as president, and shall give bond, with security to be approved by the board, in the penal sum of -dollars, conditioned for the faithful discharge of his duties as such president, 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 order of the board of directors, or to any other person or persons authorized by the board to receive the same.

10. The teller shall be responsible for all such sums of money, property, and funds of every description as may from time to time be placed in his hands by the cashier, or otherwise come into his possession as teller, and shall give bond, with security to be approved by the board of directors, in the penal sum of dollars, conditioned for the honest and faithful discharge of his duties, and that he will faithfully apply, account for, and pay over all moneys, property, and funds of every description pertaining to this bank that may come into his hands by virtue of his office as teller, 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.

II.—The bonds of the officers shall be placed in the custody of a stockholder of this bank, to be designated by the board of directors, who shall not be one of the bonded officers, to be surrendered by him only upon the order of the board.

12.-The impression made below is an impression of the seal adopted by the board of directors of this bank.

[Impression of Seal.]

13. All transfers and conveyances of real estate shall be made by the bank, under the seal thereof, in accordance with the orders of the board of directors, and shall be signed by the president or cashier.

14.-Whenever an increase of stock shall be determined upon in accordance with the articles of association of this bank, it shall be the duty of the board of directors to cause all the stockholders to be notified thereof, and a subscription to be opened therefor, specifying the terms of payment agreed upon by subscribers. Each stockholder shall be entitled to subscribe

for shares of the new stock in proportion to the number of shares he already owns; but if any stockholder shall fail to subscribe for such new stock as he may be entitled to, or to pay his subscription according to agreement, the board of directors shall determine what disposition shall be made of the privileges of subscribing for the new stock not taken.

15. This bank shall be open for business from

o'clock A. M. to o'clock P. M. each day, except Sundays and days recognized by the laws of this State as holidays.

on

16. The board of directors of this bank shall hold regular meetings at the banking-house for the transaction of business of each week, and should that day in any year fall upon a holiday, the regular meeting for that week 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 president, cashier, or any three or more members, and whenever there shall not be a quorum at a regular or special meeting, the members present may adjourn the meeting from day to day until a quorum shall be obtained; and any meeting may be adjourned from time to time by a vote of a majority of a quorum present, but no business except adjournment shall be transacted in the absence of a quorum.

17.-There shall be a committee, to be known as the exchange committee, consisting of the president, directors, and cashier, who shall have power to discount and purchase bills, notes, and other evidences of debt, and to buy and sell bills of exchange; and who shall, at each regular meeting of the board of directors, make a report of all bills, notes, and other evidences of debt discounted and purchased by them for the bank since their last previous report.

18.-The board of directors may appoint one of its members or an officer of the bank to act as clerk at its meetings.

19.-No officer or clerk of this bank shall pay any check drawn upon it, or pay out money on any order, unless the drawer of such check or order shall, at the time of the presentation thereof, have on deposit in the bank funds sufficient to meet such check or order.

20.-The earnings of this bank shall be disposed of accord

ing to orders of the board of directors, made at regular or special meetings, and no dividend shall be paid to stockholders, or other disposition of earnings made, except upon order of the board.

21.—The organization papers of this bank, as executed and filed with the Comptroller of the Currency, the returns of judges of the elections, the proceedings at all regular and special meetings of the board of directors, the by-laws, and all changes and all amendments thereof, and the report of examining committees of directors, made according to law 28, shall be recorded in the minute-book; and the minutes of each meeting of the board shall be signed by the president and attested by the cashier.

22.-The board of directors shall have power to prescribe and, when expedient, to change the form of books and accounts to be used in the transaction of the business of this bank, and to prescribe the general or particular manner in which its affairs shall be conducted.

23.—The stock of this bank shall be assignable and transferable only on the books of this bank, subject to the restriction and provisions of the banking laws, and a transfer book shall be provided, in which all assignments and transfers of stock shall be made.

24.-Transfers of stock shall not be suspended preparatory to the declaration of dividends; and unless an agreement to the contrary shall be expressed in the assignments, dividends shall be paid to the stockholders in whose name the stock shall stand at the date of the declaration of dividends.

25.- Certificates of stock signed by the president and cashier shall be issued to stockholders, and the certificates shall state upon their face that the stock is transferable only on the books of the bank.

26.—All the current expenses of this bank shall be paid by the cashier, who shall, every six months, or oftener if required, make to the board of directors a detailed statement thereof.

27. All contracts, checks, drafts, &c., for this bank, and all receipts for circulating notes received from the Comptroller of the Currency, shall be signed by the president or cashier.

28. There shall be appointed by the board of directors a

committee of

members thereof, whose duty it shall be to examine every three months the affairs of this bank, to count its cash, and compare its assets and liabilities with the accounts of the general ledger, ascertain whether these accounts and all others are correctly kept, whether the condition of the bank corresponds therewith, and whether the bank is in a sound and solvent condition, and to recommend to the board such changes in the manner of doing business, &c., as shall seem to be desirable, the result of which examination shall be reported to the board at the next regular meeting thereafter. 29.-A majority of the directors, including the president, (or in his absence the vice-president,) shall be a quorum to do

business.

30.-A copy of the by-laws of this bank as in force shall be kept in a convenient place in the bank, to which any stockholder shall have free access during the regular hours of busi

ness.

31.—These by-laws may be changed or amended by the vote of two-thirds of the directors.

Where there is any conflict between the law and articles of association, or between the by-laws and either of the other two, the law takes precedence, the articles of association stand next, and the by-laws must give way to both.

Increase of Capital.

For the law in regard to this, see Section 5142, page 16 of this work. The following is the form of notice required by the Comptroller's office:

" has been increased, pursuant to the articles of association of said bank, in
dollars, all of which has been paid in, and that the paid-up cap-

the sum of
ital stock of said bank now amounts to

dollars.

[BANK SEAL.]

Cashier.

County of

STATE OF

I,

of

true.

do solemnly swear that the foregoing certificate, by me subscribed, is

Cashier.

Subscribed and sworn to before me this

day of

188-.

Reduction of Capital.

For the legal requirements in regard to this, see Section 5143, page 17 of this work. The following is the form of notice required by the Comptroller's office:

"has been reduced by the vote of shareholders owning two-thirds of the stock of the association, in accordance with the provisions of Section 5143 of the Revised Statutes of the United States, in the sum of

paid-up capital stock of said bank since said reduction is

[BANK SEAL.]

dollars, and that the

dollars.

Cashier.

of true.

do solemnly swear that the foregoing certificate, by me subscribed, is

A record of the vote of stockholders should be kept and forwarded with the notice of reduction of capital.

Voluntary Liquidation.

For law, see Sections 5220, 5221, 5222, and 5224, and comments thereon.

The following letter of instructions is sent to banks contemplating voluntary liquidation, from the Comptroller's office: "Under Section 5220 of the Revised Statutes of the United States, any association may go into voluntary liquidation and be closed by the vote of shareholders owning two-thirds of its stock; and, under Section 5221, whenever this vote is taken it shall be the duty of the board of directors to cause notice of this fact to be certified,