162 BUSINESS OPERATIONS AND ORGANIZATIONS. 



lars each. Its place of business is in the City and County of 

 San Francisco, State of California. This bank has been or 

 ganized for the purpose of enabling the Patrons of California 

 to secure to themselves such advantages in obtaining money 

 for use in the agricultural portions of the State upon as favor 

 able terms MS it can bo obtained in tlie^city for cpinmerciid pur 

 poses; believing that the landed security of the ngL iculhiris: is 

 equal to, if not better than city property as a basis of credit, 

 and at the same time giving people of every class an oppor 

 tunity of safely and profitably investing their money. 



A careful perusal of the By-Laws will show that they are so 

 framed as to have all the safeguards, not inconsistent with law, 

 that it is possible for them to have. 



BY-LAWS OF THE GRANGERS BANK OF CALIFORNIA. 



ARTICLE 1. The name of this Corporation shall be &quot; GRANGERS BANK OF 

 CALIFORNIA.&quot; 



AKT. 2. The principal place of business shall be in the City and County of 

 San Francisco, and State of California. 



ART. 3. The bank shall have a capital stock of five million of dollars, divided 

 into fifty thousand shares, of the par value of one hundred dollars each. 



ART. 4. None but Patrons of Husbandry, or corporations composed exclu 

 sively of Patrons of Husbandry, shall be permitted to subscribe to the capital 

 stock of this bank, and such persons or incorporations shall not be permitted to 

 subscribe in excess of five hundred shares. 



ART. 5. Stockholders of this bank shall be such persons or corporations as 

 may have executed, or shall hereafter execute a subscription to the capital stock 

 in form such as the Board of Directors may prescribe, and shall pay to the cashier 

 of the bank all called assessments, or any person to whom said stock has been 

 duly assigned. 



ART. 6. The powers of the corporation shall be vested in a Board of eleven (11) 

 Directors, who shall be elected by the stockholders at the annual meeting, and 

 shall hold their office for the term of one year, and until their successors are 

 elected and qualified. 



ART. 7 . The Directors shall be stockholders of the corporation, and Patrons of 

 Husbandry, resident of the State of California, and citizens of the United States, 

 and shall hold at least five shares of the capital stock. 



ART. 8. A majority of the whole number of Directors shall constitute a quorum 

 for the transaction of business, and every decision of a majority of the persons 

 duly assembled as a Board (if not in conflict with these By-Laws), shall be valid 

 as a corporate act. 



ART. 9. Regular meetings of the Board of Directors shall be held at the office of 

 the corporation, at least once in every two months, and at such other times as 

 the Board of Directors may direct, and special meetings of the Board of Direct 

 ors shall be held at the same place, upon the call of the President; and it shall be 

 the duty of the President, Vice President, or Cashier to call special meetings 

 upon request of five Directors, or upon request of stockholders representing one 

 quarter of the stock issued. No notice need be given of the regular meetings, in 

 addition to that furnished by this Article; but of special meetings, the President 

 or Cashier shall cause all Directors residing outside of San Francisco, to be noti 

 fied by mail or telegraph, mailing the same seven days prior to such meeting, and 

 all Directors residing and being in the city and county of San Francisco, and to 

 any others to whom it is practicable to give such personal notice, to be personally 

 notified. 



