EDWIN WARFIELD, ESQ., GOVERNOR.

1247

name of the Municipal Bank of Baltimore, and by that
name shall have perpetual succession, and shall be compe-
tent to sue and be sued in any court of law or equity what-
ever; to have and to use a common seal, and to alter the
same at its pleasure; to make and adopt by-laws, rules and
regulations for the government of said body corporate and
its officers; provided, the same shall not conflict with the
constitution and laws of this State or of the United States ;
to elect directors, and generally do, execute and enforce all
and singular such acts, contracts, matters and things as may
be necessary to carry out the objects and protect the inter-
ests of said body corporate, and to exercise the powers by
this Act conferred upon it.
SEC. 2. And be it further enacted, That the capital stock

CHAP. 737

of said body corporate shall consist of two thousand shares
of the par value of twenty-five dollars each; the said body
corporate shall not, however, undertake the prosecution of
its business until the stock, to the amount of twenty-five
thousand dollars, which may be payable in such instalments
as the directors of said corporation may stipulate, shall
have been subscribed and paid for, at which time the stock-

Capital stock.

holders may elect twenty directors, or a less number of
directors, not less than five, however, who shall serve until
the ensuing annual election, the time of which is to be fixed
by the constitution and by-laws to be adopted by said body
corporate; and the directors so elected may and they are
hereby authorized and empowered to have and to exercise,
in the name and on behalf of the said body corporate, all
rights and privileges which are intended to be hereby given ;
and they shall at the first meeting of the directors after their
election, and at their meeting immediately following all sub-
sequent elections, elect from their number a president and
vice-president or vice-presidents, and the said directors shall
also have the power to elect a cashier, and to appoint and
employ such other officers, clerks and agents as the business
of said body corporate may from time to time require.
SEC. 3. And be it further enacted, That the said body cor-

Election of
directors.

porate be and it is hereby authorized to receive money on
deposit, subject to check or otherwise, and allow interest on
such deposits as it may see fit; to receive evidences of debt
for collection, and chattels, stocks and all paper writings on
storage, upon such terms as may be agreed upon; and said

Certain
powers
granted.