232
LAWS OF MARYLAND.
Proviso.
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for the purpose of choosing among the members
eight directors, to manage the affairs of said Institution
for twelve months thereafter, and until a new election
shall take place; Provided, that each election shall
take place within one month from the expiration of the
term for which the preceding directors shall have been
elected, and the three members first above named, or
upon their refusal or neglect to act, any three named
in this act shall be judges of the first election of directors,
and the judges of all future elections shall be appointed,
and notice of such election given, in such
manner as the by-laws shall provide.
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Election of
president and
other officers,
&c.
Provisoes.
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SEC. 3. And be it enacted,
That the directors, for
the time being, or a majority of them, shall have power
to elect a president from their own body, or from
among the other members; to appoint all such officers,
agents and servants as they shall deem necessary to
conduct or execute the business of the said Institution,
to fix their compensation, and in their discretion to dismiss
them; to provide for the taking of bonds to the
said Institution, from all or any of the officers, agents
or servants by them so appointed, with security conditioned
in such form as they shall prescribe, for the
faithful execution of their several duties, and to secure
the corporation from loss; to regulate the manner of
making and receiving deposites, the form of certificates
to be issued to depositors, and the manner of transferring
stock in the said Institution; to provide for the investment
of the funds of the corporation in such manner
as they shall deem most safe and beneficial; to provide
for the admission of members, and furnishing proof of
such admission; to provide for paying all necessary
expenses incurred in conducting the affairs of the corporation,
and generally to pass all such by-laws as shall
or may be necessary to the exercise of the said powers,
and of the powers vested in said corporation by this
charter, and the same by-laws to alter and repeal; Provided,
that all such by-laws as may be made by the
directors may be altered and repealed by a majority of
the members of said corporation, assembled at any annual
meeting, or any general meeting called in pursuance
of any by-laws made for that purpose, and a
majority of the members may, at any annual or general
meeting, pass by-laws which shall be binding upon the
directors; Provided, that such by-laws shall not be
contrary to the laws of this State, or of the United
States; And provided further, that no person shall be
an officer or director of this Institution who is an officer
or director of any other monied Institution.
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