132 THE FREEDMEN’S SAVINGS BANK 
to receive reports 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. 
Sec. 3 . . . the business of the corporation shall be 
managed and directed by the board of trustees, who shall 
elect from their number a president and two vice-presi- 
dents, and may appoint 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 
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 se- 
curities belonging to the corporation, or the appointment 
of any officer receiving any salary therefrom. 
Sec. 4 . . . the board of trustees of the 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 . . . the general business and object of the cor- 
poration hereby created shall be to receive on deposit 
such sums of money, as may from time to time be offered 
therefor, by or on behalf of persons heretofore held in 
slavery in the United States, or their descendants, and 
investing the same in stocks, bonds, Treasury notes, or 
other securities of the United States. 
Sec. 6 . . . it shall be the duty of the trustees of the 
corporation to invest, as soon as practicable, in the se- 
curities named in the next preceding section, all sums 
received by them beyond an available fund not exceeding 
one third of the total amount of deposits with the corpo- 
ration, at the discretion of the trustees, which available