382

LAWS OF MARYLAND.

Appointed

hereby appointed commissioners to receive sub-

commissioners

scriptions to the capital stock of the said corpo-

ration; and they, or a majority of them, may cause

books to be opened at such time and places as

they may direct, for the purpose of receiving sub-

scriptions; and may keep the same open until

whole number of shares, amounting to thirty

thousand dollars, shall be subscribed for; and

when the sum of thirty thousand dollars of stock

shall have been subscribed for, and twenty thou-

sand dollars paid thereon, then it shall be lawful

for said association to proceed in all things accord-

ing to this charter.

SEC. 4. And be it enacted, That said association

Borrow money

shall have power to borrow money, or receive

money on deposit and pay the interest thereon,

and to loan money at any rate of interest allowed

by law, or to discount in accordance with bank

usage, talcing such security therefor, either real

or personal, as the board of directors of said asso-

ciation may deem sufficient; may buy and sell, ex-

change bills, notes, bonds or other securities;

may buy, improve and sell real estate; may accept

and hold all such trusts as shall or may be com-

mitted to it by any person or the order of any

Special regu-
lations.

court or tribunal; may make such special regula-

tions in reference to trust funds, deposits or sav-

ings left for safe keeping, as shall best aid the par-

ties interested, allowing and receiving such inter-

est therefor as may be agreed upon; may purchase

annuities and issue letters of credit and other

commercial obligations, provided the said associa-

tion shall not be authorized to make any bills or

notes in the nature or description of bank notes

for circulation.

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

How managed.

association shall be managed by a board of direc-

tors of five persons, who shall be elected annually

from among the stockholders of said association ;

such election shall be by ballot; a plurality of

votes shall elect; every stockholder shall be en-

titled to one vote for each share of stock stand-

ing in his or her name on the books of the

association, and may vote in person or by written

proxy, the directors to hold over until their suc-