ROBERT M. McLANE, ESQUIRE, GOVERNOR.

333

SEC. 5. And be it enacted, That the said corpora-

tion be and it is hereby authorized to exercise by its

president and board of directors, or officers or agents

duly authorized by the said president and board of direc-

tors, all such incidental powers as shall be necessary to

Powers of cor-

carry on the business of banking; by discounting and

poration.

negotiating promissory notes, drafts, bills of exchange

and other evidences of debt; by receiving deposits ;

by borrowing money; by buying and selling exchange,

stocks, bonds, coin and bullion, and by loaning money

on personal or other security.

SEC. 6. And be it enacted, That the president and

directors of said corporation shall be elected annually

on such day as shall be prescribed by the by-laws of

said corporation; and the president and directors for

the time being shall give three weeks' public notice

in at least two daily newspapers published in the city of

President —

Baltimore, of the time and place of holding the annual

how elected.

election of directors; and. 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 stock-

holders in said corporation; to elect a vice-president

from their own body, and to fill all vacancies that

may occur in the board of directors or presidency or

vice-presidency.

SEC. 7. And be it enacted, That the president and

directors shall have power to appoint a cashier and all

such other officers, agents and servants as they may

deem necessary to conduct or execute the business of

said corporation, fix their compensation and in their

discretion remove them from office; to take bonds for

said corporation from any or all of the officers, agents

or servants by them so appointed with security condi-

tioned in such form as they shall approve for the

faithful execution of the duties of their respective

Power of presi-

offices; to secure said corporation from loss; to invest

dent and direc-

the funds of said corporation and generally to do any

tors.

such other acts touching the same as they shall deem

most safe and beneficial; and to pass all such by-laws

as may be necessary for the exercise of the aforesaid

powers or the powers vested in said corporation, and

the same by-laws from time to time to repeal and

alter; provided that all such by-laws may be altered

or repealed at any general or annual meeting by a

majority vote of the stockholders represented at such

meeting, in person or by proxy, and the stockholders