203

LAWS OF MARYLAND.

controlled by a President and eight Directors, who
shall he chosen annually by the stockholders from
their own number, to serve for one year, and until
their successors are elected, and as often as for any
cause, a vacancy may occur in said presidency or
directorship, the remaining directors shall have
power to fill such vacancy until the next general
meeting of the stockholders, and until the first
general meeting of the stockholders, the said
Charles Young, William Ambruster, George Rei-
sohleim, G. H. Ohr, Henry Bloomenour, John R.
Crusen, John T. Johnson, James A. Furguson,
George W. Hoover and Joseph H. Ways, or a
majority of them, shall have and may exercise all
the corporate powers of said company, and a ma-
jority of said President and Directors shall con-
stitute a quorum for the transaction of all business
of the association, and the said President and Di-
rectors shall have full power to employ and dis-
miss servants and agents of said association, and
fix upon their compensation, and designate the
time and place of holding general meetings of the
stockholders, and declare dividends, and to do all
other acts appertaining to said association.

Banking pro-
hibited.

Sec. 5. And be it enacted, That this act shall
not be construed as to confer upon said corpo-
ration any banking powers, nor the right to
issue any bill or note in the form of a bank note
to circulate as currency.

To take ef

fect.

Sec. 6. And be it enacted, That this act shall
take effect from the date of its passage, and may
he repealed, altered or amended at the pleasure of
the General Assembly.