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LAWS OF MARYLAND.

Subscribing

SEC. 4. And be it enacted, That there shall be paid,

at the time of subscribing, to the commissioners or

their agents, appointed to receive such subscriptions,

the sum of one dollar per share; and the said com-

missioners shall deposit the money so received in a

place of safe keeping until the said bank shall be pro-

perly organized for business; and the said commis-

sioners shall be allowed all reasonable charges and

expenses, incident to the execution of their trust, out

of the funds of the bank.

SEC. 5. And be it enacted, That the affairs of said

Management

bank shall be conducted by a President and eight

Directors, who shall be stockholders and citizens of

the State of Maryland ; and the commissioners here-

in named, or a majority of them, shall have power to

fill all vacancies in their number, and shall constitute

the Directors of said bank until the third Thursday

in January ensuing its or their organization under

Annual election

this act, and until successors shall be chosen. The

annual election for Directors shall be held in the

month of January, in each and every year, and ten

days' notice of the meeting shall be given in two

daily newspapers published in the City of Baltimore,

in the English language; and the Directors so elect-

ed shall hold their place for one year, or until their

successors are elected and qualified ; but any Di-

rector removing from the State, or ceasing to be

owner of the requisite amount of stock, shall thereby

vacate his office ; any vacancy in the Board or in the

Vacancy

Presidency, shall be tilled by appointment by the

remaining Directors ; the President or Directors so

appointed shall hold his place until the next annual

meeting, and if an election of Directors should not

be held at the time appointed, the said corporation

shall not for that cause be dissolved, but an election

may be held on any subsequent day, thirty days' no-

tice being given by advertisement, in the same way

as is prescribed for the annual election, and the

choice of a President maybe made at any time with-

in thirty days after said election. The commission-

Choice a

ers herein named shall choose a President, who shall

President.

hold office for the same term as the said commission-

ers; and the said commissioners shall have power to

fill a vacancy in the said office at any time; the

Directors shall choose a President from their number

at their first meeting after the annual election, who