PRIVATE ACTS. 1317

government of the said body corporate and its officers; pro-
vided, the same shall not conflict with the Constitution and
laws of this State or of the United States; to appoint direc-
tors and officers, and generally do, execute and enforce all and
singular such acts, contracts, matters and things as may be
necessary to carry out the object and protect the interests of
said body corporate, and to exercise the powers of this Act
conferred upon it.

SEC. 2. And be it enacted, That the capital stock of said
corporation shall consist of one thousand shares of the par
value of twenty-five dollars each; the said body corporate
shall not, however, undertake the prosecution of its business
until the amount of twenty-five thousand dollars (which may
be payable in such instalments as the directors of said corpora-
tion may stipulate) shall have been subscribed.

SEC. 3. And be it enacted, That the said body corporate
shall have the right to purchase and hold, bargain and sell,
grant, assign and convey land, or any interest or estate there-
in, chattels, choses in action, checks, notes, bills of exchange,
certificates of deposit, warehouse receipts, stocks, bonds, mort-
gages, judgments on real estate or leasehold property, and
every and any evidence of debt, to advance money upon the
security thereof by receiving and holding the same or accept-
ing mortgages thereon, and pay such dividends on the capital
stock of the bank to the stockholders of the said bank as will
not impair the capital stock of said People's Bank of Chester-
town, Maryland, and pay such interest on deposits as may be
provided by the rules and regulations of said bank, and gen-
erally to deal in every and all description of properties, per-
sonal effects, securities, mortgages and certificates of indebted-
ness, stock of incorporated companies, loans on bonds of the
United States, or of any Stare, city, county or municipality, or
of any incorporated company or individual, and to do the gen-
eral business of a bank of discount and deposit.

SEC. 4. And be it enacted, That the said body corporate
shall have the right to receive money on deposit, evidences of
debt for collection, chattels, stocks, bonds and all paper writ-
ings on storage, upon such terms as may be agreed upon.

SEC. 5. And be it enacted, That the said body corporate
shall have the right at any time to increase its capital stock to
twenty thousand shares of the par value of twenty-five dollars
each, provided, the holders of more than one-half the stock then
issued vote in favor of such increase or such change; and the
said corporation shall have the right to open branches in such
parts of Kent County as it may deem advisable.