404
LAWS OF MARYLAND.
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be sued, plead and be impleaded, answer and defend,
and be answered and be defended in courts of law and
equity, and in any other place, to receive and make all
deeds, transfers, contracts, covenants, conveyances and
grants whatsoever, to make, have and use a common
seal, and the same to change and renew at pleasure,
and generally to do every other act or thing necessary
to carry into effect the provisions of this act, or to promote
the objects or designs of said corporation.
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Election of
directors.
Proviso.
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SEC. 2. And be it enacted,
That there shall be a
meeting of the members of said corporation on such
day in the month of June next, and at such place as
the seven persons first named or any three of them
shall appoint of which meeting they shall give at least
ten days notice by advertisement in two of the public
newspapers printed in the county of Frederick, and on
such day annually thereafter, and at such place as the
by-laws of said corporation shall provide, for the purpose
of choosing from among the members six directors
to manage the affairs of said corporation for one
year thereafter, and until a new election of directors
shall take place; Provided, that such election shall be
made within one month from the expiration of the
term for which the preceding directors shall have been
elected, and the seven members first above named or
any three of them shall be the judges of the first election
of directors, and the judges of all subsequent elections
shall be appointed, and notice of such election
given and the same conducted in such manner as the
by-laws shall provide.
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Power of
directors.
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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 the
other members to fill vacancies that may occur in
the directors of presidency, to appoint all such officers,
agents and servants as they shall deem necessary to
conduct or execute the business of the corporation, to
fix their compensation, and in their discretion dismiss
them, to take bonds for the corporation from all or any
of the officers, agents or servants by them to appointed,
with security conditioned in such form as they shall
approve for the faithful execution of the duties of such
officers, agents or servants and to secure said corporation
from loss, to regulate the manner of making and
receiving deposits, the form of certificates to be issued
to depositors and the mode of transferring the same, to
invest the funds of said corporation, and generally to
do such other acts touching the same as they shall deem
most safe and beneficial, to admit members and furnish
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