bank's 88-year-old incorporating act, which it has described as archaic. A spokesman said the bank will now petition Parliament to amend the act, which was last amended in 1963.

The changes will give the bank power to lend on the security of real estate located outside Bermuda; power to alter the par value of the bank's shares and to issue new classes of stock, power to lend on the security of ships, and to delete provisions governing the bank's debt to equity ratio.

A meeting of shareholders was held last Thursday when approximately 50 shareholders took the vote.