796

LAWS OF MARYLAND.

laws as may be necessary for the exercise of the

aforesaid powers or any of the powers vested by this

act in said corporation, and the by-laws to alter or

repeal; provided, that all such by-laws may be al-

tered or repealed by a majority of the stockholders

at any annual or general meeting called in pursu-

ance of the provisions of this act; and a majority of

the stockholders may at any such annual or general

meeting pass by-laws which shall be binding on the

president and directors ; provided also, that such by-

laws shall not be contrary to any law of this State

or of the United States.

SEC. 6. And be it enacted, That no stockholder,

Eligible as a
director

unless he be a citizen of the State of Maryland, shall

be eligible as a director or president of said corpo-

ration, 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.

SEC. 7. And be it enacted, That the said corpora-

Borrow money.

tion shall have power to borrow money and pay

interest thereon, receive money on deposit, and to

loan money 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 bills of exchange,

notes, bonds or other security; may accept and hold

all such trusts as shall or may be committed to it by

May make
special regula-
tions.

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 and

special or other deposits as the board of directors

may think advisable; may purchase and hold such

real and personal estate and property as may be

necessary for the accommodation and transaction of

its business; may issue letters of credit and other

commercial obligations, and generally may do and

transact a general banking business.

SEC. 8. And be it enacted, That the board of directors

Regulate

shall have power to regulate all matters pertaining to

matters

special or trust deposits, the amount to be received

at any time, and the manner in which the same shall

be received or paid as the case may be, and to make

all needful regulations in that behalf; provided, that