304 BANKS. [ART. 11.

time to time, the number of shares to, in all five thousand, thus-
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 appeals, 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.

1888, art. 11, sec. 21. 1670, ch. 206, sec. 5.

23. 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 presi-
dent of the said bonk shall 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 dis-
solved, 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 bonk, 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. 22. 1870, ch. 206, sec. 6.

24. The affairs of the several corporations herein provided
for shall be managed by a president and directors in each of
said corporations, and the 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 person shall be a
director in any of the said corporations who is not a stock-
holder thereof, and who is not also a citizen of the State of"
Maryland.