668

LAWS OF MARYLAND.

or servants of the corporation by them so ap-
pointed 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 corporation, and to do such other
lawful acts of the corporation touching the same
as they may deem beneficial and proper ; to pass
all such by-laws as may be necessary for the ex-
ercise of the aforesaid powers, or any other pow-

Proviso.

ers 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 re-
pealed 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 any such annual or
general meeting, pass by-laws which shall be
binding on the president, vice-president and di-
rectors ; provided, also, that such by-laws shall
not be contrary to any laws of this state or the
United States.
SEC. 6. And be it enacted, That no person shall

Eligibility.

be eligible as president or director of said cor-
poration, as the case may be, unless he be a stock-
holder therein.
SEC. 7. And be it enacted, That said corpora-

General bank-
ing business,

tion shall have power to borrow money, receive
money on deposit, to loan money, or to discount
in accordance with bank usage, taking such
security therefor, either real or personal, as the
board of directors of said bank may deem suffi-
cient; may buy and sell bills of exchange, notes,
bonds or other securities ; 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; may make such

Special
deposits.

special regulations in reference to trust funds
and special or other deposits as the board of di-
rectors may think it advisable; may purchase
and hold such real and personal estate and prop-
erty, as may be necessary for the accommoda-
tion and transaction of its business; may issue
letters of credit and other commercial obliga-
tions, and generally may do and transact a gen-
eral banking business.