JUNE, 1910.J 



521 



and Co-operation. 



in the decree of foreclosure with interest 

 thereon at the rate specified in the 

 mortgage, together with all costs incur- 

 red by the bank by reason of the fore- 

 closure and sale and the care of the 

 property. 



Sec 18. The Agricultural banking cor- 

 poration provided for in thip Aat shall 

 have the general powers mentioned in 

 section thirteen of "The Corporation 

 Law," which are not in conflict or incon- 

 sistent with the provisions of this Act. 



Sec. 19. All acts or parts of Acts in- 

 consistent with the provisions of this 

 Act are hereby repealed. 



Sec. 20. This Act shall take effect on 

 July first, ninteen hundred and eight. 



Enacted, June 18, 1908. 



By-Laws op the Agricultural Bank 

 op the Philippine Government, 

 Sec. 1. The principal office and place 

 of business of the Agricultural Bank of 

 the Philippine Government shall be in 

 the office of the Insular Treasurer at 

 Manila. 



Sec. 2. The banking hours shall be 

 such hours as shall be fixed by the 

 manager. 



Sec. 3, The seal of the Agricultural 

 Bank shall be the seal adopted for the 

 use of the Government of the Philippine 

 Islands, with the additional words 

 " Agricultural Bank " engraved thereon. 



Board of Directors. 

 Sec. 4. The board of directors, unless 

 notified to the contrary, shall hold a 

 meeting every Monday morning at nine 

 o'clock at the principal office of the 

 bank. Special meetings may be called 

 by direction of the president. 



Sec. 5. The board of directors shall 

 appoint a secretary who shall attend all 

 meetings of the board, and shall perform 

 such other duties as may be pres- 

 cribed by the by-laws. 



Sec 6. No member of the board of 

 directors shall borrow from the bank, 

 nor shall any member act upon any 

 loan in which any relation or business 

 associate is interested. 



Sec. 7. No liability shall attach to 

 any member of the board by reason of 

 any loss which the bank may suffer 

 through erroneous appraisement of pro- 

 perty, depreciation in value thereof, or 

 fraud either of borrowers or agents of 

 the bank. 



Sec. 8. It shall be the duty of the 

 board of directors, whenever an appli- 

 cation for loan is submitted to it by the 

 66 



manager with all the necessary inform- 

 ation, to take action thereon within two 

 weeks from the date of submission. 



Sec 9. The board of directors shall 

 observe the following order of business 

 at its meetings : 



1. Reading of the minutes of the 

 previous meeting and action thereon. 



2. Unfinished business. 



3. Reports of committees. 



4. Reports of the manager of the 

 bank. 



5. Applications for loans and action 

 thereon. 



6. New business, 



7. Adjournment. 



This order of business may be changed 

 at any meeting of the board upon the 

 unanimous consent of all members 

 present. 



Sec 10. The minutes of all meetings 

 of the board of directors shall be signed 

 by the president and attested by the 

 secretary, and be entered in the per- 

 manent book of records kept for such 

 purposes. 



Sec. 11. It shall be the duty of the 

 board of directors to make an annual 

 report concerning the operations of the 

 bank, examine the accounts and reports 

 submitted by the manager of the bank, 

 and to approve or disapprove same ; to 

 examine into and pass upon all recom- 

 mendations of the manager for the wel- 

 fare of the bank, to provide for and 

 regulate the expenditures and expenses 

 of the bank, and to provide for the 

 examination of the accounts, and the 

 auditing of the accounts at least once in 

 every month. 



President. 

 Sec. 12. It shall be the duty of the 

 president to preside at all regular meet- 

 ings of the board of directors ; to sign all 

 minutes of the meetings of the board, 

 and to direct the secretary to call such 

 special meetings as may be necessary, 

 and in the absence of specific action of 

 the board of directors, to give such in- 

 structions to the manager of the bank as 

 may be necessary to further the interests 

 of the bank. 



Manager, 

 Sec. 13. The manager shall exercise 

 a general supervision and control over all 

 affairs of the bank, under the direction 

 of the board of directors ; shall have the 

 control of the personnel, and shall be 

 charged with the keeping of the records 

 and accounts of the bank ; shall execute 

 all necessary documents pertaining to 

 the sale or transfer of real estate, release 

 of mortgages, or for any purpose neces- 



