THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1835.

and capable in law, to sue and be sued, plead and be

CHAP. 251.

impleaded, answer and be answered, defend and be

defended, in courts of record or any other place what-

soever; also to make, have and use a common seal, and

the same to break, alter and renew at their pleasure

and to ordain, establish and put into execution such

by-laws, ordinances and regulations as shall seem ne-

cessary am! convenient for the government of the said

corporation, the same not being contrary to law, or

the provisions of this act, and generally to do and

execute, all and singular such acts, matters and things,

as a corporation and body politic may and can lawful-

ly execute.

SEC. 6. And be it enacted, That upon every sub-

First payment

scription there shall be paid, at the time of subscrib-

ing, to the persons authorised to open the said books,

the sum of five dollars per share; and the disposition

Case of excess

of said money, the excess of subscription, subsequent

instalments, and forfeitures shall be governed by the

provisions of the third section of the act entitled, an

act to incorporate the Merchants Bank of Baltimore,

passed March the eleventh eighteen-hundred and thir-

ty-five.

SEC. 7. And be it enacted, That the affairs of the

Officers to manage

said bank shall be conducted by a President and twelve

Directors, and as soon as the said subscription of two

thousand five hundred shares shall have been received,

the said persons appointed to open the books in Cum-

Meeting to organ-

berland, or a majority of them, shall give twenty days

ize

notice at least, in one or more newspapers published as

aforesaid, of a time and place in Cumberland, for pro-

ceeding to the election of Directors, and such election

may then and there be made under the superintendance

of the persons aforesaid, or a majority of them, who

shall be judges of the said election, and the election of

President, the annual elections and filling vacancies

Annual elections

shall be governed by the fourth section of the act last

aforementioned.

SEC. 8. And be it enacted, That the President and

Officers and scri

rants

Directors, for the time being, shall have power to ap-

point a cashier or treasurer, and such other officers

and servants under them, as may be necessary for exc-