JOSEPH KENT, ESQUIRE, GOVERNOR.

1826.

and under the same directors as at present exist, until after the
next annual election.
2. And be it entitled. That the affairs of the mother bank
shall be conducted by a president and twelve directors, and those
of the branch bank by a president and ten directors, which said
directors shall be chosen by the stockholders, in person or by
proxy, in the city of Frederick, on the first Monday in April
nest, and the first Monday in April in every year thereafter,
notice of which election shall be given by advertisement of the
president in not less than two of the newspapers in Frederick,
for at least two weeks preceding each election.

CHAP. 107,

Affairs of bank,
how to be conduc-
ted.

3. And be it enacted, That the choosing directors for the
Farmers and Mechanics Bank of Frederick county, and the
Branch Bank at Westminster, the stockholders shall be entitled
to vote, either in person or by proxy, according to the number
of shares held by them, and that said election shall be by ballot.

Election of direc-

tors.

4. And be it enacted, That no person shall be admitted to
take his seat as a director at either board, unless he shall be at
the time a stockholder, and if he shall at any time cease to be a
stockholder, he shall cease to be a director; and if any vacancy
shall at any time happen in either board by death, resignation or
otherwise, the directors of sakl board, at which such vacancy
occurs, shall elect another to fill the vacancy, for the residue of
the year, from among the stockholders.

Perton to be a di-
rector, must be a
stockholder.

5. And be it enacted, That the directors of the mother bank
and its branch bank, shall have the power to elect their presi-
dents, and other officers and servants, for conducting the busi-
ness of the company, and shall fix the compensation to be al-
lowed them, which expenses shall be defrayed out of the funds
of the company; they shall also have power to purchase, lease,
rent or erect, proper buildings for their accommodation ; they
shall also have power to make, revise, alter or annul, rules, or-
ders, by-laws and regulations, for the government of the com-
pany, and that of their officers, servants and affairs, as a majori-
ty of them may deem expedient, provided they are not contra-
ry to law and the constitution and provisions of this act

Directors to elect
presidents and of-
ficers.

6. And be it enacted, That the lands, tenements and here-
ditaments, which it shall be lawful for the said bank and its
branch bank to hold, shall be only such as shall be requisite for
their accommodation in relation to the easy and convenient
transaction of their business, and comfort and advantage of the
officers thereof, and such as shall be mortgaged to them by way
of security, or purchased at sales upon judgments which shall
have been obtained for debt due said bank or its branch bank;
and that the said bapk and its branch bank shall not deal or trade
in any thing except bills of exchange, promissory notes, United
States Stock, stock of chartered banks, stock of any chartered
institution, bullion, or the produce of their lands, or of such

goods and effects as shall have been pledged or mortgaged to
them by tray of security, or conveyed to them in satisfaction of
debts contracted in the course of their dealings, or purchased at
tales upon judgments which shall have been obtained for such
debts.

Landsl, &c it shall
be lawful for
them to hold.