FRANK BROWN, ESQUIRE, GOVERNOR.

789

thousand dollars, and privilege is hereby given to said corpora-
tion to increase the capital stock to fifty thousand dollars by
new subscriptions, or by adding to said capital semi-annually or
annually a portion of its net profits not otherwise appro-
priated, whenever it shall be so determined by the board of
directors.

Capital stock.

SEC. 4. And be it enacted, That the affairs of said corpora-
tion may be managed by not more than twelve nor less than
seven directors, as may be set forth in the by-laws, a majority
of whom shall be resident citizens of Wicomico county, and
one of whom shall be president, and one vice-president of the
bank; the term of service of directors shall continue for one
year or until another election; the directors thereafter shall be
elected annually, from among the stockholders, at such a time
and place and in such manner as the by-laws of this corpora-
tion may direct; the directors for the time being or a majority

Directors.

of them, shall have power to elect a president and vice-presi-
dent from among their own body; to fill all vacancies that
may occur in the directors, presidency or vice-presidency; to
appoint all officers, agents and servants that they may deem
necessary to conduct or execute the business of said corpora-
tion; to fix their compensation, and in their discretion to
dismiss them; to take bonds for and in the name of the corpora-
tion, from any or all of the officers, agents or servants of the
corporation by them so appointed, with security, conditioned
in such form as they shall approve, for the faithful discharge
of the duties of such officers, agents or servants, to secure the
said corporation from loss; to invest the funds of the corpora-
tion, and to do such other lawful acts of the corporation,

Power of
directors.

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 other powers invested by this act
in said corporation, and the said by-laws to alter and repeal ;
provided, that all such by-laws may be altered and repealed by
a majority of the stockholders at any annual or general meet-
ing called in pursuance of the provisions of this act, and a
majority of the stockholders may at any such annual or
general meeting pass by-laws, which shall be binding upon the
president, vice-president and directors; provided also, that
such by-laws shall not be contrary to any laws of this State or
the United States.

By-laws.

SEC. 5. And be it enacted, That no person shall be eligible
as president or director of said corporation, as the case may be,
unless he be a stockholder therein.

Ineligible to
office.