112

LAWS OF MARYLAND.

President.

Sec. 3. And be it enacted, That the Directors,
for the time being, or a majority of them, shall
have power to elect from their own body a Presi-
dent and Vice-President, and shall have power to
fill all vacancies that may occur in those officers
and in their own body, to appoint all other such
officers, agents and servants as they may deem ne-
cessary, to conduct and execute the business of

said corporation ; to fix their compensation, 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 conditioned in such form as they
shall approve for the faithful performance of the
duties of such officers, agents, or servants, and to
secure the said corporation from loss, to invest the
funds of said corporation as they shall see proper
and generally to do any other act or acts touching
the interest of Society as they shall deem most
safe and beneficial, to admit members upon such
terms as the by-laws may prescribe, and furnish
proof of admission and of all payments made by
such members upon their respective, shares, whether
in advance or otherwise : to exclude members
when they have not any property in said corpora-
tion ; to make all such by-laws as may be neces-
sary for the exercise of the aforesaid powers or the
powers vested in said corporation, and the same to
alter and repeal at pleasure, provided that such
by-laws shall not be contrary to any law of this
State or the United States.

Par value.

Sec. 4. And be it enacted. That the said corpo-
ration shall not exceed one thousand unredeemed
shares at the par value of four hundred dollars
each, payable in installments of one dollar per
week ; but the by-laws may provide conditions for
the payment of all or any part thereof in advance,
and may also prescribe the entrance fee to be paid
by each stockholder at the time of subscribing, and
if they see proper, may limit the number of shares
which each stockholder may held at any one time,
and the corporation shall have power to enforce
the payment of all installments and other dues
due to the corporation from its members or stock-
holders by such fines and forfeitures as the Directors
may from time to time provide in the by-laws, and