162

LAWS OF MARYLAND.

and conveyances whatever; to have and use a common seal,

and the same to change, alter and renew at pleasure, and

generally to do every other act or thing necessary to carry

into effect the provisions of this Act or to promote the ob-

jects or designs of said corporation.

SEC. 2. And be it enacted, That the capital stock of the

Stock capital-
ized.

said corporation intended to be created by this Act shall be

ten thousand dollars, in shares of fifty dollars each, to be

paid as the shareholders may determine ; and privilege is hereby

given to said corporation to increase the capital to twenty-

five thousand dollars whenever it shall be determined by the

unanimous vote of the board of directors.

SEC. 3. And be it enacted, That the affairs of said corpora-

Directory

tion shall be managed by a board of nine directors, who are to

management.

be elected annually in the month of January by the stock-

holders, and that the first directors of said corporation shall

be elected by the persons named in the first section of this

Act within ninety days from the elate of this Act, said directors

thus first elected to serve until the annual meeting in January

following; said directors shall, within ninety days after the

passage of this Act and annually in the month of January

Officers.

thereafter, elect from their number a president, vice-presi-

dent, secretary and treasurer, and such other officers as

they may see fit; a majority of said directors shall form a

quorum and be fully authorized for the transaction of any

business ; and said board of directors shall have full power,

from time to time, to make laws, rules and regulations as in

their judgment they may deem necessary for the welfare of

said corporation ; they shall also fix the amount of bond to

be given by the officers for the faithful discharge of their .

respective duties and to regulate the salaries to be paid them.

SEC. 4. And be it enacted, That said corporation shall have

Powers of

power to borrow money, receive money on deposit, to loan

corporation.

money or to discount notes in accordance with bank usage,

taking such security therefor, either real or personal, as the

board of directors of said bank may deem sufficient; may buy

and sell bills of exchange, notes, bonds or other securities;

may accept and hold all such trusts as shall or may be com-

mitted to it by any person or by the order or direction of

any judge or court or tribunal ; may make such special regula-

tion in reference to trust funds and special or other deposits

as the board of directors may think advisable ; may purchase

and hold or sell real and personal estate and property ; may