714

LAWS OF MARYLAND.

election — the directors thereafter shall be elected

annually from among the stockholders, at such time,

and in such manner, as the by-laws of this corpora-

To elect a

tion shall direct; the directors for the time being

president

shall have power to elect a president from among

their own body, or from the other stockholders; to

fill all vacancies that may occur in the directors or

presidency; to appoint all such officers, agents and

servants as they shall deem necessary to conduct or

execute the business of said corporation; to fix their

compensation, and, in their discretion, to dismiss

them ; to take bonds for the said corporation from

any or all of the officers, agents or servants, with se-

curity conditioned in such form as they shall ap-

prove, for the faithful execution of the duties of such

officers, agents and servants; to secure the corpora-

tion from loss, invest the funds, and generally to do

such other acts touching the same as they may deem

Pass by-laws

safe and beneficial ; to pass all such by-laws as may

be necessary for the exercise of the aforesaid powers,

or the powers invested in said corporation, and the

same by-laws to alter and repeal ; provided such by-

laws shall not be contrary to the laws of this State

or of the United States.

SEC. 7. And, be it enacted, That the following rules,

Constitution.

restrictions and limitations form the fundamental

articles of the Constitution of the " Drovers' and

Mechanics' Bank: "

Voting.

ARTICLE 1. Every stockholder shall be entitled to and

vote for every share that he or she may hold, pro-

vided, that after the first election no share of stock

shall entitle the holder of it to vote, which has not

been holden two months previous to the election ;

and stockholders who do not reside in the City of

Baltimore may vote by proxy.

Eligibility.

ARTICLE 2. None but a stockholder, being a citizen

of this State, shall he eligible as a director or presi-

dent ; and every president or director, as the case

may be, shall cease to be a director or president, upon

his ceasing to be a stockholder or a citizen of this

State.

ARTICLE 3. No director of said corporation shall

Not eligible.

be at the same time a director of any other bank in

this State ; and once in each year the directors shall