494

LAWS OF MARYLAND.

subscribed for, and when the sum of thirty thousand

dollars of stock shall have been subscribed, and fifteen

thousand dollars paid therein, then it shall be lawful

for said bank to proceed in all things according to this

charter.

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

How managed.

corporation shall be managed by seven directors, a

majority of whom shall be citizens of Worcester

county, and one of whom shall be president of the

bank; the first election of directors shall take place

thirty days after the organization of said corporation,

which organization shall take place as soon as stock

to the amount of thirty thousand dollars shall have

been subscribed for; of the time and place of holding

which election, the persons named in the first section

of this act, or a majority of them, shall give at least

two weeks notice in some newspaper published in the

town of Snow Hill, in Worcester county, Maryland ;

the term of service of said directors shall continue

for one year, or until another election, the directors

thereafter shall be elected annually from amongst

the stockholders, at such time and place and in such

manner as the by-laws of this corporation may direct;

the directors for the time being, or a majority of them,

Powers of the

shall have the power to elect a president from their

directors.

own body to fill all vacancies that may occur in the

directors or presidency, to appoint all such officers,

agents and servants as they shall deem necessary to

conduct or execute the business of said corporation,

to fix their compensation and, in their discretion, to

dismiss them; to take bonds for and in the name of

the corporation from any and all of the officers, agents

or servants by them so appointed, with security, con-

ditioned in such form as they shall approve for the

faithful discharge of the duties of such officers, agents

and servants, to secure the said corporation from loss;

to invest the funds of the corporation, and to do such

other lawful acts touching the same as they may deem

Pass by-laws.

beneficial and proper; to pass all such by-laws as may

be necessary for the exercise of the aforesaid powers,

or any of the powers vested by this act in said corpo-

ration, and the said by-laws to alter and repeal; pro-

vided that all such by-laws may be altered or repealed

by a majority of the stockholders at any annual or

general meeting called in pursuance of the provisions

of this act; and a majority of the stockholders may