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tional Banking Act in force at the present time. In addition thereto complete and full instructions are given relative to the organization of national banks.

In conclusion this work is respectfully submitted upon its merits, with the hope that it may prove (itself) to be a correct guide to lawful and honest banking, and a text-book invaluable to the banker, lawyer, and student.

H. W. MAGEE.

PASADENA, Cal., January 2, 1906.

[References are to pages and sections.]

sonally liable .

CHAPTER VIII.

BANK OFFICERS AND AGENTS.

Section 78. Directors - General discussion of duties and responsi-

bilities

83

79. Directors of national banks..

80. Directors of State bank.

90

81. Directors' meetings

91

82. Place of meeting and notice.

91

83. Number necessary to constitute a quorum.

84. Directors of national banks must act as a unit.

92

85. Board electing officers of bank....

86. Vacancies in the board

92

87. Duties which cannot be delegated.

88. Cannot delegate authority to make discounts.

93

89. Cannot delegate statutory duties. .

95

90. Powers and limitations

95

91. Limitation of power

96

92. Assessment of shares - National banks.

93. Directors cannot give away property of bank.

94. Cannot settle with cashier for his deficits.

95. Assuming debts of others.

96. Cannot take advantage of position for profit.

97

97. Discretionary power

98

98. Safe rule

98

99. Releasing debt

98

100. Releasing subscriber to capital stock.

99

101. Securing preferred creditor

99

102. Removing employees

99

103. Courts declare that directors are trustees.

100

104. Misappropriating bank funds

101

105. Rights of directors

101

106. Notice to the board

103

107. When the law imputes knowledge.

104

108. Notice to a director..

104

109. Director must have actual knowledge.

109

110. When director is chargeable with knowledge as against

himself .

110

111. Directors' liability

110

112. Degree of care

111

113. Acting in good faith

111

114. Directors declaring a dividend.

112

115. Excuses of directors

112

116. Compensation of directors

116

CHAPTER IX.

THE PRESIDENT.

Section 117. General qualifications .

118. Qualifications necessary to hold office.

119. The president's powers.

117

120

121

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