The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1905-10-12

evs. funds and valuables of the bank,
and shall give bond, with security
to be approved by the board. in such
sum as may be required by the board
of directors conditioned for the faith
full and honest discharge of his duties
as such cashier and that he will
faithfully apply and account for all
such moneys, funds and valuables
and deliver the same to the order OF
the board of directors of this bank
or to the person or persons author
lied to receive them.
Section 9.-The president of this
bank shall be responsible for all such
sums of money and property of every
kind as may be entrusted to MS care
or placed i'm his hands by the board
of directors or by the cashier, or
may otherwise come into his hands as
president, and shall give bond, II
required to do so by the board OF
directors conditioned for the faithful
discharge of his duties as such pres
ident, and that he will faithfully and
honestly apply and account for all
sums of money and other property
Of this bank that may come into his
hands as such president and pay
over and deliver the same to the or
der of the board of directors, or to
ar other person or persons author
lied ty the board to receive the
same.
Section 10.-Each and every other
officer or employee shall be respon-
sible for all sums OF money, property
ana funds of every description as may
! from time to time be placed in his
hands by the cashier, or otherwise
! come into his possession. and shall
give bond, ii required, with security
to be approved by the board of di-
! rectops, conditioned for the honest
and faithful dischar~" of his duties,
and that he will faithfully apply and
account for, and pay over all moneys,
property and funds of every descrlp-
! ton pertaining to this bank that may
! come into mis- hands ny virtue of his
! office to the ,order of the board of
! directors or to such person or persons
as may be authorized by the board
! TO receive the same. ~ t@
| Sect on t1.-The bonds Of the OFF,
GERS shall be placed in the custody of
one or more of the directors of this
bank to be designated by the Board of
Directors, to be surrendered by him
or them only by the order OF the
| board. .. "N
Section 12.-Thc seal of this bank
/ shall pc the words: "TI,c Southern
/
4 CIRCLE with the word ''incorporated
| 1905" IN the center.
Section 13.-All transfers and con-
veyanccs Of real estate shall be made
by the bank, under the seal thereof
! lin accordance with the orders of the
Board of Directors, and shall be sign
ed by tho President or Cashier.
| Section Whenever an increase
Of stock shall be determined upon in
l., fIln af
| citation of this bank it shall be the
duty OF the Board of Directors to
cause all the stockholders to be nOti-
fled thereof. and q subscription to be
iopenCd therefor. specifying the terms
! Of payment agreed upon by subscTib-
ers Each Stockholders shall be en-
titled TO subscribe for shares Of the
new bank stock in proportion TO the
number of shares he already owns, but
if any stakeholder shall fail to sub
scribe for such new stock as he may
be entitled to, or to pay his subscrip-
ton according 10 agreement, the Board
Of Directors shall determine what dis
opStion shall be made of the privileges
Of subscribing for the new stock not
taken. ~
Section 15.-This bank shall be
open for business from nine o'clock
a. m to 2 o'clock p. m. each day. ex-
lftItl CuludS3 ana hCtS INO'e9Iil"SNt W
the laws CT this State and the United
states as legal holidays. unless other
wise especially ordered by the Board
Of Directors.
Sect!cn 16.-The Board of Directors
or this bank shall hold regular meet
ncs at their banking house for the
transaction of business on the third
Tuesday Of each month, and should
that day i'm any month fall upon q
holiday. the regular meeting for tina;
month shall be held on such other
day as the directors at the preceding
meeting may order
The board may also hold special
meetings upon the call of the presi-
dent, Of any three or moro members
and whenever there shall not be q
, quorum al regular or special meet
ing. the members present may adj
: journ the meeting from day to day
until a quorum shall be obtained, anG
lany meeting may be adjourned from
time to time by a vote of a majority
: of quorum present but no business
except adjournment shall be trans
acted in the absence of quorum
Section 17.-There shall be 81 com
| - I. IT,