112

LAWS OF MARYLAND.

county, Maryland; the term of service of said direc-

tors shall continue for one year, or until another

election, the directors thereafter, shall be elected an-

nually from amongst the stockholders, at such time and

place, and in such manner, as the by-laws of this corpo-

ratiou may direct; the directors for the time being, or

a majority of them, shall have the power to elect a

President

President from their own body, to fill all vacancies

that may occur in the Directors or Presidency, to ap-

point all such officers, agents, and servants as they

shall be deemed necessary to conduct or execute the

business of said corporation, to fix their compensa-

tion, and in their discretion to dismiss them, to take

bonds for and in the name of the corporation from

any or all of the officers, agents or servants, by them

Powers

so appointed, with security conditioned in such form

as they shall approve for the faithful discharge of the

duties of such officers, agents and servants, to secure

the said corporation from loss ; to invest the funds

of the corporation, and to do such other lawful acts,

touching the same, as they may deem beneficial and

proper; to pass all such by-laws as may be necessary

tor the exercise of the aforesaid powers, or any ot

Proviso.

the powers vested by this act in said corporation, and

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

such by-laws may be altered or repealed by a major-

ity of the stockholders at any annual or general

meeting, called in pursuance of the provisions of

this act ; and a majority of the stockholders may at

any such annual or general meeting, pass by-laws

which shall be binding on the President and Direc-

tors ; provided also, that such by-laws shall not be

contrary to any law of this State, or of the United

States.

Eligibility.

SEC. 6. And be it enacted, That no stockholder,

unless he be a citizen of the State of Maryland, shall

be eligible as a Director or President of said corpora-

tion; and every President or Director as the case may

be, shall cease to be a Director or President upon his

ceasing to be a stockholder or a citizen of this State.

Coporate pow-

SEC. 7. And be it enacted, That the said corporation

ers

shall have power to borrow money, receive money on

deposit, and pay interest thereon, and to loan money,

or to discount in accordance with bank usage, taking