The Weekly Arizonian., 1870-07-16


 eorporation, the president, secretary or trea- surer being one, shall be a quorum, and the eaid corporation at their annual meeting shall have power to elect president and a trea- surer. who shall give bond in the sum cf ten tbousand dollars for the faithful discharge of the duties of his office and ali such other oi- fcers as may be deemed necessary which officers shall continue in office one year, and until others arc chosen in their estead, and all officers so chosen shall 0e under oath 10 the faithful discharge Of the duties oftheir offices, respectively.
 Sgo 4 And be 1t farther enacted, That said corporation may receive on deposit fer the use and benefit of tAe de epositor5, all sums of money oF-red for that purpose All such sums may be invested in the stock of any bank lncoTpor- ated by Congress, of may 5e loaned on interest t,agy such bank, o1 may be loaned on bonds or notes, with collateral security ot the stokes ofsuch banks at not more that ninety per ceutum of it's par value, CT they may be invest ed atrin1 the pablic funds of the United States, of the several States, or loaned on a pledge ot any of said funds, or invested in loans on moft' races of real estate: Prouidsd, That tue whole am 5unt of stock held by the institd ten at one time in any one bank, both by way ot an investment and as a suresy for loans, shall not exceed one-haIf of the capital stock or such bank, and that not more then three quar- ters of the whole sum deposited iu the institu- ion shall be at any one time invasted Tn mort- gares or real estate. The income or interest 1oali deposits shall be divided among the de- rosltors. or their legal representatives, accord ing to the terms Of interest stipulated; and the principal may be withdrawn at such times or in such manner as the corporation shall in ilI by-laws direct.
 SEC ,, And be it fnrther enacted, That no officer. director, or committee, charged with lac duty of investing the deposits shall borrow any portion thereof, or use the same, except in pavment ofihe expenses of the corporation; aul Ifanv officer, director, agent, or other per- son connected with said bank, and interested with he funds or deposits thereof shall em- Lezzle or iraudulerty convert the same to hli own use. he shall be deemed guilty of larceny and shall on conviction thereof by any cour eomoetent to try the offence, be imprisoned II the penitentiary not less than one CT more thar ten years.
 SEC G. And be it further enactel. That tht subordinate officers aed agents ot said corpora ton shall respectively give such security 10 thejr fidelity and good conduct as the boart of mana gers may from time 70 time require and said board shall fix the salaries oIsuch ot Gcers and agents
 SEC. !. And be 1t further enacted That th uersoas named as corPorat0rs iu the first sec tion of this act shall be authorized to meet an' organize Rajd bank by the election of one 0 iaair number a. president, and one. as wee president, and thereupon shall proceed to cleo sueh persons as they shall select, to be adde 70 their board of managers, so that tEe whoI number of trustees, or managers, includin! claIi nnt sUns.
 SEC. s, And be it further enacted, That thi carDorati0a shall make an annual report t ,onqress of their funds and investments S,i6 retarns shaI specify the following part' ,u.ars, namely: The number of depositors t5tal amount of deposits amount Invested Il bauk stock and deposited in bank on interest amount secured by bauk alOck; amount invest e3In uullic funds; loans on security Of pUbh funds; loans on mortgage of real estate; loan on personal securities amount of cash Ol hand; total dividends Of the year; annual eX aansas of the iustitutiar' all of which shall b certified and sworn to by the treasurer, ant Gve or more of the managers shall also cerHf ..i make oath that the said return Is cor -sc according to tbeir best knowledge an belief
 sc. 9. And De it further enacted, That th bonds of said corporation shall, at all time 6rg,ag their hours of business, be open tC ;a.na.s,on anu examination to the ComPtrolle o.the Currency or dePostors,
 se. l0. Anl be it further enacted Tn; s.-3 c.ruaration may make bylaws for Il ,,are orderly management of their bushes r7t roDnrnant 10 law; may have comon sea which they may change at pieaaurei that a deed, ~rents. covenants and agreement md. h- their treasurer, or auy other perso I. .a..r authority, shall be good and valiC a4t a.d corporation sball have power 10 sC r may be sued, defend and be held
 ser. by the nane aforesaid.
 l. Aud be it further enacted, Tha ta 5 o1-rof5. :o- shall Gle bond, with g,
 e aHa the cisrl ot the supreme court 3as f;5t, 10 beapproved by one of the judg ..s court, to the Uri.ed States, in tt p.- a of two hundred taousand dollar vs cor 3itiaa 10 paT and to satisfy to eve lesosaog CT 4ersop eet,tei, such sum as u ra-.r may entitled to, within thirty da .fer such 6aa8ajt shall b5 demand and ref sal to pay; aad that the said supreme ecu slai, have power to s,qui-e rev bond, al new security, at eug tine they may deem uecesaary Tor .ne interest of parties inte