The power of an officer as agent to represent and act for his bank has been fully examined in section 73, ante, and the following sections. Some peculiar instances as to savings banks will be stated here. The acts of the officers within the scope of their authority bind the bank, but the rule is held with strictness as to the authority. Thus, while a treasurer with authority assigns a note and mortgage, the bank is liable though he convert the proceeds;l he has no authority to execute a release,2 or to transfer a promissory note,3 or to discount the notes of his bank.4 But he is presumed to have authority to take possession of land on which the bank holds a mortgage, where the possession is taken for the purpose of gathering a crop.5 But the authority of the treasurer to indorse a note may be inferred from the conduct of the trustees;6 but such inference is not warranted by the fact that he has indorsed before,7 or that the bank has voted to sell notes held by it,8 or that the by-laws impose upon the treasurer the duty of drawing all necessary papers.9 His act in forging and transferring books of deposit in order to repay sums of money borrowed or embezzled by him does not bind the bank.10 But where he is given power to release a mortgage, and he forged, by an alteration, the bank's record of the resolution so as to give him power to assign, the bank is bound to a bonafide assignee relying upon the record.11 But the treasurer has the power to execute a power of sale in a deed by conveying to purchasers under order of the board of investment.12 If authorized to extend a note, he may do so though it release a surety.13 He has no power to borrow money,14 nor pledge collaterals for the bank.15 The rule as to the powers of a cashier of a savings bank differs somewhat from the rule as to the cashier of a commercial bank,16 except where the savings bank is also a commercial bank. The president of a savings bank has no power to borrow money without authority; 17 but where he is authorized to sell stock he may employ a broker.18 But where the governing authorities of the bank permit the president to represent himself as in charge of the savings department, deposits with him bind the bank.19 And the bank may ratify an unauthorized act, as by accepting a purchaser's deed of release, where the treasurer has executed the power of sale in a mortgage.20 There is no ratification, however, where the treasurer undertook to release a party upon a joint and several note by becoming a party to a deed of assignment and the bank received dividends on the assignment, and the books containing the payment were certified as correct.21 A clerk in a bank cannot bind the bank by his agreement that a deposit shall not be withdrawn unless two certain persons are present with the depositor.22 But where a bank receives a bond, and the entry thereof in the pass-book of the depositor states the fact, the bank cannot deny that it received the bond as the depositor's.23

11 Jennison v. Citizens' Sav. Bank, 122 N. Y. 135.

12 Greeley v. Nashua Sav. Bank, 63 N. H. 145.

1 Whiting v. Wellington, 10 Fed. R.810.

2 Dedham Inst. v. Slack, 6 Cush. 408.

3Holden v. Upton, 134 Mass. 177.

4 Fifth Ward Bank v. National Bank, 48 N. J. Law, 513

5 Bangor Sav. Bank v. Wallace, 87 Me. 28; and see Sec. 101, ante, notes 1,2.

6 Chase v. Hathorn, 61 Me. 505.

7 Holden v. Phelps, 135 Mass. 61.

8Bradlee v. Warren Sav. Bank, 127 Mass. 107.

9 See last case cited.

10 Commonwealth v. Reading Sav. Bank, 133 Mass. 16. The holders here could not claim to be honafide.

11 Commonwealth v. Reading Sav. Bank, 137 Mass. 431.

12 North Brookfield Sav. Bank v. Flanders, 161 Mass. 335.

13 New Hampshire Sav. Bank v. Ela, 11 N. H. 335.

14 Fifth Ward Bank v. First Nat. Bank, 48 N. J. Law, 513.

15 See last case cited.

16 Zimmerman v. Miller, 2 Penny. 226.

17 See case cited in note 14, supra. 18 Sistare v. Best, 88 N. Y. 527. 19Beckley v. Commercial Bank,

43 S. C. 528.

20 See case cited in note 12.

21Dedham Sav. Inst v. Slack, 6 Cush. 408. The alleged ratification lacked the element of knowledge.