460

LAWS OF MARYLAND.

January next, after this act shall take effect; and

William H. Brown, Benjamin F. Smith, Joseph H.

Judik, Hannibal H. Chase, Thomas G. Scharf, Wil-

liam S. Carroll and John P Arnmidon, or a majority

Constituted
directors.

of them, are hereby constituted a board of directors

to manage the affairs of said corporation until said

election; and in case it should at any time happen

that an election of directors or appointment of presi-

dent of the said board should not be made so as to take

effect on any day when, in pursuance of law, the

same should take effect, the corporation shall not for

that cause be deemed to be dissolved, but it shall be

lawful at any time, within sixty days thereafter, to

make such election and appointment in such manner

as shall be directed and provided by the by-laws of the

Directors may

bank; and the number of directors of said corporation

be changed.

may be changed by the stockholders from time to time

within the limits as to number aforesaid.

SEC. 5. And be it enacted, That the said corporation

be .and it is hereby authorized to exercise, by its presi-

dent and board of directors, all such incidental powers

Powers of di-

as shall be necessary to carry on the business of bank-

rectors.

ing by discounting and 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

Election of

of Baltimore, of the time and place of holding the an-

directors.

nual 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

stockholders in said corporation; to elect a vice-presi-

dent 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

Appoint cash-
ier and other

such other officers, agents and servants as they shall

officers .

deem necessary to conduct or execute the business of

said corporation, fix their compensation, and, in their