Where a bond is taken from an officer for the due performance of his duties, and every corporation has such a right (Bank v. Cresson, 12 Serg. & R. 306), the general principles of law governing such instruments are applicable. The bond, of course, covers only the office as to which it is given.1 It need not conform to the terms of the law, but will take effect as a common-law bond.2

1 State v. Thompson, 27 Mo. 365. A stockholder in debt to the corporation on his original subscription cannot vote for directors. United States v. Barry, 36 Fed. R 246.

2 Booker v. Young, 12 Grat. 303. But as against the direct attack upon a director's title he must show a valid election and qualification. It is therefore held that one who obtains shares by transfer after expiration of a national banking charter is ineligible. Richards v. Attleborough Nat. Bank, 148 Mass. 187. This decision is wrong because it was in fact a case of collateral attack.

3Baird v. Bank of Washington, 11 S. & R 411; Cooker v. Curtis, 30 Me. 488; Milliken v. Steiner, 56 Ga.

251; but see Bartholomew v. Bent-ley, 1 Ohio St 37.

4 Bank of Virginia v. Robinson, 5 Grat. 174 A general law is, of course, if applicable, part of the charter.

5 So held as to a cashier, but the rule is general. Union Bank v. Ridgely, 1 Har. & G. 324; Dedham Bank v. Chickering, 3 Pick. 335; Sparks v. Farmers' Bank, 3 Del. Ch. 274. A by-law cannot make the cashier of a national bank an annual officer. Westervelt v. Mohren-stecker, 76 Fed. R.118

6 Bank of U. S. v. Magill, 12 Wheat. 511.

1 Northw. Nat Bank v. Keen, 14 Phila. 7.

2 Grocers' Bank v. Kingman, 16

The principal in the bond need not sign it,3 nor does a misnomer destroy its efficacy.4 The bond will be binding whether executed before or after the officer enters upon the performance of the duties of his office.5 An acceptance of the bond by the corporation will be presumed, whether the acceptance be in the form required by law or not.8 The bond holds good until it is released by the terms of the law or by proper authority.7 Whether a bond is required from the officer or not cannot affect in any way the lawfulness of his acts while he is permitted to act.