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SEC. 4. And be it further enacted, That the capital stock
of said corporation shall consist of two thousand shares of
the par value of one hundred dollars each, being two hundred
thousand dollars.
SEC. 5. And be it further enacted, That the said corporation
shall be governed by a constitution, and managed by a board
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CHAP. 347
Capital stock.
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of directors who shall be non-redeeming stockholders to the
extent of not less than five hundred dollars, upon which not
less than one hundred dollars shall have been paid in, who
shall be elected annually, as may be provided from time to
time by the constitution and by-laws of the said association,
by the stockholders, each non-redeeming stockholder being
entitled to as many votes as he has shares upon which he
has paid ten per centum of the par value, voting in person
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How governed
and
managed.
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or by proxy. A majority of the stock entitled to vote, as
above .provided, shall constitute a quorum, and the directors
so elected shall serve for one year or until their successors
are elected and qualified.
SEC 6. And be it further enacted, That the said corporation
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Quorum.
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may purchase and take an assignment of any mortgage or
mortgages originally given to any other building, homestead
or land association, or to any corporation or individual, and
shall hold all said mortgages so purchased and assigned to
it with all the rights, powers and privileges of the associa-
tion, corporation or individual assigning the same, and may
enforce any contract or covenant or stipulation in the same,
and may foreclose, assign or release all such mortgages as
fully and effectually as the assignor could have done. And
the capital stock and accumulated funds of said association
shall be invested in fee simple real estate and leaseholds,
mortgages, bonds, stocks of other incorporated companies,
individual securities and other evidences of debt, or in such
other property as said association shall deem profitable ;
and said corporation is authorized and empowered to take,
have, hold and enjoy all such estates, real, personal or
mixed, as may be obtained with the money aforesaid, and
also with any and all other funds that may come into its
possession in course of its business dealings, and may sell,
grant, mortgage, lease and dispose of the same in its dis-
cretion, will and pleasure, and execute, acknowledge and
deliver all deeds and legal instruments for the same.
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May purchase
and take an
assignment
ot mortgage,
etc.
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