1346 LAWS OF MARYLAND.

ington County, Maryland, and one of whom shall be the presi-
dent of the bank. The first election of directors shall take
place within thirty days after the whole number of shares of
stock have been subscribed for and fifty per cent, of said sub-
scription shall have been paid, as provided in Section 5 of this
Act. And the persons named in the second section of this Act,
or a majority of them, shall give at least two weeks' notice of
the time and place of holding such election by advertisement in
some newspaper published in Washington County, Maryland.
The time of service of said directors shall be for one year, or
until their successors are elected, and the directors thereafter
shall be elected annually from amongst the stockholders at such
time and place and in such manner as the by-laws of this cor-
poration shall direct.

SEC. 7. And be it enacted, That the directors, or a majority
of them, shall have the power to elect a president and a vice-
president from their own body; to fill all vacancies that may
occur in the board of directors or presidency or vice-presi-
dency ; to appoint and dismiss all officers, agents and servants
as they shall deem necessary to conduct the business of said
corporation, fix their compensation, take bonds for and in the
name of the corporation, with security conditioned in such
form as they shall approve, from them for the faithful dis-
charge of their duties, and to secure the said corporation from
loss; to invest the funds of the corporation and to do such
other lawful acts touching the same as they may deem bene-
ficial and proper; to pass all such by-laws as may be necessary
for the exercise of the aforesaid powers, or of any power
vested by this Act in said corporation, and to alter and repeal
said by-laws; provided, that such by-laws shall not be contrary
to any laws of this State, or of the United States; and pro-
vided also, that all such by-laws may be altered or repealed, or
others be passed in lieu thereof, at any annual or general meet-
ing called in pursuance of the provisions of this Act; and no
stockholder, unless he be a citizen of the State of Maryland,
shall be eligible as president or vice-president of said corpora-
tion, and any president or vice-president thereof shall cease to
be such upon his ceasing to be a stockholder or a citizen of this
State.

SEC. 8. And le it enacted, That the president and directors
of the corporation may at any time call a general meeting of
the stockholders for any purpose relative to the institution, by
giving at least two weeks' notice of the time and place of such
meeting by advertisement in some newspaper published in
Washington County, Maryland; and any number of the stock-
holders owning not less than one-fourth of the stock of the
corporation may at any time apply to the said president and