824
LAWS OF MARYLAND.
 
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the stockholders thereof, and the said President
and Directors shall be elected on the first Monday
in January in each year, or within sixty days
thereafter, to continue in office until their succes-
sors are chosen and qualified. A majority of said
Directors shall have power to act at all meetings
as if all were present, and to fill any vacancy that
may occur in the body, by death, resignation or
otherwise. Each stockholder shall vote in person
or by proxy, and be entitled to one vote for every
share he, she or they may hold.
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Directors,
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Sec. 5. Be it enacted, That the persons named
in this Act are hereby constituted Directors, with
power to choose from among their number a Pres-
ident, and they be hereby further empowered to
act as, and exercise all the powers of President
and Directors, under this law, until suspended by
an election of "Directors, pursuant to the provisions
of this Act.
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Bond.
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Sec. 6. Be it enacted, That the Board of Direc-
tors shall have full power to employ all officers
and agents that may be necessary to transact the
business of the association, and to fix their com-
pensation, and its Directors to dismiss them, to
take bonds from the said association from any or
all the persons so appointed, with security, con-
ditioned for the faithful execution of the duties of
such persons.
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Entrance fee.
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Sec. 7. Be it exacted, That the Board of Direc-
tors shall have full power and authority to pre-
scribe the entrance fee to be paid by each stock-
holder at the time of subscribing, to regulate the
monthly installments to be paid by such subscriber
on eaeh share so subscribed for, provided that such
installment shall not exceed the sum of ten dol-
lars in any one month, and further, to enforce the
payment of the same by such fines, penalties and
forfeitures as it may, from time to time, provide in
the by-laws hereinafter provided.
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Loan money
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Sec, 8. Be it enacted. That it shall and may be
lawful for the said association to loan money upon
such interest as may be prescribed by law, for any
period of time, and upon such premiums or bonus,
as may be agreed upon by the association and the
borrower, and in all cases to deduct the interest
and bonus, or either of them, in advance.
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