The president is one of the general executive officers of a bank, but in the case of banking presidents a very restrictive rule is put upon their powers. It is agreed that he has the power to control and direct the litigation of the bank;l to employ counsel,2 and to appear for the bank.3 Why this is so is not apparent. If given the power to convey land he may make a deed in the name of the bank and affix the corporate seal.4 He has power to receive a deposit, but he has no power to bind the bank by admissions of a different contract than the one made when the deposit was received.5 If he has the authority to transfer the bank paper to a creditor as collateral, the power to indorse it will be presumed.6 His guaranty of the payment of a note by the bank's indorsement was in one case presumed to be authorized.7 But the cases are more numerous on a negative construction of his powers. If he transfers a judgment of the bank without collecting it the transfer is presumed to be unauthorized,8 since he has no power to sell the corporate property or exchange it.9 Nor has he authority to mortgage the real estate of the bank,10 nor the power to assign its property for the benefit of creditors,11 unless authorized by the charter or by the board of directors.12 He has no power to compromise13 or release claims of the bank,14 unless the bank ratifies the act,15 or authorizes it by a course of dealing.16 He cannot waive a stipulation in the bank's contract for the sale of land.17 His prima facie authority does not extend to any acts which are usually within the scope of the cashier's powers, such as indorsing or transferring the bank's paper.18

8 Western Nat. Bank v. Armstrong, 152 U. S. 346.

9 State v. Bank of La., 5 Mart. (N. S.) 344. But they have no power to pledge the future earnings of the bank without authority from the stockholders. Brown v. Bradford, 103 Iowa, 378.

10 Even verbally. Stamford Bank v. Benedict, 15 Conn. 437.

11 First Nat. Bank v. Kimberlands, 16 W. Va. 555; Merrick v. Bank of Metropolis, 8 Gill, 59; Northampton Bank v. Pepoon, 11 Mass. 288.

12 Wallace v, Exchange Bank, 126 Ind. 265; Waxahachie Bank v. Vick-ery, 26 S W. R. 876.

13 See Sec. 109, infra, and Am. Ex.

Nat. Bank v. First Nat. Bank, 82 Fed. R. 961.

14 First Nat. Bank v. Graham, 79 Pa. 106, a case where cashier received special deposits; Neiffer v. Bank of Knoxville, 1 Head, 162, a case where president acted instead of cashier. See Sec. Sec. 105, 109, infra.

wprather v. Kean, 29 Fed. R. 498; Steffe v. Bank of Conneaut-ville, 22 Pitts. L. J. 157.

16 Kelsey v. National Bank, 69 Pa. 426.

17 Merrick v. Bank of Metropolis, 8 Gill, 59; Dana v. Bank of U. S., 5 Watts & S. 223.

18 See 2 Cook on Corp., sec. 691.

1 Citizens' Bank v. Berry, 53 Kan. 696; Savings Bank v. Benton, 2 Met (Ky.) 240; Merchants' Nat Bank v. Eustis, 8 Tex. Civ. App. 350. But not where the by-laws give this authority to the directors. Citizens' Bank v. Keim, 1 Wkly. Notes Cas. 263. He has been held to have power to offer a reward for the arrest of a defaulting teller. Bank of Minneapolis v. Griffin, 168 I1l 314.

2 See cases last cited.

3 See cases last cited.

4Burill v. Nahant Bank, 2 Met 163. But his lease of an elevator where no authority has been given to him by the board of directors is not binding on the bank. Tulley v. Citizens' State Bank, 18 Ind. App. 240.

5Hazleton v. Union Bank, 32 Wis. 34.

6 Irons v. Manufacturers' Nat Bank, 27 Fed. R 591.

7 City Nat Bank v. Thomas, 46 Neb. 861; People's Bank v. National Bank, 101 U. S. 181, as to vice-president.

8 Cox v. Robinson, 70 Fed. R 760. He has no power to release a claim upon part payment State Sav. Co. v. Stewart, 65 111. App. 391.

9Greenawalt v. Wilson, 52 Kan. 109; Asher v. Sutton, 31 Kan. 286. The property in this latter case was the bank safe. The exceeding value attached to the safe may be the basis of the popular superstition that the only capital needed to start a bank in Kansas is a safe.

10 Leggett v. New Jersey, etc. Co., Saxt 541.

11 Gibson v. Goldthwaite, 7 Ala. 281; Hallowell Bank v. Hamlin, 14 Mass. 180.

12 See cases last cited.

Sec. 99. Vice-President

The vice-president, as a general rule, acts simply in the place of the president. All the foregoing section is applicable to the vice-president when acting as president, and all the decisions which follow are applicable to the president as well. He has no prima facie power to borrow money for the bank,1 nor to use the bank's assets as collateral to raise funds for the bank.2 He has no authority to guarantee the payment of the bank paper except as a part of a transfer, where he has been authorized to make the transfer.3