4. Directors

-Many banks are so organized that most of their work is committed to a board of directors consisting of seven or more of the trustees. The by-laws carefully define their duties, unless these are defined by the charter.

When the management of a bank is thus committed by the trustees to a portion of their number, they meet often enough to transact its business. In truth, they meet quite as frequently as the directors of banks of discount.

5. President

The president of a savings bank may be the chief manager, or he may not be. In the large cities he is often a salaried officer and devotes all his ability to his official work. In the smaller places the president is usually a nominal officer, having light duties and still lighter remuneration.

6. Treasurer

In banks where the president serves in a nominal capacity the treasurer or secretary is the chief officer, usually the first. He exercises a general direction over all the business, manages the deposits in other banks, and signs the checks tor their withdrawal; collects the rents on property it may own, and receives applications from borrowers, and lays them before the trustees or directors.

Besides these duties are others relating to the hiring of clerks, fixing their salaries, directing the modes of keeping accounts, the depositing and withdrawal of deposits; in short, he is the active officer who plans the methods of doing business and directs the in institutions.

In a few states saving banks make temporary loans on the pledge of stocks, and whenever this is done, the treasurer is the proper officer for miking them. Wherever he can thus act, there are limitation, on his power; he can not lend on more than ninety per cent of their par value, and in every case the amount must be at least ten per cent less than their market value. As such loans must be negotiated without delay, if at all, the treasurer is endowed with the requisite authority. The borrower deposits his security, and the treasurer is responsible for its genuineness.

All the documents, relating to loans, except the application and the abstract of title, are kept in a single envelope headed with the number of the loan, which is never changed. Semiannually the treasurer collects from mortgagors the interest due on their loans. He sends to each one of them, about twenty days previous to those dates, a statement of the amount of interest clue, the computations for which are usually made by some other officer. This statement is so arranged as to constitute when signed and returned by the mortgagor a letter of transmission accompanying the payment to the treasurer. The bank requires the mortgagor to sign it, even when he pays in person, as evidence that the amount is correct. For a return, the treasurer gives a receipt.

7. Tellers And Bookkeepers

The duties of paying and receiving tellers and bookkeepers are in many respects like those in banks of discount and therefore need not be more fully described.