THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1835.

then next ensuing, and eight directors shall he annual-

ly elected on the first Monday of May, in each year

CHAP. 318,

Time of election

thereafter, and at their first meeting after their elec-

tion in each year, the directors shall proceed to ap-

point a president, and the directors and president so

Duration of ser-

elected and appointed, shall continue in their respec-

vice

tive offices for one year, and nntil successors shall ho

chosen, and in case it should at any time happen that an

Day not material

appointment of president or election of directors of said

hank, shall not he made so as to take effect on any day

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

fect, the corporation shall not for that cause be deem-

ed to he dissolved, hut it shall be lawful at any other

time, within thirty days thereafter, to make such lec-

tion and appointment, in such manner as shall he di-

rected and provided by the ordinances of the corpora-

tion, and in case of the death, resignation, removal

Vacancy

out of the State, or other disqualification of the presi-

dent or any director of the said corporation, the vacan-

cy thereby occasioned shall be filled by the directors

for the time being, appointing a president or electing

a director as the case may be.

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

Power to appoint cashier &c.

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

point a cashier and such other officers and servants un-

der them as may he necessary for executing the busi-

ness of the said corporation, and to allow them such

Compensation

compensation for their services respectively, as they

may deem reasonable.

SEC. 6. And be it enacted, That every subscriber

First payment

shall pay to the above named commissioners who shall

attend for opening the books, at the time of subscribing,

the sum of nve dollars on each share that shall he by

him subscribed, and each subcriber shall within sixty

Other instalment

days thereafter pay the further sum of five dollars on

each share, and the remaining twenty dollars on each

share shall he paid by such instalments and at such times

as the directors shall appoint, upon giving not less than

Notice

two months notice of such demand, in the public prints

of Washington county, and in at least two newspapers

printed in the city of Baltimore; and receipts shall be

given for the several payments so made, hut when a