EDWIN WARFIELD, ESQ., GOVERNOR.

299

for, as in this Act provided, shall elect a board of directors com-

posed of such number of persons as they shall determine,

To elect
board of di-

consistent with the provisions of this Act, and said directors

rectors.

shall serve until the next annual meeting, and until their suc-

cessors are elected and qualified, and said directors so elected,

and their successors, shall have the management of said bank,

and they are hereby authorized and empowered to exercise in

the name and on behalf of said bank all the rights and privi-

leges existing in it, and to generally do, execute and enforce

all and singular such acts, contracts, matters and things as may

be necessary to carry on the business and protect the interests

of said bank.

SEC. 5. And be it enacted. That the number of directors of

said bank may be increased from twelve, the number stated

Number of
directors.

in the certificate of incorporation of said bank, to fifteen,

or decreased to nine; provided, that any increase or decrease

in the number of the directors of the bank shall only take place

by a three-fourths vote of the stockholders of said bank at

their annual meeting to elect directors.

SEC. 6. And be it enacted, That every director of the said

bank, during his whole term of service, must own, in his own

Qualifications
necessary.

right, and unhypothecated, at least one thousand dollars of the

capital stock of the said bank, at the par value of the shares

thereof.

SEC. 7. And be it enacted, That after the first election of

directors of said bank, the directors shall be elected annually

Directors to

by the stockholders on the first Wednesday after the first Mon-

be elected
annually.

day in January of each year, thirty days' notice of the time and

place of such annual election being given in some newspaper

published in Talbot County, Maryland, and such election shall

be held and conducted in the manner that is provided for the

election of directors in corporations incorporated under the

General Laws of the State of Maryland.

SEC. 8. And be it enacted, That the directors of the said

bank may declare and pay from the profits of the bank such

Right to de-
clare divi-

dividends on the capital stock as they may deem proper, pro-

dends.

vided that no dividend shall be declared when the capital stock

would be impaired thereby.

SEC. 9. And be it enacted, That the said bank shall have the

power to borrow money and pay interest thereon, not exceed-

Bank's power.

ing the legal rate ; to receive money on deposit on such condi-

tions and subject to such regulations as the board of directors

of the bank may prescribe ; to lend money on promissory notes