432

LAWS OF MARYLAND.

the State of Maryland; and the commissioners herein

named or a majority of them, and with power to till

all vacancies in their number, shall constitute the

directors of said bank until the third Thursday in

January ensuing its or their organization under this

act, and until their successors shall be chosen. The

annual election for directors shall be held in the

Annual elec-
tion

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

elected shall hold their place for one year, or until

their successors are elected and qualified. But any

director removing from this State or ceasing to be

owner of the requisite amount of stock, shall vacate

thereby his office ; any vacancy in the board or in the

Presidency shall be tilled by appointment by the re-

maining directors ; the President or director so ap-

Term of
service

pointed shall hold his place until the next aim ual meet-
ing; 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' notice

being giving by advertisement in the same way as is

prescribed for the annual election, and the choice of

President may be made at any time within thirty

days after said election. The commissioners herein

named shall choose a President, who shall hold office

with the same tenure as the said commissioners do,

with power to fill a vacancy in this office at any time.

And the directors shall choose a President from their

number at their first meeting after the annual elec-

tion, who shall hold office for the space of one year

or until his successor is appointed ; each director shall

Qualification.

own in his own right at least fifty shares of capital

stock; provided that each commissioner or director

herein designated to serve until the first annual

meeting, shall own in his own right not less than

thirty snares of the capital stock.

SEC. 6. And be it enacted, That the Cashier or

Treasurer before he enters upon the duties of his

Give bond

office, shall be required to give bond with two or

more securities, to the satisfaction of the President

and Directors, in a sum not less than twenty-five

thousand dollars, to be increased five thousand

dollars for each additional one hundred thousand