BANKING LAWS OF KENTUCKY.



require from any of them a bond for the faithful dis-
charge of their duties; to prescribe, by its board of direc-
tors, by-laws for the government of the bank, not incon-
sistent with law; to exercise, subject to law, such powers
as may be necessary to carry on the business of banking
by discounting and negotiating notes, drafts, bills of ex-
change, and other evidences of debt, and purchasing bonds,
receiving deposits, and allowing interest thereon, buying
and selling exchange, coin and bullion, and lending money
on personal or real security, as provided in this article.
Any bank or trust company may accept for payment at a
future date drafts or bills of exchange drawn upon it by
its customers, and issue letters of credit authorizing the
holders thereof to draw drafts upon it or its correspondents
at sight or on time, not exceeding one year, and may also
accept drafts or bills of exchange drawn upon it, having not
more than six months' sight to run, growing out of trans-
actions involving the importation and exportation of goods,
and any bank or trust company may discount acceptances
which are based upon the importation or exportation of
goods, and which have a maturity at time of discount of not
more than three months, and are indorsed by at least one
other bank or trust company, but no bank or trust company
shall accept such drafts or bills of exchange to an amount
equal at any time in the aggregate to more than one-half
of its paid-up and unimpaired capital stock and surplus, ex-
cept by authority of the Banking Commissioner under such
general regulations as said Commissioner may prescribe,
and in no event to an amount exceeding the capital stock
and surplus of such bank or trust company; and such regu-
lations shall apply to all banks or trust companies alike, re-
gardless of the amount of capital stock and surplus. In
addition to the powers heretofore conferred upon and now
possessed by banks, trust companies and combined banks
and trust companies doing business under the laws of this
State, they are hereby authorized and empowered, subject



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