118

LAWS OF MARYLAND.

Judges — how
fleeted.

which the preceding Directors shall have been
elected, and the three members first above named,
or upon their refusal or neglect to act, any three
named in this Act shall be judges of the first elec-
tion of Directors, and the judges of all future
elections shall be appointed, and notice of such
elections given in such manner as the by-laws
shall provide.

President.

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 among the other members, to appoint all
such officers, agents and servants as they shall
deem necessary to conduct or execute the business
of said corporation, to fix their compensation, or
in their discretion, to dismiss them, to provide for
the taking of bonds to the said corporation from
all and any such officers, agents or servants, by
them so appointed, with security, conditioned in
guch form as they shall prescribe, for the faithful
execution of their several duties, and secure the
corporation from loss, to regulate the manner of
making and receiving deposits, the form of certi-
ficates to be issued to the depositors and the man-
ner of transferring stock in the said corporation, to

Transferring
stock.

provide for the investment of the funds of the
corporation in such manner as they shall deem
safest and most beneficial ; to provide for the ad-
mission of members, and furnishing proof of such
admission, to provide for paying all necessary ex-
penses incurred in conducting the affairs of the
corporation, and generally to pass all such by-laws
as shall or may be necessary to the exercise of the
said powers, and the powers vested in said corpo-
ration by this Charter, and the same by-laws to
alter and repeal ; provided, that all such by-laws
as may be made by the Directors may be altered
and repealed by a majority of the members of said
corporation, assembled at any annual meeting or
general meeting called in pursuance of any by-
laws made for that purpose, and a majority of the
members may at any annual or general meeting
pass by-laws which shall be binding on the Direc-

By-laws.

tors, provided that such by-laws shall not be con-
trary to the laws of this State or the United
States; and, provided further, that no person shall