492

LAWS OF MARYLAND.

so appointed, with security, conditioned in such form as they shall

approve, for the faithful discharge of the duties of such officers,

agents or servants, to secure the said corporation from loss; to in-

vest the funds of the corporation, and to do such other lawful

acts of the corporation, touching the same as they may deem bene-

ficial and proper; to pass all such by-laws as may be necessary

for the exercise of the aforesaid powers, or by any other powers

invested by this act in said corporation, and the said by-laws to

alter and repeal; provided, that all such by-laws may be altered

and repealed by a majority of the stockholders at any annual or

general meeting, called in pursuance of the provisions of this act ;

and a majority of the stockholders may, at any such annual or

feneral meeting, pass by-laws which shall be binding on the presi-

ent and directors; provided, also, that such by-laAvs shall not be

contrary to any laws of this State or the United States.

SEC. 6. And be it enacted, That no person shall be eligible as

Eligibility

president or director of said corporation, as the case may be, unless

he be a stockholder therein.

SEC. 7. And be it enacted, That said corporation shall have

power to borrow money, receive money on deposit, to loan money

or to discount in accordance with bank usages, to invest money

in manufacturing or other enterprises, and taking such securities

Corporate

for their said loans, either real or personal, as the board of direc-

powers

tors of said corporation may deem sufficient; may buy and sell

bills of exchange, notes, bonds or other securities; may purchase

and hold such real and personal estate and property as may be

necessary for the accommodation and transaction of its business ;

may issue letters of credit and other commercial obligations, and

generally may do and transact a general banking business.

SEC. 8. And be it enacted, That the board of directors shall

have power to regulate all matters pertaining to special deposits,

the amounts to be received at any time, and the manner the same

Manage-
ment.

may be received or paid, as the case may be, and to make all need-

ful regulations in that behalf; provided that the aggregate amount

of such special deposit shall not at any one-time exceed the capital

stock in said bank.

SEC. 9. And be it enacted, That whenever any deposit shall be

made by a minor or a married woman, such deposits shall be re-

ceived or held and paid out on precisely the same conditions as

Deposits
by minors,

those of adult male or adult female depositors; and the directors

&c.

of said bank may, at their discretion, pay to such minor or feme

covert depositor, such sum or sums of money as may be due to him

or her, and the check, receipt or acquittance of such minor or

feme covert shall be valid, any law of this State to the contrary

notwithstanding.

SEC. 10. And be it enacted, That at all elections for directors of

said bank every stockholder shall be entitled to one vote for every