THOMAS SWANN, ESQUIRE, GOVERNOR. 865
judicious, and generally to pass all such by-laws
as may be necessary for the exercise of the powers
aforesaid, or the powers vested in said. corporation,
and the same by-laws to alter and repeal and
others in lieu thereof pass. |
|
Sec. 4. And be it enacted. That the control and
management of the business of said corporation
shall be vested in five Directors, who shall be
stockholders and citizens of Maryland, and three
of whom, the President being one, shall be a quo-
rum for business, or in case of the absence or in-
bility of the President such other Director in his
stead as he may designate for that purpose. |
Quorum for
business. |
Sec. 5. And be it enacted. That the President of
said corporation may be elected from year to year
without limitation. |
Term of Pres-
ident. |
Sec. 6. And be it enacted, That said corpora-
tion shall be capable of receiving from any person
or persona, bodies corporate or politic, any de-
posit of merchandize of every description as col-
lateral security for such amounts thereon to be ad-
vanced by the said corporation as the officers by
them for that purpose to be designated may deem
proper and judicious, and to hold and retain the
same during such time as may be agreed on be-
tween the party or parties depositing the same and
the said corporation, and to charge for such ad-
vances interest at the now established legal rate,
and an additional charge as hereinafter specified
appropriate to the nature of the deposit, and the
proper storage, removal and care of the same, and
shall give to the party or parties so depositing a
certificate specifying the same advanced, the date
of deposit, the article or article or articles de-
posited, the amount of charge, the time for which
such deposit shall be kept, as well as the name of
the depositor and his, her or their place of busi-
ness, and if none, of abode. |
Merchandise
received as se-
curity. |
Sec. 7. And be be it enacted, That the matter
so deposited may and if so agreed shall be held by
said corporation six months, to be computed from
the date of certificate as aforesaid, and if not then
redeemed or by contract the certificate thereof be
renewed, it shall and may be lawful for the said
corporation then to proceed to have such deposit |
Time of hold-
ing Merchan-
dise as securi-
ty. |
|
 |
