PRIVATE ACTS. 1329

nated as the treasurer thereof for the time being, the stock-
holders shall elect a board of directors, no more, however, than
nine (9), nor less than five (5), to serve until the ensuing elec-
tion ; and the directors so elected, when said corporations shall
have been organized, may and they are hereby authorized and
empowered to have and exercise in the name and behalf of said
corporation, all rights and privileges which are hereby con-
ferred on said body corporate, and should the capital stock be
at any time increased, the stockholders at the time of such in-
-crease shall be entitled to a pro rata share of such increase
upon paying the book value thereof.

SEC. 5. And be it enacted, That a board of directors shall
thereafter be elected annually by the stockholders on the sec-
ond Tuesday in January, the hour and place and notice thereof
to be fixed by the by-laws of said corporation, and said board
of directors at the first meeting after its election shall elect
from their number a president, a vice-president, and shall
also elect a cashier, who may or may not be a member of the
board of directors, and the offices of vice-president and cashier
may be filled by the same person, and shall also have power to
appoint and employ such clerks as the business of said corpora-
tion from time to time shall require. All elections of direc-
tors shall be by ballot, and at such elections each stockholder
shall be entitled to one vote for each share of stock held by
him, but no person shall be eligible as a director who is not a
stockholder to the amount of at least five shares; and no stock-
holder, unless he be a citizen of Wicomico County, in the State
of Maryland, shall be eligible as president of said corporation,
and every president shall cease to be president upon his ceas-
ing to be a stockholder or a citizen of the State and county
aforesaid.

SEC. 6. And be it enacted, That said corporation shall have
power to borrow money, receive money on deposits, and pay
interests thereon, and to loan money or to discount in accord-
ance with bank usages, taking such securities therefor, real or
personal, as the board of directors of said bank may deem suffi-
cient; may buy and sell bills of exchange, notes, bonds and
other securities; may purchase and hold such real and personal
estate and property as may.be necessary for the accommoda-
tion and transaction of its business; may issue letters of credit
and other commercial obligations, and generally may do and
transact a general banking business.

SEC. 7. And be it enacted, That whenever any deposit shall
be made by any minor or married woman, such deposit shall be
received or held and paid out on precisely the same terms and
conditions as those of adult male or adult married female de-