316

LAWS OF MARYLAND.

its capital stock from time to time at such meeting of the

stockholders of said corporation as may be called for that pur-

pose by a three-fourth s vote of the shares of stock of the said

corporation, to an amount not exceeding fifty thousand dollars ;

and the incorporators herein named, or a majority of them,

shall have power to open books for subscription at such time

and place as they may deem expedient, and when said one

thousand shares shall have been subscribed and one-half there-

of shall have been actually paid in, the stockholders may elect.

Additional di-
rectors.

in addition to the above-named incorporators, who are also

hereby made directors, such number of additional directors

as they may see fit ; provided the whole number of directors

shall not be less than eight nor more than twelve, and no

director shall own less than ten shares of the capital stock ;

and the directors so elected as aforesaid and the incorpoiators

named in this Act shall act as directors for the corporation

hereby formed until the ensuing election or until their suc-

cessors shall have been elected and qualified : and the directors

thereafter shall be elected annually by the stockholders on the

first Monday in January and shall elect from among their num-

ber a president and a vice-president : and the directors are fur-

ther authorized to elect a cashier and such other officers as may

Cashier and
other officers.

be necessary to the conduct of the corporation : the directors

shall also fix the amount of the bond to be given by the officers

of the corporation for the faithful discharge of their trust, and

also regulate the pay of the salaries of its officers and directors.

Powers of the

SEC. 3. And be it enacted, That the corporation hereby

corporation.

formed shall have power to borrow money and pay interest

thereon not exceeding the legal rate ; receive money on deposit

on such conditions and subject to such regulations as the

board of directors of said bank may deem proper ; to buy or

discount notes made payable direct to said corporation or

which may be transferred or assigned to it by any other corpo-

ration or individual ; to buy or discount bills of exchange.

due bills or other commercial paper or public or private obliga-

tions ; to sell notes and other obligations held and owned by

them ; to accept mortgages upon real and personal property

to secure the payment of money loaned and advanced by the

said corporation ; to accept collateral security for the payment

of notes discounted by them ; to buy and sell and hold real and

To transact a
general bank-

personal property, and generally to do and transact a general

ing business.

banking business ; and to pay such dividends to the stock-

holders as the directors may think proper, provided no capital

stock shall be used for the purpose of paying dividends.