42

LAWS OF MARYLAND.

SEC. 5. And be it enacted, That the affairs of said

Affairs of
corporation —
how managed

corporation shall be managed by eleven directors,
a majority of whom shall be citizens of Queen

Anne's county, and one of whom shall be presi-

dent of the bank ; the first election of directors

shall take place thirty days after the organization

of said corporation, which organization shall take

place as soon as stock to the amount of fifty thou-

sand dollars shall have been subscribed for ; of the

time and place of holding which election, the per-

sons named in the first section of this act, or a

Give notice of

majority of them, shall give at least three weeks'

election.

notice in some newspaper published in the town

of Centreville, Queen Anne's county, Maryland;

the term of service of said directors shall continue

for one year, or until another election ; the direc-

tors thereafter shall be elected annually from

amongst the stockholders at such time and place,

and in such manner as the by-laws of this corpora-

fron may direct ; the directors for the time being,

so a majority of them shall have the power to elect

a president from their own body; to fill all vacan-

cies that may occur in the directors or presidency ;

to appoint all such officers, agents, and servants as

they shall deem necessary to conduct or execute

the business of said corporation ; to fix their com-

pensation, and in their discretion to dismiss them;

to take bonds for and in the name of said corpora-

tion, from any or all of the officers, agents, servants

by the so appointed with secui'ity, conditioned in

such form as they shall approve for the faithful

discharge of the duties of such officers, agents and

servants, to secure said corporation from loss ; to

invest the funds of the corporation, and to do such

other lawful acts touching the same as they may

Make by-laws

deem beneficial and proper ; to pass all such by-

laws as may be necessary for the exercise of the

aforesaid powers, or any of the powers vested by

this act in said corporation ; and the by-laws to

alter or repeal, provided that all such by-laws

may be altered or repealed by a majority of the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 general meeting pass by-laws which

shall be binding on the president and directors ;