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LAWS OF MARYLAND.

lawful for said bank to proceed in all things according to this
charter.

Directors.

SEC. 5. And be it enacted, That the affairs of said corpora-
tion shall be managed by seven directors, a majority of whom
shall be citizens of Washington county, Maryland, and one of
whom shall be president of the bank; the first election of
directors shall take place thirty days after the organization of
said corporation, which organization shall take place as soon as
stock to the amount of twenty thousand dollars shall have
been subscribed; of the time and place of holding, which
election, the persons named in the first section of this act,
or a majority of them, shall give at least two weeks'
notice in some newspaper published in Washington county,
Maryland; the term of service of said directors shall continue
for one year, or until another election; the directors thereafter
shall be elected annually from amongst the stockholders, at

To elect
president.

such time and place and in such manner as the by-laws of this
corporation shall direct; the directors for the time being, or a
majority of them, shall have the power to elect a president
from their own body, to fill all vacancies that may occur in the
directors or presidency, to appoint all such officers, agents and

Officers and

servants.

servants as they shall deem necessary to conduct or execute
the business of said corporation, to fix their compensation, and
in their discretion to dismiss them; to take bonds for and in
the name of the corporation from any and all of the officers,
agents or servants by them so appointed, with security conditi-
onal in such form as they shall approve, for the faithful dis-
charge of the duties of such officers, agents or servants, to
secure the said corporation from loss, and invest the funds of

By-laws.

the corporation, and to 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 corpo-
ration, 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all such by-laws may be altered or repealed by a majority of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 provisions 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 president or directors ;
provided, also, that such by-laws shall not be contrary to any
laws of this State or the United States.

Ineligible as
president.

SEC. 6. And be it enacted, That no stockholder, unless he be
a citizen of the State of Maryland, shall be eligible as a presi-