JAMES THOMAS, ESQUIRE, GOVERNOR.

1833.

of saw Institution, for twelve months thereafter, and until
anew election shall take place; and the five members first
above named shall be judges of the first election of Direc-
tors, and the judges of all future elections shall be appoint-
ed, and notice of such elections given in such manner as
the by-laws of said Institution shall provide; Provided, that
such elections shall be made within one month from the ex-
piration of the term for which the preceding Directors
shall have been elected

CHAP. 27.

See 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 fill all vacancies that may occur in the presi-
dency or directory; to appoint all such officers, agents and
servants as they shall deem necessary to conduct or exe-

Powers of the di-
rectors

cute the business and affairs of the Institution, to fix their
compensation, and in their discretion to dismiss them to
provide for the taking of bonds to the corporation, fiom all
or any of the officers, agents or servants by them so ap-
pointed, with security conditioned in such form as they
shall prescribe, for the faithful execution of their several
duties, and to secure the corporation from loss; to regulate
the manner of making and of receiving deposits, the form

General powers

of certificates to be issued to depositors, and the manner of
transferring the same; to provide for the investment of the
funds of the incorporation in such manner as they shall
deem most safe and beneficial; to provide for the admission
of members, and furnishing proof of such admission; to
provide for paying all necessary expenses in conducting the
affairs of the corporation, and generally, to pass all such by
laws as shall be necessary to the exercise of said powers,
and of the other powers vested in said corporation by this
charter, and the said by-laws from time to time to alter and

Proviso.

repeal; Provided, that all such by-laws as shall be made by
the Directors, may be altered, or repealed by a majority
of the members assembled at any annual meeting or at any
general meeting, called in pursuance of any by-law made
for that purpose; and a majority of the members may at
any annual or general meeting pass by laws which shall be
binding upon the Directors; Provided, that such by-laws
shall not be contrary to the laws of this stale or of the
United States; Provided, that nothing herein contained
shall be so construed as to confer authority on the Direc-
tors or Stockholders by any rule or by law, to restrict or
limit the number of weekly depositors who may desire to

Further proviso