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CHAP. 135
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dollars, shall be subscribed for; and when the said amount
of twenty-five thousand dollars shall have been subscribed
and fully paid in, then it shall be lawful for said bank to
proceed in all things according to this charter.
SEC. 5. And be it enacted, That the affairs of said corpo-
ration shall be managed by nine directors, a majority of
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Managed by
nine direc-
tors.
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whom shall be citizens of Allegany county, Maryland, and
one of whom shall be president of said bank; the persons
named in the first section of this Act, together with one
other selected by them from among the stockholders, shall
be the directors for the first year; the directors or a majority
of them, shall have the power to elect a president and vice-
president from their body, and such person as they shall
deem proper for cashier; to appoint all such officers, agents
and servants as they shall deem necessary to conduct and
execute the business of said corporation, to fix their compen-
sation and in their discretion to dismiss them; to take bonds
for and in the name of the corporation from any or all of
the officers, agents or servants by them appointed, with
security conditional in such form as they shall approve for
the faithful discharge of their duties as such officers, agents
or servants, to secure the said corporation from loss, and
invest the funds of the corporation and do such other lawful
acts touching the same as they may deem beneficial and
proper; to pass all such by-laws as may be necessary for
the exercise of the aforesaid powers, or any of the powers
vested by this Act in said corporation, and the said by-laws
to alter and repeal; provided, that all such by-laws may be
altered or repealed by a majority of the stockholders at any
annual or general meeting called in pursuance of the pro-
visions of this Act; and a majority of the stockholders
may at such annual or general meeting pass by-laws, which
shall be binding on the officers and directors; provided also,
that such by-laws shall not be contrary to any laws of this
State or the United States. The first organization of said
directors shall take place immediately after all the stock of
said corporation shall have been subscribed; the term of
service of said directors shall continue for one year, or until
another election; the directors thereafter shall be elected
annually from among the stockholders, at such time and
place, and in such manner as the by-laws of this corpora-
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