1851.

LAWS OF MARYLAND.

CHAP. 165,

ing, and on such day in the month of April, and such place
annually thereafter, as the by-laws of the institution shall
provide, for the purpose of choosing from among the mem-
bers, seven directors, to manage the affairs of the said insti-
tution for twelve months thereafter, and until a new elec-
tion shall take place, and the three first named persons or

Judges

members, or a majority of them, shall be judges of the
first election of directors, and the judges of all future elec-
tions shall be appointed, and notice of such election, given
in such manner as the by-laws shall provide.

Choose president
and officers.

Sec. 3. And beit enacted, That the directors for the time
being, or a majority of them, shall have power to elect a
president, from their own body, or from among the other

General powers
framed.

members; to appoint all such officers, agents and servants,
as they shall deem necessary to conduct, or execute the bu-
siness and affairs of the institution; to fix their compensa-
tion, and in their discretion to dismiss them; to provide for
the taking of the bonds to the corporation, from all or any
of the officers, agents or servants, by them so appointed,
with security, conditioned in such form as they shall pre-
scribe for the faithful execution of their several duties, and
to secure the corporation from loss; to regulate the manner
of making and receiving deposits, the form of certificates
to be issued to depositors, and the manner of transferring
the same; to provide for the investment of the funds of the
corporation in such manner as they shall deem most safe
and beneficial; to provide for the admission of members,
and furnishing proof of such admission, to provide for pay-
ing all necessary expenses in conducting the affairs of the
corporation, and generally, to pass all such by-laws as shall
be necessary to the exercise of the said powers, and of
the other powers vested in said corporation by this charter,
and the said by-laws from time to time, to alter and repeal;

Proviso

Provided, That such by-laws as shall be made by the direc-
tors, may be altered or repealed by a majority of the mem-
bers assembled at any annual meeting, or at any general
meeting, called in pursuance of any by-laws made for that
purpose, and a majonty of the members, may at any annual
or general meeting, pass by-laws, which shall be binding
upon the directors; Provided, That such by-laws shall not
be contrary to the laws of this state, or of the United
States.

Receiving depo-

sits

Sec. 4, And be it enacted, That said corporation shall be
capable of receiving from any free person or persons such
deposit or deposits of money as shall be provided for by

Vesting.

the by-laws of said institution, and that all monies so re-
ceived, shall be invested in public stock, or any otber se-