552
Amended.
Capability in
law.
Rights and
powers.
To elect
Directors.
Empowered
to transact
business.
Elect Presi-
dent and Vice
President.
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LAWS OF MARYLAND.
CHAPTER 342.
AN ACT to amend the charter of the Peabody
Savings Bank of Baltimore city.
SECTION 1. Be it enacted by the General Assembly of
Maryland, That the charter of the Peabody Savings
Bank of Baltimore city be so amended as to read as
follows:
SEC. 1. That the said corporation shall be capable
in law to purchase, improve, lease, hold and dis-
pose of property, both real and personal, to borrow
money and create loans, to receive deposits of money
and pay legal interest on the same, to make advances
upon buildings, lands, and for collaterals of stock
and such other securities as the Board of Directors
may determine, to accept trusts, to act as trustees,.
and for such other objects as may promote the inter-
ests of the said corporation; and the said corporation'
shall have power to make and use a common seal
and the same to change, alter and renew at, pleasure,
to sue and "be sued, plead and be imploded, answer and be answered in any court of law or equity, or elsewhere; to make all deeds, transfers, grants, and
conveyances whatsoever, and to receive all and sin-
gular the powers incident to bodies politic and cor-
porate.
SEC. 2. And be it enacted, That the shareholders
comprising this company shall, in person or by proxy,
on the first Monday in July after the passage of this
Act, and in each and every year thereafter, choose-
by ballot from among the shareholders not less than
nine nor more than twenty directors, to manage the'
affairs of the said corporation for one year thereafter,.
or until an election shall take place and their succes-
sors are duly qualified; the said directors shall qualify
at the next regular meeting of the company, and a
majority of the" said Board shall be and are hereby
empowered to transact all business of the corpora-
tion.
SEC. 3. And be it enacted, That said directors shall
elect from their own body, immediately after the or-
ganization of the Board, a President and one or
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