476

LAWS OF MARYLAND.

sued, plead and be impleaded, answer and defend,

and be answered and defended in all courts of law

and equity, and in any other place whatsoever, and

to receive and make all deeds, transfers, contracts,

covenants, conveyances, and grants whatsoever ; to

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

change and renew at pleasure, and generally to do

any or every other act or thing necessary to carry into

effect the provisions of this act; 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 purposes of a
bank.

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

Capital stock.

the said corporation shall be fifty thousand dollars,
with liberty to increase the same to two hundred

thousand dollars, to be procured in the manner here-

inafter to be provided, and said capital stock shall be-

divided into shares of fifty dollars each.

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

Powers.

have power to borrow money, or receive money on

deposit, 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 Di-

rectors of said bank may deem sufficient; may buy

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

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

may be committed to it by any person, or by the or-

der and direction of any judge, or any court or tri-

bunal; may make such special regulations in refer-

ence to trust funds, deposits, or savings left for safe

keeping, as shall best aid the parties interested, allow-

ing and receiving lawful interest therefor; may pur-

chase annuities, real estate, and issue letters of cre-

dit, and other commercial obligations.

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

Management

bank shall be managed by a Board of Directors of at

least seven persons, who shall be elected from among

the stockholders; their election shall take place when

the fifty thousand dollars of capital stock shall have

been subscribed for; and any five of the corporators

herein named, shall be commissioners to open the