such place as the by-laws of said Corporation shall
provide for the purpose of choosing from among
the members seven Directors to manage the affairs
of the said Corporation for one year thereafter and
until a new election of Directors shall take place,
and the persons first above named or a majority of
them shall be the Judges of the first election of
Directors, and the Judges of all subsequent elec-
tions shall be appointed, and the notice of such
elections given, and the same shall be conducted
in such manner as the by-laws shall provide.

Duties of di-
rectors.

Sec. 3. And be it enacted, That the Directors
for the time being, or a majority of them shall
have power to elect a President from their own
body or from the other members, to fill all vacan-
cies that may occur in the Directors or Presidency,
to appoint all such officers, agents or servants as
they shall deem necessary to conduct or execute
the business of said Corporation, to fix their com-
pensation, and in their discretion to dismiss them,
to take bonds for the said Corporation from all or
any of the officers, agents or servants by them so
appointed with security conditional in such forms
as they shall approve for the faithful execution of
the duties of such officers, agents or servants, and
to secure the said Corporation from loss; to regu-
late the manner of making and receiving deposits,
the forms of certificates to be issued to depositors,
and the mode of transfering the same, to invest
the funds of said Corporation, and generally to do
any such other acts touching the same as they
shall deem most safe and beneficial, to admit
members and furnish proof of such admission, to
exclude members when they have not any property
in said Corporation, and generally to pass all such
by-laws as may be necessary for the exercise of the
aforesaid powers, or the powers vested in the laid
Corporation; and the same by-laws from time to

Provisos.

time to alter and repeal; provided, that all such
by-laws may be altered and repealed by a majori-
ty of the members assembled at any annual meet-
ing, or at any general meeting called in pursuance
of any by-laws made for that purpose, and a ma-
jority of the members present at any annual or
general meeting may pass by-laws which shall be
binding upon the Directors; provided, also, that