THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1835..

ness operations, appoint a president, who shall be ca-

CHAP. 313.

pable of serving with said directors in their respec-

President

tive offices, until the expiration of the first Mon-

day of the month of July aforesaid; and sixteen direc-

16 Directors

tors shall be elected by the stockholders, on the first

Monday of the month of July, on which the direction

herein constituted shall expire, and annually on the

first Monday of the said month in each year thereafter;

and at their first meeting after their election, in each

year, the directors shall proceed to appoint a presi-

President

dent, and the president and directors so appointed shall

continue in their respective capacities for one year, and

Case of omission

until successors shall be chosen; and in case it should

at any time happen that an appointment of President,

or an election of directors of said bank should not be

made so as to take effect on any day, when in pursu-

ance of this act, the same should take effect, the cor-

poration shall not for that cause be deemed to be dis-

solved, but it shall be lawful at any other time, with-

in thirty days thereafter, to make, such election and

appointment, in such manner as shall be directed and

provided by the ordinances of the corporation; and in

Vacancy

case of the death, resignation, removal out of the State,

or any disqualification of the, president or any direct-

or of the said corporation, the vacancy thereby occa-

sioned shall he filled by the directors for the time being,

appointing a president or electing a director as the case

may be, and the directors of said bank shall be resi-

Qualification of Di-

dents of the State of Maryland, twelve of whom shall

rectors

be citizens of Baltimore, and the other four non-resi-

dents of said city; of these four directors, two shall be

chosen from the Eastern, and two from the Western

Shore of Maryland: and it is further provided, that at

least eight of the whole number of directors of said

bank, shall he, either actively engaged in the milling

business, or be operating as commission merchants or

dealers, for the purchase or sale of grain, flour, tobac-

co, or country produce generally.

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

Appoint officers

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

point cashiers or treasurers, and such other officers

62