Page:United States Statutes at Large Volume 13.djvu/539

 TIIIRTY—-EIGHTH CONGRESS. Sess. II. Ch. 92. 1865. 511 R. W. Ropes, Abert Woedrufi, and Thos. Dewey, of New York; John M. Forbes, Wm. Claiiin, S. G. Howe, George L. Stearns, Edward Atkinson, A. A. Lawrence, and John M. S. Williams, of Massachusetts ; Edward Harris and Thomas Davis, of Rhode Island; Stephen Colwell, J. Wheaton Smith, Francis E. Cope, Thomas Webster, B. S. Hunt, and Henry Samuel, of Pennsylvania; Edward Harwood, Adam Poe, Levi Cofiin, J. M. Waldon, of Ohio, and their successors, are constituted a body corporate, in the- city of Washington, in the District of Columbia, by the name of “The Freedman’s Savings and Trust Company," and by that name may sue and be sued in any court of the United States. Sec. 2. And be it further enacted, That the persons named in the first Trustees section of this act shall be the first trustees of the corporation, and all vacancies by death, resignation, or otherwise, in the office of trustee, shall Vacanciesbe filled by the board by ballot, without unnecessary delay, and at least ten votes shall be necessary for the election of any trustee. The trustees _ Monthly meetshall hold a regular meeting at least once in each month, to receive reports ’“gS· of their officers on the affairs of the corporation, and to transact such business as may be necessary; and any trustee omitting to attend the regular meetings of the board for six months in succession, may thereupon be considered as having vacated his place, and a successor may be elected to fill the same. SEo. 3. And be it farther enacted, That the business of the corporation Trustees to shall be managed and directed by the board of trustees, who shall elect g?;'a9° °°'P°"’·' from their number a president and two vice-presidents ; and may appoint Oimm such other officers as they may see fit; nine of the trustees, of whom the ` president or one of the vice-presidents shall be one, shall form a quorum Quorum. for the transaction of business at any regular or adjourned meeting of the board of trustees ; and the affirmative vote of at least seven members of the board shall be requisite in making any order for, or authorizing the investment of any moneys, or the sale or transfer of any stock or securities belonging to the corporation, or the appointment of any officer receiving any salary therefrom. Sec. 4. And be it further enacted, That the board of trustees of the By-laws. corporation shall have power, from time to time, to make and establish such by-laws and regulations as they shall judge proper with regard to the elections of officers and their respective functions, and generally for the management of the affairs of the corporation, provided such by-laws and regulations are not repugnant to this act or to the constitution or laws of the United States. Sec. 5. And be it further enacted, That the general business and ob- objects and ject of the corporation hereby created shall be to receive on deposit such $*:*25;:,3; me sums of money as may be from time to time offered therefor, by, or on p ` behalf of; persons heretofore held in slavery in the United States, or their · descendants, and investing the same in the stocks, bonds, treasury notes, I¤v¢S¢m·’~¤t5 or other securities of the United States. Sec. 6. And be it further enacted, That it shall be the duty of the Deposits to be trustees of the corporation to invest, as soon as practicable, in the securi- lnvemd ties named in the next preceding section, all sums received by them beyond an available fund, not exceeding one third of the total amount 0f deposits with the corporation, at the discretion of the trustees, which available funds may be kept by the trustees to meet current payments of the corporation, and may by them be left on deposit at interest or otherwise, or in such available form as the trustees may direct. Sec. 7. And be it further enacted, That the corporation may, under Corporation to such regulations as the board of trustees shall from time to time prescribe, }:°f;;§t_“P°“°“ receive any deposit hereby authorized to be received, upon such trusts and for such purposes, not contrary to the laws of the United States, as may be indicated in writing by the depositor, such writing to be subscribed by the depositor and acknowledged or proved before any officer