1887.

LAWS OF MARYLAND,

CHAP. 142

Passed March 7

CHAPTER 142.

An act to incorporate the Fredericktown Savings Institution

Corporate powers
granted.

SECTION 1. Be h enacted by the General Assembly of Mary-
land, That Jacob Baer, Samuel Carmack, John Fessler, Isaac
Wysong, James M. Shellman, William Ross, William John-
son, William Bradley Tyler, Nicholas Turbutt, David F.
Schaeffer, Cyrus Mantz, Thomas Carlton, Benjamin Price,
George W, Sharp and Thomas Shriver, and all and every o-
ther person or persons hereafter becoming members of the
Fredencktown Savings Institution, in the manner hereafter
mentioned, shall be, and are hereby created and made a cor-
poration and body politicly the name and style of the Fre-
dericktown Savings Institution, and by that name shall have-
succession, and be capable by law to hold and dispose of pro-
perty, to sue and be sued, plead and be impleaded, 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, conveyances
and grants, whatsoever, and to make, have and use a common
seal, and the same to change and renew at pleasure, and gen-
erally to do every other act or thing necessary to carry into
effect the provisions of this act, and promote the object and

Organization—off-

icers.

design of said corporation.
SEC. 2. And be it enacted, That there shall be a meeting of
the members of the said Fredericktown savings institution,
on such day in the month of April next, and at such place as
the five persons first named in this act, or any three of them,
shall appoint and give at least ten days notice of such meet-
ing, in two or more newspapers printed in Fredericktown, and
on such day in the month of April, and at such place annu-
ally thereafter, as the by-laws of the said institution shall pro-
vide, for the purpose of choosing from among the members,
seven directors to manage the affairs of the said institution,
for twelve months thereafter, and until a new election shall
take place; and the five first named shall be judges of the first
election of directors, and the judges of all future elections
shall be appointed, and notice of such elections given, in such

Powers of direc-
tors - Bylaws, &c

manner as the by-laws shall provide.
SEC. 3. And be it enacted, That the directors for the time
being or a majority of them, shall have power to elect a pre-
sident from their own body, or from among the other mem-
bers 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 of the
bonds to the corporation from all or any of the officers, agents
or servants, by them so appointed, with security conditioned,
in such form as they shall prescribe, far the faithful execution
of their several duties, and to secure the corporation from
loss; to regulate the manner of making and receiving depo-
sits, the form of certificates be be issued to depositors, and
the manner of transferring the same; to provide for the in-