NATIONAL BANKING UNDER THE FEDERAL RESERVE SYSTEM 
Section 18. 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 as- 
signments, dividends shall be paid to the shareholders in whose name the stock shall 
stand at the date of the declaration of dividends. 
Sreron 19. Certificates of stock, signed by the president and cashier, may be issued 
to shareholders, and the certificates shall state upon the face thereof that the stock 
is transferable only upon the books of the bank; and when stock is transferred, the 
certificates thereof shall be returned to the bank, canceled, preserved, and new cer- 
tificates issued. 
Fapenses 
Section 20. All the current expenses of the bank shall be paid by the cashier, who 
shall every six months, or oftener if required, make to the board a detailed statement 
thereof. 
Contracts 
Seerion 21. All contracts, checks, drafts, etc., and all receipts for circulating notes 
received from the Comptroller of the Currency shall be signed by the president or 
cashier. 
Examinations 
Section 22. There shall be appointed by the board of directors a committee of 
+vv......... members, exclusive of the president and cashier, whose duty it shall be 
to examine every six months the affairs of this bank, count its cash, and compare its 
assets and liabilities with the accounts of the general ledger, ascertain whether the 
accounts are correctly kept, and 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, etc., as shall seem to be desirable; the 
result of which examination shall be reported in writing to the board at the next regular 
meeting thereafter. 
Section 23. The board of directors shall have power to change the form of the books 
and accounts when deemed expedient and define the manner in which the affairs of the 
bank shall be conducted. 
Quorum 
SecTION 24. A majority of the directors is required to constitute a quorum to do 
business. Should there be no quorum at any regular or special meeting, the members 
present may adjourn from day to day until a quorum is in attendance. In the absence 
of a quorum no business shall be transacted. 
Changes in By-Laws 
Section 25. These by-laws may be changed or amended by the vote of a majority 
of the directors. 
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