EDWIN WARFIELD, ESQ., GOVERNOR.

369

be necessary to the conduct of the corporation; the directors
shall also fix the amount of the bond to be given by the
officers of the corporation for the faithful discharge of their
trust, and also regulate the pay of the salaries of its officers ;
and the directors may also fill vacancies in their board.

SEC. 3. And be it enacted, That the corporation hereby

CHAP. 237

formed shall have power to borrow money and pay interest
thereon, not exceeding the legal rate; receive money on
deposit on such conditions and subject to such regulations
as the board of directors of said bank may deem proper ;
to buy or discount notes made payable direct to said corpo-
ration, or which may be transferred or assigned to it by any
other corporation or individual; to buy or discount bills of
exchange, due bills or other commercial paper or public or
private obligations; to sell notes and other obligations held
and owned by them; to accept mortgages upon real and
personal property; to secure the payment of money loaned
and advanced by the said corporation; to accept collateral
security for the payment of notes discounted by them; to
buy and sell and hold real and personal property, and gen-
erally to do and transact a general banking business, and to
pay such dividends to the stockholders as the directors may
think proper; provided, no capital stock shall be used for
the purpose of paying dividends.

SEC. 4. Se it further enacted, That the said corporation

Powers of cor-
poration.

hereby formed is authorized to receive deposits of money,
checks and commercial paper from any corporation, joint stock
company, co-partnership, individual or administrator, com-
mittee, guardian, receiver, assignee, attorney, mortgagee, trus-
tee or public officer of Queen Anne's county having custody
of any money, public or private, their own or held in trust by
them, when they are not required by law to deposit the same
elsewhere.

SEC. 5. Be it further enacted, That the office of the said

General
authority

corporation hereby formed shall be at Church Hill, in Queen
Anne's county, Maryland, and the directors of said corpora-
tion are hereby granted the right to make such by-laws, not
inconsistent with the laws of Maryland, or the laws of the
United States, as may be necessary for the conduct of the
said corporation.

Location of
office.