ELIHU E. JACKSON, ESQUIRE, GOVERNOR.

SEC. 4. And be it enacted. That the persons
named in the first section of this act be and they

667

are hereby appointed commissioners to receive
subscriptions to the capital stock of the said
corporation, and they, or a majority of them,
may cause books to be opened at such times and
places as they may direct for the purpose of
receiving such subscription, and may keep the
same open until the whole number of shares,
amounting to the said sum of fifty thousand
dollars, shall be subscribed for ; and when the
sum of thirty thousand dollars of stock shall
have been subscribed, and fifteen thousand dol-
lars paid therein, then it shall be lawful for said
bank to proceed in all things according to this
charter.
SEC. 5. And he it enacted, That the affairs of

Receive sub-
scriptions.

the said corporation may be managed by seven
directors, a majority of whom shall be resident
citizens of Garrett county, and one of whom shall
be president, and one vice-president of the bank ;
the first election of directors shall take place
thirty days after the organization of the corpor-
ation ; which organization shall take place as
soon as stock to the amount of thirty thousand
dollars shall have been subscribed for ; of the
time and place of holding which election the per-
sons named in the first section of this act, or a
majority of them, shall give at least two weeks,
notice, in at least two newspapers in Oakland,
Garrett county, Maryland; the term of service
of directors shall continue for the term of one
year, or until another election ; the directors
thereafter shall be elected annually from amongst
the stockholders, at such a time and place and
in such manner as the by-laws of this corpora-

Directors—
how chosen.

tion may direct ; the directors for the time being,
or a majority of them, shall have power to elect
a president and vice-president from among their
own body; to fill all vacancies that may occur in
the directors of presidency or vice-presidency ;
to appoint all officers, agents and servants that
they may deem necessary to conduct or execute
the business of said corporation ; to fix their com-
pensation, and in their discretion to dismiss
them ; to take bonds for and in the name of the
corporation from any or all of the officers, agents

Powers of
directors.