1835.

LAWS OF MARYLAND.

CHAP. 289.

point a president from their own number; and the di-

rectors and president so elected and appointed shall

continue in their respective offices for one year, and

Failure to elect on

until successor's shall be chosen, and in case it should

day

at any time happen that an appointment of a president

or an election of the directors of the said bank should not

be made so as to take effect at any period or on any day

when in pursuance of this act, the same should take ef-

fect, the corporation shall not for that cause be deemed

to he dissolved, but it shall be lawful at any other time

within thirty days thereafter to make such an election or

appointment in such manner as is provided by this

act or as shall be directed and provided by the ordi-

Vacancy

nances of the corporation; and in case of the death,

resignation, removal out of the State, or other dis-

qualification of the president or of any director of the

said corporation, the vacancy thereby occasioned shall

be filled by the directors for the time being, appoint-

ing a president or electing a director, as the case may

be.

Appoint officers

SEC. 5. And be it enacted, That the president and

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

point cashiers or treasurers and such other officers and

servants under them, as may be necessary for execut-

ing the business of the said corporation, and to allow

them such compensation for their services respectively

as shall be reasonable.

SEC. 6. And be it enacted, That the President and

Directors, for the time being, may make all such rules,

orders, by-laws and regulations for the government of

the said corporation, its officers and servants, as they,

or a majority of them, from time to time shall think fit,

not inconsistent with law or the provisions of this act,

and may at their pleasure, revise, alter and annul the

Powers as to rules

same; and they may use, employ and dispose of the

to dispose of funds.

funds, money and credit of the said bank, as they or a

majority of them may deem expedient, subject however

to the restrictions and limitations hereinafter men-

tioned.

Rates

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

restrictions, limitations and provisions shall form and