JOSEPH KENT, ESQUIRE, GOVERNOR,

1827

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 place whatever, and to receive and
make all deeds, transfers, contracts, covenants, conveyances
and grants whatever, and to make, hare and use a common
seal, and the same to change and renew at pleasure, and to do
every other act or thing necessary to carry into effect the pro-
visions of this act, and to promote the object and design of
said corporation.

CHAP 86

SEC. 2. And be it enacted, That there shall be a meeting of
the members of the said Westminster savings institution on
such day in the month of March next and at such place as the
five first named persons in this act, or a majority of them,
shall appoint, and give a written notice to each member at
least five davs previous to said meeting, and on such day in
the month of March and such place annually thereafter as the

Annual meeting

by-laws of the institution shall provide, for the purpose of
choosing from among the members, nine directors to manage
the affairs of the said institution for twelve months thereaf-
ter, and until a new election shall take place, and the five first
named persons or .members, or a majority of them, shall be

Choose directors

judges of the first election of directors, and the ju-jges of all
future elections shall be appointed and notice of such elec-

Judges of election.

tions given, in such 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 and agents,, as they shall
deem necessary to conduct or execute the business and affairs
of the institution, to fix their compensation and in their dis-
cretion to dismiss them, to provide for the taking of bonds
to the corporation from all or any of the officers or agents 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
certificates to be issued to depositors, and the manner of
transferring the same, to provide for the investment of the
funds of the corporation in such manner as they shall deem
most safe and beneficial, to provide for the admission of mem-
bers and furnishing proof of such admission, to provide for
the payment of all necessary expenses arising from the future
operation and management of the affairs of the corporation,
and generally to pass all such by-laws as shall be necessary
to the exercise of the said powers, and of the other powers
vested in said corporation by this charter, and the same by-

Powers of direc-
tors.

laws from time to time to alter and repeal: Provided, That all
such by-laws as shall be made by the directors may be alter-
ed or repealed by a majority of the members assembled at
any annual meeting or any general meeting called in pursu-
ance of any by-laws made for that purpose, and a majority of
the members may at asy annual or general meeting pass by-

Proviso