592

LAWS OF MARYLAND.

in section 4 of this act. And the persons named in the first
section of this act, or a majority of them, shall give at least
two weeks' notice of the time and place of holding such elec-
tion, by advertisement in some newspaper published in Wash-
ington county, Maryland. The time of service of said directors
shall be for one year or until their successors are elected, and
the directors thereafter shall be elected annually from amongst
the stockholders, at such time and place, and in such manner
as the by-laws of this corporation shall direct.

Powers of
directors

SEC. 6. And be it enacted, That the directors, or a majority
of them, shall have the power to elect a president from their

own body; to till all vacancies that may occur in the board of
directors or presidency; to appoint and dismiss all officers,
agents and servants as they shall deem necessary to conduct the
business of said corporation, fix their compensation, take
bonds for and in the name of the corporation, with security
conditioned in such form as they shall approve, from them for
the faithful discharge of their duties and to secure the said
corporation from loss; to invest the funds of 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 of any
power vested by this act in said corporation, and to alter and
repeal said by-laws; provided, that such by-laws shall not be
contrary to any laws of this State, or of the United States ;
and provided also, that all such by-laws may be altered or
repealed or others be passed in lieu thereof at any annual or
general meeting called in pursuance of the provisions of this
act; and no stockholder, unless he be a citizen of the State of
Maryland, shall be eligible as president of said corporation,
and any president thereof shall cease to be such upon his
ceasing to be a stockholder or a citizen of this State.

General

meetings

SEC. 7. And be it enacted, That the president and directors
of the corporation may at any time call a general meeting of
the stockholders for any purpose relative to the institution, by
giving at least two weeks' notice of the time and place of such
meeting by advertisement in some newspaper published in
Washington county, Maryland; and any number of the stock-
holders, owning not less than one-fourth of the stock of the
corporation may at any time apply to the said president and
directors to call a general meeting of the stockholders; and if
the president and directors shall refuse to call such meeting,
the said stockholders shall have power to call it, giving notice