62

LAWS OF MARYLAND.

Governmnt
of corpora-
tion.

SEC. 3. And be it enacted, That the said corporation shall
be governed by a constitution, and managed by a board of
directors who shall be stockholders thereof, holding unpledged
stock in said corporation to the extent of not less than one
thousand dollars, upon which not less than one hundred and
fifty dollars shall have been paid in, who shall be elected annu-
ally, as may be provide 1 for from time to time by the consti-
tution and by-laws of the said association, by the stockholders,
each stockholder, holding unpledged stock being entitled to as
many votes as he has shares, upon which he has paid fifteen
per centum of the par value, voting in person or by proxy, a
majority of the voting stock constituting a quorum. The
directors so elected shall serve for one year, or until their suc-
cessors are elected and qualified.

Investment
of funds.

SEC. 4. And be it enacted, That the capital stock and accu-
mulated funds of the corporation shall be invested in the fee
simple real estate, and leaseholds, mortgages, bonds, stocks of
other incorporated companies, individual securities and other
evidences of debt, or in such other property as the said associ-
ation may deem profitable; and that said corporation be au-
thorized and empowered to take, have, hold and enjoy all such
estates, real, personal or mixed, as may be obtained with the
money aforesaid, and also with any and all other funds that
may come into its possession in. course of its business dealings,
and may sell, grant, mortgage, lease, and dispose of the same
in its discretion, will and pleasure, and execute, acknowledge,
and deliver all deeds and legal instruments for the same.

Further
powers.

SEC. 5. And be it enacted, That the following powers and
privileges are also granted the said corporation: First. To
receive any personal property or estate on storage or safe
deposit on such terms or rates of charge as may be agreed on.
Second. To purchase, invest in and sell any kind of property,
real, personal or mixed, and to execute deeds, conveyances or
assignments or transfers therefor. Third. To receive deposits
of money, securities and other property from any person or
corporation, and to accumulate the same, and to issue certifi-
cates of deposit therefor, payable at such times and on such
terms, and allowing such rate of interest therefor, as may be
agreed upon, not exceeding the legal rate of interest; pro-
vided, such certificates or bonds do not at any time exceed
twice the amount of the capital stock actually paid in. Fourth.
To loan money on promissory and negotiable notes, bills
obligatory or other evidences of debt, and to borrow money at
such rate of interest, not exceeding the legal rate, and on such