ART. 11.] FORMATION OF STATE BANKS. 101

making the entire capital stock five" hundred thousand dollars;
and when fifty thousand dollars of said capital stock shall have
been full paid, in the lawful money of the United States, and

shall be so certified by a majority of the said commissioners or

directors, to the treasurer and comptroller of the State, and a

certificate of their organization be transmitted to the clerk of the

court of appears, to be by him recorded among the records of his

office, and not before, shall such corporation be entitled to all the
benefits and privileges herein conferred or intended to be

conferred.

1870, ch. 206, sec. 5.

21. The said commissioners, or a majority of them shall be,
and are hereby constituted a board of directors' to manage the
affairs of the said corporation until the second Monday of July

ensuing its organization under this article, and until successors

shall be chosen; and in case it shall at any time happen that an
election of directors, or appointment of president of the said bank
shall not be made so as to take effect on any day when in pur-

suance 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 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.

Ibid, sec, 6.

22. The affairs of the several corporations herein provided for
shall be managed by a president and directors in each of said cor-
porations, and the number of directors in any of the said corpor-
ations 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 person shall be a director in any of
the said corporations who is not a stockholder thereof, and who is
mot also a citizen of the State of Maryland.