380

LAWS OF MARYLAND.

Powers,

make all deeds, transfers, covenants, agreements,

contracts, conveyances and grants whatever, and to

make and have, and use a common seal, and the same

to change and renew at pleasure ; and generally to

do every other act or thing necessary to carry into

effect the provisions of this act, and to promote the

designs of said corporation ; and to make by-laws for

the organization of said bank, so that the same be

not contrary to the laws of this State or of the United

States, and may have, enjoy and exercise all the

powers necessary to carry out the purpose of a savings
bank.

SEC. 2. And be it enacted, That the capital stock

Capital stock

of the said corporation shall be ten thousand dollars,

with liberty to increase the same to one hundred

thousand dollars, to be procured in the manner

hereinafter to be provided; and said "capital stock

shall be divided into shares of fifty dollars each.

SEC. 3. And be it enacted, That said bank shall have

power to borrow money or receive money on deposit,

Powers

and pay interest thereon, and to loan money at any

rate of interest allowed by law, or to discount in

accordance with bank usage, taking such security

therefor, either real or personal as the Board of

Directors of said bank may deem sufficient; may buy

and sell exchange, bills, notes, bonds or other securi-

ties; may accept and hold all such trusts as shall or

may be committed to it by any person or by the

order and direction of any judge, or any court or

tribunal; may make such special regulations in

reference to trust funds, deposits or savings left for

safe keeping, as shall best aid the parties interested,

allowing and receiving such interest therefor as may

be agreed on; may purchase annuities, real estate,

and issue letters of credit and other commercial

obligations ; provided, the said corporation shall not

be authorized to make any bills or notes in the

nature or description of bank notes for circulation.

SEC. 4. And be it enacted, That the affairs of said

Management

bank shall be managed by a Board of Directors of

not less than seven persons, who shall be elected

annually from among the stockholders, after not

less than ten days' notice to the stockholders of

said election; such election shall be by ballot, a