1396

LAWS OF MARYLAND.

missioners to take subscriptions to the capital stock of the
Savings Bank of Libertytown, hereby incorporated, and that
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 of the capital stock shall be
subscribed for and taken.

SEC. 2. And be it enacted, That the subscribers to said stock
and their successors and assigns shall be and they are hereby
declared to be incorporated into a body corporate by the name
of the Savings Bank of Libertytown, and by that name shall
have perpetual succession and be capable in law to acquire and
promote, and in any wise dispose of real and personal property,
and by such corporate name to sue and be sued in any court
whatsoever; to have and use a common seal and to alter the
same at its pleasure, and generally to do, execute and enforce
all and singular such acts, contracts, matters and things as a
corporation or body politic may and can lawfully execute.

SEC. 3. And be it enacted, That the home office and place of
business of said corporation shall be located at Libertytown,
in Frederick County, State of Maryland.

SEC. 4. And be it enacted, That the capital stock of the
Savings Bank of Libertytown shall consist of two hundred
and fifty (250) shares of the par value of one hundred dollars
($ 100) per share, with the privilege to increase the same from
time to time up to the sum of fifty thousand dollars ($50,000),
or five hundred (500) shares, by a vote of the stockholders at a
special meeting to be called for that purpose; and when two
hundred and fifty (250) shares have been subscribed for and
when the amount of said subscriptions have been paid in cash
to one of said commissioners, who shall be designated as the
treasurer thereof for the time being, the stockholders shall
elect a board of directors, no more, however, than fifteen (15)
nor less than seven (7), to serve until the ensuing annual
election; and the directors so elected when said corporation
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
conferred on said body corporate; and should the capital stock
be at any time increased the stockholders at the time of such
increase 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 there-
of to be fixed by the by-laws of said corporation, and said