Page:1889 North Dakota Session Laws.pdf/103

 ing to form the association, and a copy of them shall be forwarded to the Secretary of State of the State of North Dakota.

§ 2. CERTIFICATE.] The persons uniting to form such an organization shall, under their hands, make an organization certificate which shall specifically state:

First. The name assumed by such association, which name shall not be that of any other bank in the State.

Second. The place where the business of discount and deposit are to be carried on.

Third. The amount of the capital stock, and the amount into which its shares are to be divided.

Fourth. The names and places of residence of the shareholders and the number of shares held by each of them.

Fifth. The period at which such bank shall commence and terminate busıness.

§ 3. CERTIFICATE TO BE FILED WITH SECRETARY OF STATE.] The organization certificate shall be acknowledged before a clerk of some court of record or notary public, and shall be, together with the acknowledgment thereof, authenticated by the seal of such court or notary, recorded in the office of the register of deeds in the county where such bank may be established, and such certificate thus authenticated shall be transmitted to the Secretary of State, who shall record and carefully preserve the same in his office.

§ 4. POWERS.] Upon duly making and filing articles of association and an organization certificate, the association shall become as from the date of the execution of the same, a body corporate, and as such, and in the name designated in the certificate, it shall have power:

First. To adopt and use a corporate seal.

Second. To have succession for a period of twenty-five years from its organization, unless it is sooner dissolved, according to the provisions of this act, or unless its franchise becomes forfeited by some violation of law.

Third. To make contracts.

Fourth. To sue and be sued, complain and defend in any court of law or equity, as fully as natural persons.

Fifth. To elect or appoint directors, and by its board of directors to appoint a president, vice-president and chashier, define their duties, require bonds of them and fix the penalty thereof, dismiss such officers or any of them and appoint others to fill their places.

Sixth. To pescribe by its board of directors by-laws not inconsistent with the law, regulate the manner in which its stocks shall be transferred, its directors elected or appointed, its officers appointed, its property transferred, its business conducted, and the privileges granted it by law, exercised and enjoyed.

Seventh. To exercise by its board of directors or duly authorized officers or agents, subject to law, all such incidental powers