mation to the bank officer or attorney in many questions presenting doubt or difficulty. A copy of the Comptroller's report is sent each year to every National bank, and one may be had free, upon application, by any one in need of the information it contains.

In addition to this digest just described, "A Digest of Recent Decisions in Banking Law" is also to be found in the 1888 report, on pages 127 to 138. This digest will be found to contain much valuable and interesting matter of a general nature, on the topics of "Banks and Banking," "Bank Officers," and "Business."

To the banker or bank attorney who desires a standard work, however, embracing the law and usage relating to the banking business in all its phases, the work of "Morse on Banks and Banking," third edition, by Parsons, can not be too highly recommended. It is full and complete on every branch of the subject, and is recognized everywhere as a standard authority.

CHAPTER XII.

THE PRESIDENT.

His Powers and Duties.

Section 5150 prescribes that "one of the directors, to be chosen by the board, shall be the president of the board," and, although the law does not in terms so prescribe, this director, in practice, is the president of the bank also.

In the index of the National-bank Act, edition of 1888, will be found reference to all portions of this act which specifically define what the president should do and should not do; and these statutory requirements apply also in nearly every particular to the cashier of a National bank.

Besides these statutory requirements, the by-laws of National banks, prescribed by the directors, generally make the president "responsible for all such sums of money and property of every kind as may be intrusted to his care or placed in his hands by the board of directors, or by the cashier, or otherwise come into his hands as president," and prescribe further that "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."

In this connection it may be noted that the general form of by-laws for National banks usually provides as to the "conveyance of real estate," as follows:

All transfers and conveyances shall be made by the bank and under the seal thereof, in accordance with the orders of the board, and shall be signed by the president or cashier.

From this, it is clear that neither the president nor the cashier is competent to transfer or convey real estate, which is the property of the bank, to any other party unless specially authorized to do so by order of the board of directors.

It is customary for the president to sign the minutes of all business meetings (which should also be attested by the cashier) and also (with the cashier) to sign all certificates of stock issued.

Beyond the duties here enumerated, and such others as may be specially delegated to him by the board, the authority of the president does not generally exceed that of any other director, although, as he usually receives a regular salary for his services, he is expected to devote more of his time to the supervision of the business of the bank.

The Vice-President-Powers and Duties.

As to the powers and duties of the vice-president, the articles of association usually prescribe that the board of directors "shall have power to elect a vicepresident, who shall also be a member of the board of directors, and who shall be authorized, in the absence or inability of the president from any cause, to perform all acts and duties pertaining to the office of president, except such as the president only is authorized by law to perform."

The signing of circulating notes is the only act that the vice-president is specially authorized by law to perform, and he is not therefore legally. qualified to act in the place of the president in performing any other act prescribed by statutes for the president.

CHAPTER XIII.

THE CASHIER.

His Powers and Duties.

By long-established usage the cashier of a bank is regarded by all concerned as its chief executive officer, whose duty it is to see that the policy and plans formulated by the directors-who are the responsible managers-are properly carried into

execution.

As the success and welfare of every banking institution necessarily depends in large measure upon the ability, integrity, and skill of its cashier, it is important that this officer should have a clear comprehension of the responsibilities devolving on him and the powers with which he is invested for the proper discharge of his duties.

Much of what is contained in this chapter will apply to the cashier of any commercial bank, but the duties of the cashier of a National bank, which are here specially considered, may properly be divided into two classes, as follows: