354

LAWS OF MARYLAND.

a general meeting of the stockholders, giving notice as afore-

To furnish
list of stock-

said, and specifying in said notice the object of said meeting;

holders.

and it is made the duty of the directors and cashier of the

bank, upon application of any of the stockholders owning not

less than one-fourth of the capital stock, to furnish to such

stockholders a full and correct list of the names of all the

stockholders of the bank.

SEC. 6. And be it enacted, That the affairs of the said cor-

Management

poration may be managed by not less than seven nor more than

of corpora-
tion.

twelve directors, elected from among the stockholders, as

may be set forth in the by-laws, a majority of whom shall be

residents of the State of Maryland; the present directors and

officers eject shall continue until the next election of directors;

the directors thereafter shall be elected annually at such time

and place and in such manner as the by-laws of the corporation

may direct: the directors, or a majority of them, shall have

power to elect a president, who shall be a resident of Wicomico

County, Maryland, or Sussex County, Delaware, and two

vice-presidents from among- their own body ; to fill all vacancies

that may occur in the directors, presidency or vice-presidencies,

to elect a cashier, assistant cashier, and such other officers or

servants as they deem necessary to conduct or execute the busi-

ness of said corporation ; to fix their compensation, and in their

discretion to discontinue them ; to take bonds for and in the

name of the corporation from any or all of the officers, agents

or servants of the said corporation by them so elected or ap-

pointed, with security, conditioned in such form as they shall

approve, for the faithful discharge of the duties of such offi-

cers, agents or servants, to secure the said corporation from

loss ; to invest the funds of the corporation, and to do such

other lawful acts of the corporation touching the same as they

may deem beneficial and proper; to pass such by-laws as may

be necessary for the exercise of the aforesaid power or any-

other powers invested in them by the Acts in said corporation,

and the said by-laws to alter and repeal ; provided, that all

such by-laws may be altered and repealed by a majority of

Majority of
stockholders

the stockholders at any annual or general meeting called in

may alter or
repeal by-

pursuance of the provisions of this Act, and a majority of

laws.

the stockholders may at any such meeting pass by-laws which

shall be binding upon the officers or directors ; provided, also.

that such by-laws shall not be contrary to any laws of this State

or the United States.

SEC. 7. And be it enacted, That said corporation shall have

power to borrow money, receive money on deposit, or for