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CHAP, 189,
Passed Mar 9, 1827
Members incorpor-
atedd
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CHAP. CLXXXDt.
An Act to Incorporate tha Maryland Savings Institution.
1 Be it enacted by the General Assembly of Maryland,
That George G Presbury, Fielding Lucas junior, William H.
Freeman, Joseph K. Stapleton, William H. Bates, Hugh M'El-
dery, Job Smith, junior, Andrew E. Warner, John Martin,
Henry Pike, Thomas M'Coy, Aaron Clap, Joseph Towson,
George D. Elsworth, Joshua Hutchins, Henry Myers, William
C. Spindler, John A. Hamilton, Shephard C. Leakin, George
Earnest junior, John J. Gross, Thomas Phcnix, Ephraim Bar-
ker, James Martin, Ebenezer Hubbal, John Patterson, James
Beacham, William Gwynn, and all and every other person or
persons hereafter becoming members of the Maryland Savings
Institution, in the manner hereaiter mentioned, shall be and are
hereby created and made a corporation and body politic, by the
name and style of The Maryland Savings Institution, and by
that name shall have succession, and be capable by law to hold
and dispose of property, to sue and be sued, plead and be im-
pleaded, answer and defend, and be answered and defended, in
courts of law and equity, or in any other place whatever, and to
receive and make all deeds, transfers, contracts, covenants, con-
veyances and grants, whatsoever, and to make, have and use,
a common seal, and the same to change and renew at pleasure,
and generally to do every other act or thing necessary to cany
into effect the provisions of the act, and promote the object and
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Election ofdIrec
tors
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design of said corporation.
2. And be it enacted, That there shall be a meeting of the
members of the said Maryland Savings Institution, on such day
in the month of April next, and at such place as the five per-
sons first named in this act, or any three of them, shall appoint,
and give at least ten days notice of such meeting in two or more
newspapers printed in the city of Baltimore, and on such day
in the month of April, and at such place annually thereafter, as
the by-laws of the said institution shall provide, for the pur-
pose of choosing from among the members, fifteen directors to
manage the affairs of the said institution for twelve months there-
after, and until a new election shall take place; and the five
members first named shall be judges of the first election of di-
rectors, and the judges of all future elections shall be appointed,
and notice of such elections given, in such manner as the by-
laws shall provide.
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President— pow-
ers of directors
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3. And be it enacted, That the directors for the time being,
or a majority of them, shall have power to elect a president
from their own body, or from among the other members; to
appoint all such officers, agents and servants, as they shall deem
necessary to conduct or execute the business and affairs of the
institution, to fix their compensation, and in their discretion,
to dismiss them; to provide for the taking bonds to the corpo-
ration from all or any of the officers, agents or servants, by
them so appointed, with security, conditioned in such form as
they shall prescribe, for the faithful execution of their several
duties, and to secure the corporation from loss; to regulate the
manner of making and receiving deposits, the form of certifi-
cates to be issued to depositions, and the manner of transferring
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