666

LAWS OF MARYLAND.

SEC. 4. And be it enacted, That the persons
named in the first section of this act be and
they are hereby appointed Commissioners to-
receive subscriptions to the capital stock of the
said corporation, and they, or a majority of
them, may cause books to be opened at such

Stock— Sub-
scription.

times and places as they may direct for the
purpose of receiving such subscription, and
may keep the same open until the whole num-
ber of shares amounting to the said sum of
fifty thousand dollars, shall be 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 tilings
according to this charter.

SEC. 5. And be it enacted, That the affairs
of the said corporation may be managed
by eleven directors, a majority of whom
shall be resident citizens of Prince George's
county, and one of whom shall be President

Directors.

of the bank, the first election of Directors
thirty days after the organization of the cor-
poration, which organization shall take place
as soon as stock to the amount of thirty thous-
and 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 majority of them, shall give at least
two weeks' notice in at least two newspapers
in Upper Marlboro', Prince George's county ;
the term of service of Directors shall continue

Election.

for the term of one year, or until another
election; the Directors thereafter shall be
elected annually from amongst the stock-
holders at such a 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, shall have the power to
elect a President from among their own body

Powers

to fill all vacancies that may occur in the
the Directors or Presidency; to appoint all
officers, agents and servants that they may
deem necessary to conduct or execute the busi-