JAMES THOMAS, ESQUIRE, GOVERNOR.

1833.

choosing from among the members, seven directors to manage the affairs of the institution for twelve months thereafter, and until a new election shall take place; Pro- vided, that such election shall be made within one month from the expiration of the term of which the preceding di- rectors shall have been elected, and the five first named	CHAP. 218. Electing officers
persons or members, or a majority of them, shall be judg- es of the first election of directors, and the judges of all future elections shall be appointed, and notice of such elec- tions given in such manner as the by-laws shall pro- vide.	Elections conduct- ed
Sec. 3. And be it enacted, That the directors for the time being, or a majority of them, shall have power to elect a president from their own body, or from among the other members, to appoint all such officers and agents, as they shall deem necessary, to conduct or execute the bu- siness and affairs of the institution, or to fix their compen- sation, and in the discretion of dismissing them, to pro- vide for taking of bonds to the corporation, from all or any of the officers by them so appointed, with security condi- tioned in such form as they shall prescribe for the faithful execution of their several duties, and to secure the corpo- ration from loss; to regulate the manner of making and re- ceiving deposits, an I to form certificates to be issued to depositors, and the manner of transferring the same; to provide for the investment of the funds of the corporation, in such manner as they shall deem most beneficial; to pro- vide for the admission of members, and furnishing proof of such admission; to provide for the payment of all ne- cessary expenses arising from the future operation and management of the corporation, and generally to pass all such by laws as shall be necessary to the exercise of the said powers, and of other powers vested in said corpora- tion by this charter, and the same by laws from time to	Powers of directors
time to alter and repeal; Provided, that all such by laws, as shall be made by the directors, may be altered or re- pealed by a majority of the members at any annual meet- ing, or any general meeting called in pursuance of any by- laws made for that purpose; and the majority of the mem- bers may at any annual or general meeting, pass by laws which shall be binding upon the directors; Provided also, that such bylaws shall not be contrary to the laws of this state or of the United States.	Proviso
Sec. 4. And be it enacted. That said corporation shall be capable of receiving from any free person or persons, such	May receive and invest