638

STATE OF MARYLAND.

CHAP. 428.

Managed by
board of
directors.

SEC. 3. And be it enacted, That the affairs of the said cor-
poration shall be managed by a board of eleven (11) directors,
who are to be elected annually in the month of January by
the stockholders, and that the first board of directors of said
corporation shall be the eight persons named in the first section
of this Act, and who shall, within thirty days from the date
of this Act, and annually thereafter, elect from their number
a president, vice-president, secretary and treasurer, and such
other officers as they may see fit ; a majority of said directors
shall form a quorum and be fully authorized for the transac-
tion of any business, and said board of directors shall have
full power, from time to time, to make such by-laws, rules
and regulations as in their judgment they may deem necessary
for the welfare of said corporation ; they shall also fix the
amount of bond to be given by the officers for the faithful
discharge of their respective duties and to regulate the salaries
to be paid them.

Authority to
borrow
money to dis-
count notes,
etc.

SEC. 4. And be it enacted, That the said corporation shall
have power to borrow money, to discount notes and loan
money on notes, bonds, mortgages, and other good securities,
receive money on deposit, to loan money, taking such security
thereof, either real or personal, as the board of directors may
deem sufficient ; provided, that no .part of the funds of said
corporation shall be loaned to an officer or director thereof ;
buy, sell, lease, mortgage or otherwise dispose of land.

Entitled to
one vote for
every share
of stock
held.

SEC; 5. And be it enacted, That at all elections for directors
every stockholder shall be entitled to one vote for every share
held, and the stockholders either vote in person or by proxy ;
but no share of stock shall entitle any holder to a vote which
shall not have been holden two calendar months previous to
the day of election.

Authority to
pay to
minors and
married
women
money depos-
ited by them

SEC. 6. And be it enacted, That whenever any deposit shall
be made by a minor, the directors of said corporation may,
at their discretion, although no guardian shall have been
appointed for said minor, or the guardian of such minor shall
not authorize the drawing of the same, pay the amount of such
deposit, and the check, receipt or acquittance of such minor
shall be valid and effective as if executed by such guardian or
said minor was of legal age ; provided, such deposit was made
personally by said minor ; and whenever any deposit shall have
been made by a married woman, may repay same at her own
receipt.
SEC. 7. And be it enacted, That this Act shall take effect
from the date of its passage.
Approved April 8, 1902.