610

LAWS OF MARYLAND.

debt, by receiving deposits, by buying and selling

gold and silver, bullion, foreign coin and bills of ex-

change ; by loaning money on real and personal

security in the manner specified herein, for the pur-

pose authorized by this act, and by exercising such

incidental powers as shall be necessary to carry on

such business; to choose one of their number as

Choose Presi-

president, and to appoint a cashier and such other

dent.

officers and agents as their business may require,

and to remove such president, cashier, officers and

agents at pleasure, and appoint others in their place ;

and the usual business of said bank shall be trans-

acted at their offices located in the city of Annapolis.

SEC. 3. And be it enacted, That the president and

directors may employ and dispose of the funds,

Dispose of the
funds

money and credits of the said bank, as they or a

majority of them deem expedient, subject to the

limitations and restrictions herein mentioned.

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

at the time of subscribing, to the commissioners or

their agents, the sum of one dollar per share; and

the said commissioners shall deposit the moneys so

Deposit money

received in a place of safe keeping, until the said

bank shall be properly organized for business ; and

the said commissioners shall be allowed all reason-

able 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

herein named, or a majority of them, and with power

to fill 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;

Annual election

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 Annapolis,
in the English language ; and the directors so elect-

Term of office.

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

successors are elected and qualified ; but any director