sonal application, through agents appointed for
the purpose or by opening books for the purpose,
or by both modes as the said corporators may de-
termine; and so soon as the said corporators have
obtained a subscription sufficient in their judgment
to authorize the organization of the said corpora-
tion they shall give notice at least ten days in one
or more of the papers published in Baltimore city
of a meeting of the stockholders for that purpose
at such a time and place as they may appoint.

Board of Di-
rectors.

Sec. 4. And be it enacted, That the business of
said corporation shall be conducted by a Board of
seven Directors to be chosen by the stockholders at
their meeting for organization and annually there-
after, and the said Directors shall appoint one of
their number to act as President, and the said Board
shall exercise the corporate powers of the said cor-
poration, and shall he authorized to make by-laws
for their own government, as well as for the conduct
of the business of said corporation, to appoint
such officers and agents as the business of the
corporation may require, and generally to do
whatever may be necessary to effect the object of
the said corporation and not repugnant to law;
should there be a failure to elect Directors at any
annual meeting after the meeting for organization
the Directors in office shall continue to act until
their successors are duly chosen, and general meet-
ings of the stockholders may be convened at any
time by the Board of Directors.

No banking
privileges.

Sec. 5. Be it enacted. That nothing berein con-
tained shall authorize the said corporation to ex-
ercise banking powers or to issue a paper circula-
tion of any description.

In force.

Sec. 6. And be it enacted, That this Act shall
go into operation from its passage.