ART. 12.] BANKS.

fifty thousand dollars of said capital stock shall have
been full paid, in the " lawful money of the United
States," and so certified by a majority of the said com-
missioners or directors to the treasurer and comptroller

19

of the state, and a certificate of their so organization
be transmitted to the clerk of the court of appeals, to
be by him recorded among the records of his office,
and not before, shall they be entitled to all the benefits
and privileges herein conveyed or intended to be con-
veyed.

Certified to
comptroller.

29. The said commissioners, or a majority of them,

Ibid, s 5.

shall be, and are hereby, constituted a board of direc-
tors to manage the affairs of the said corporation until
the second Monday of July ensuing its or their or-
ganization under this act, and until successors shall be
chosen, and in case it should at any time happen that
an election of directors, or appointment of president of
the said bank should not be made so as to take effect
on any day when in pursuance of law the same should
take effect, the corporation shall not for that cause
be deemed to be dissolved, but it shall be lawful at
any time within thirty days thereafter, to make such
election and appointment in such manner as shall be
directed and provided by the ordinances of the bank ;
and in case of the death, resignation, removal out of
the state, or other disqualification of any director, or of

Board of direc-
tors.

the president of the said bank, the vacancy thereby
occasioned may be filled by the directors for the time
being, electing a director, or appointing a president, as
the case may be, for the balance of the time.

Vacancy.

30. The affairs of the several and singular corpora-
tions herein provided for shall be managed by a presi-
dent and directors in each of said corporations, and the

Ibid. s. 6.

number of directors in any of the said corporations
shall not be greater than seven, nor less than five, and
the number of directors in any of said corporations
may be changed by the stockholders from time to time,
within the limits as to number aforesaid, and no per-

Number of di-
rectors.

son shall be a director in any of the said corporations
who is not a stockholder thereof, and who is not also a
citizen of the state of Maryland.

Their qualifica-
tions.