corporation, and they, or a majority of them, may
cause books to be opened at such time and place in
the town of Boonsboro, in Washington county, as
they may direct for the purpose of receiving such
subscriptions, and may keep the same open until the
whole number of shares, amounting to the said sum
of fifty thousand dollars, shall be subscribed for, hill-
when twelve hundred and fifty shares of said stock
have been subscribed and paid for, then it shall be
lawful for the bank to proceed in all tilings accord-
ing to this charter.
SEC. 4. And! be it enacted, That the affairs of said
corporation shall be managed by a President and six
.Directors; the first election of Directors shall take
place thirty days after the organization of said cor-
poration, which organization shall take place as soon
as twelve hundred and fifty shares of stock shall
have been subscribed for, of which election the per-
sons named in the first section of this Act, or a ma-
jority of them, shall give notice in some paper pub-
lished in the town of Boonsboro, or County of Wash-
ington, for two weeks' of the time and place of hold-
ing such election; the term of service of said Direc-
tors shall continue for one year, or until another
election; the Directors thereafter shall he elected
annually from amongst the stockholders at such
time and in such manner as the by-laws of this cor-
poration may direct; the Directors for the time be-
ing, or a majority of them, shall have the power to
elect a President from their own body, or from the
other stockholders; to fill all vacancies that may oc-
cur in the Directors or Presidency; 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 and, in their
discretion, dismiss them; to take bonds for the said
corporation from any or all of the officers, agents
or servants by them so appointed, with security con-
ditioned in such form as they shall approve for the
faithful execution of the duties of such officers,
agents and servants; to secure said corporation from
loss, invest the funds generally, to do any such other
act touching the same as they may deem safe and
beneficial; to pass all such by-laws as may be neces-
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Management
of affairs
Term of ser-
vice of Direc-
tors.
President
Duties of
President
and Directors
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