not be liable for any
loss damage. responsibility beyond the amoont
Of stock subscribed by them respectively and any
profits accruing therefrom and undivided, and the
premium reserve rel insurance fund. shall be in
vested in or loaned upon, the following secures,
and no other
First The real estate, as herein described.
Second. Bonds and mortgages uneucum-
bered real estate, worth. 10 each case. at least
double the amount loaned
Third- Stocks Of the United States Of America.
Incorporated cities therein.
SEC. q. Ind be az further en0eted. That the
directors shall be elected annually by the stock
holders on the second Tuesday OF March, and they
shall elect from their number, at the first meeting
of the board after their electoo president and q
vice president, aud shall have poAer TO appoint
cashier and a secretary, and such other officers.
clerks aud agents a the business of the company
may require and 10 I'LL vacancies occasiOned by
death or resignation in sad board. All elections
for directors shall be by ballot. aud every stock
holder shall be entitled to vote for each share
of the stock held by him but person shall be
eligible director who is not stockholder to the
amount of twenty shares.
SEC. g. aHd be it jurther enacted That ten
days notice shall be given by publication in two
papers, published IN the city of Washington, OF
the time and place of the annual election, which
election shall be conducted by three stockholders,
who shall be appointed for that purpose by the
one OF whom shall act as Judge and the other two
inspectors.
SEC O. Aad be a further enacted That the
directors shall have power to declare such diyi.
dends of the profits OF the company they may
deem proper PrOpided. That no dividend shall be
declared when the capital stock would be impaired
thereby
SEC. To- And be e. further enacted, That the
o1ce of the company shall be loo ited 10 the city
of Washington, in the District Of Columbia, aud
said company may establish branches or agencies
elsewhere. subject to the laws Of the States re-
spectiveIy, in which they may be established.
SEC. H. .4nd be IL further enacted, That Con-
gress may at any time alter or amend this act of
incorporation.
APprove ed. July -. 1865.