grants whatever, and to make and have and use a
common seal, and the same to change and renew at
pleasure, and generally to do every oilier act or
thing necessary to carry into effect the provisions of
this Act, and to promote the designs of said cor-
poration.
SEC. 2.* That the persons above-named, or any
five or more of them, shall be the directors for the
first year after the passage of this Act, and until
their successors be qualified; and the said corpora-
tion "shall annually thereafter, in the City of Balti-
more, at such time and place as the by-laws or regu-
lations hereafter to be adopted may appoint, elect
from the members of said corporation not less than
five nor more than twelve directors, to serve for the
ensuing term of twelve mouths, and until others
shall be chosen, who, during their term of service,
shall have the sole management and direction of the
concerns of said corporation; elect a President from
their own body, and be authorized to make, from
time to time, as they may deem expedient, such by-
laws or other rules for the regulation and government
of themselves and the members of said corporation,
and the same to change, add to or amend, as may
appear necessary or proper; provided, always, that
such by-laws or rules shall be not contrary to the
Constitution and Laws of the United States or of the
State of Maryland.
SEC. 3. And be if enacted. That said corporation
shall be capable of receiving from any free person or
persons any deposit or deposits of money, and that
all moneys received, or to be received, shall he in-
vested, at the discretion of the Board of Directors,
in loans, or in the purchase of real or personal prop-
erty, public stocks or other securities; and such in-
terest be allowed to the depositors thereof as may,
from time to time, be directed or provided for by
the by-laws of said corporation; dividends from the
surplus profits to be apportioned and declared in such
manner and at such times, not oftener than every six
months, as the directors for the time being may
think proper; and that no member shall be liable in
person or property for any debts, contracts or agree-
|
Persons
above-named
to be direct'rs
Elect a Presi-
dent.
Proviso.
Deposits,
Interest.
Members not
liable
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