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Bank shall be made in cash. If the said Spalding Savings Bank
shall so elect to issue capital stock, the issuance of said stock
shall in no way conflict with the rights and powers contained
in its original certificate of incorporation; and if the said
Spalding Savings Bank elect to issue its capital stock the
person or persons, corporation or corporations, so subscribing
for said capital stock shall elect from the stockholders of said
Spalding Savings Bank a board of directors, to be composed
of not less than five stockholders, and as many more as the
by-laws, from time to time, may determine and prescribe,
which board of directors shall be elected annually at a general
meeting of the stockholders of said Spalding Savings Bank,
to be held at such place and such time as the by-laws of the
said Spalding Savings Bank may direct and require.
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CHAP. 668.
Directors
elected.
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SEC. 7. And be it further enacted, That the said Spalding
Savings Bank be and is hereby authorized to accept and
execute trusts of any and every. description which may be
committed or transferred with its consent to it by any person
or persons whomsoever, bodies corporate or politic, or by any
Court in the State of Mary land, or in any Court of the United
States, and to accept the office of appointment of executor or
administrator of any kind or nature, whether such office or
appointment is conferred or made by any person or persons,
or by the Orphans' Court, or any other Court of this State,
or of the United States, and that in all cases when applica-
tion shall be made in any Court in this State for the appoint-
ment of any receiver, trustee, administrator, executor, assignee,
guardian of any minors or committee of any lunatic, it shall
be lawful for such Court if it shall think fit to appoint the
Spalding Savings Bank of Maryland, with its assent, such
receiver, trustee, administrator, assignee, guardian, committee,
and the accounts of the Spalding Savings Bank as such
receiver, trustee, administrator, executor, assignee, guardian
or committee, shall be regularly settled and adjusted before
the tribunal making said appointment, and upon such settle-
ment and adjustment, all proper, legal and customary charges,
costs and expenses shall be allowed to the said Spalding
Savings Bank for its care and management of the trusts and
estates aforesaid, and the said Spalding Savings Bank as such
receiver, trustee, administrator, executor, assignee, guardian or
committee shall be subject to all orders or decrees made by the
proper tribunal under the laws of this State, or of the laws of
the United States.
SEC. 8. And be it further enacted. That when any Court
shall appoint said company as receiver, trustee, administrator,
executor, assignee, guardian or committee, or shall order the
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Authority to
accept
and execute
trusts, etc.
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