180

LAWS OF MARYLAND.

receive and make all deeds, transfers, contracts and convey-
ances whatsoever, to have and use a common seal, and the same
to change, alter and renew at pleasure, and generally to do
every other act or thing necessary to carry into effect the pro-
visions of this act or to promote the objects or designs of said
corporation.

Capital stock.

SEC. 2. And be it enacted, The capital stock of the said
corporation, intended to be created by this act, shall be fifty
thousand dollars, in shares of twenty-five dollars each, to be
paid as the shareholders may determine, and privilege is
hereby given to said corporation to increase the capital to one
hundred and fifty thousand dollars, whenever it shall be
determined by the board of directors.

Board of
directors,

SEC. 3. And be it enacted, That the affairs of the said
corporation shall be managed by nineteen directors, who are to
be elected annually in the month of January by the stock-
holders, and that the first directors of said corporation shall be
the persons named in the first section of this act, and who
shall within thirty days from the date of this act, and annually
thereafter, elect from their number a president, vice-president,
secretary and treasurer, and such other officers as they may see
fit; a majority of said directors shall form a quorum and be
fully authorized for the transaction of any business, and said
board of directors shall have full power from time to time to
make such by-laws, rules and regulations as in their judgment
they deem necessary for the welfare of said corporation; they
shall also fix the amount of bond to be given by the officers
for the faithful discharge of their respective duties and to
regulate their salaries to be paid them.

Corporate

powers

SEC. 4. And be it enacted, That the said corporation shall
have power to borrow money, receive money on deposit, to
loan money, taking such security therefor, either real or per-
sonal, as the board of directors may deem sufficient; provided,
that no part of the funds of said corporation shall be loaned to
an officer or director thereof; buy, sell, lease, mortgage or
otherwise dispose of land; may accept and hold all such trusts
as shall or may be committed to it by any person or by the
order or direction of any judge or court or tribunal, and make
such special regulations in reference to trust funds and special
or other deposits as the board of directors may think it advis-
able, subject, however, at all times to the provisions of the
acts of 1892, chapter 109, as applicable to trusts.