1352 LAWS OF MARYLAND.

to sue and be sued, plead and be impleaded, answer and be
answered, defend and be defended in court of record, or any
other place whatsoever, to make, have and use a common seal,
and the same to break, alter and renew at their pleasure, and
generally to do and execute all singular such acts, matters
and things as a corporation or a body politic may and can
lawfully do and execute.

SEC. 3. And be it enacted, That the capital stock of the
bank created by this Act shall be twenty-five thousand dollars,
in shares of twenty-five dollars each, five dollars to be paid on
each of said shares at the time of subscribing, and the
remainder as the board of directors may determine and require;
and the privilege is hereby given to said corporation to increase
its capital stock to fifty thousand dollars by new subscriptions
or by adding to the said capital its net profits, not otherwise
appropriated, whenever it shall be so determined by the board
of directors.

SEC. 4. And be it enacted, That the persons named in the first
section of this Act be and they are hereby appointed commis-
sioners to receive subscriptions to the capital stock of the
said corporation, and they, or a majority of them, may cause
books to be opened at such times and places as they may direct
for the purpose of receiving such subscriptions, and may keep
the same open until the whole number of shares shall be sub-
scribed for and twenty per cent, of the said subscriptions
shall have been paid to said commissioners, then it shall be
lawful for said bank to proceed in all things according to this
charter.

SEC. 5. And be it enacted, That the affairs of said corpora-
tion shall be managed by eleven directors, a majority of whom
shall be citizens of Washington County, Maryland, and one of
whom shall be the president 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 twenty
per cent, of said subscription shall have been paid, as provided
in Section 4 of this Act. And the persons named in the first
section of this Act, or a majority of them, shall give at least
two weeks' notice of the time and place of holding such elec-
tion, by advertisement in some newspaper published in Wash-
ington 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 among
the stockholders, at such time and place and in such manner
as the by-laws of this corporation shall direct.

SEC. 6. And- be it enacted, That the directors, or a majority
of them, shall have the power to elect a president from their