ELIHU E JACKSON, ESQUIRE, GOVERNOR.

successors shall be elected. Other general meet-
ings of the stockholders, for such purposes and
in accordance with such rules as may be pre-
scribed by the by-laws of said company, may be
called by the directors, or a majority of them.
SEC. 6. And be it enacted, That the said direc-

815

tors within three days after their election, as pre-
scribed in the preceding section, shall meet and
elect from among their number a president and
secretary, and shall have power to appoint and
employ such other officers, clerks and agents as
the business of said company from time to time
requires.
SEC. 7. And be it enacted, That the board of
directors shall make all by-laws, rules and regu-

Elect a presi-
dent, etc.

lations necessary for conducting the business of
the company, copies of which shall at all times
be accessible to all persons transacting business
with the said company, and shall have power to
declare such dividends out of the profits of the
said company as they may deem proper ; pro-
vided, that no dividend shall be declared when
the capital stock would be impaired thereby.
SEC. 8. And be it enacted, That the capital of
the said company accruing from the subscrip-

Shall make
by-laws, etc.

tions to the capital stock shall be invested in
mortgages upon real estate, or in securities or
bonds of the United States, or in stock, securi-
ties or bonds of the State of Maryland, or of
Washington county, or of the city of Hagers-
town, and in such real estate as may be required
for the use of the company in the erection of a
suitable building in which to carry on its busi-
ness.
SEC. 9. And be it enacted, That said company
shall have power to accept and execute trusts

How to be in-
vested.

of every description (as fully as a natural person
could) which may be committed to said company
by any person or persons whosoever, or by any
corporation, or by order or decree or authority
of the circuit court for Washington county, or
the orphans' courts of Washington county, or
any court of record, upon such terms as may be
agreed upon, provided, established or decreed in
regard thereto, to insure the fidelity of persons
holding places of trust or responsibility of the
State of Maryland, Washington county and the

Execute trust,
etc.