PRIVATE ACTS. 1397

board of directors, at the first meeting after its election, shall
elect from their number a president, a vice-president and a
cashier, 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 corporation from
time to time shall require. All elections of directors shall be
by ballot, and at such elections each stockholder shall be en-
titled 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 stockholder, unless
he be a citizen of Frederick County, in the State of Maryland,
shall be eligible as president of said corporation, and every
president shall cease to be a president upon his ceasing 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 deposit, and pay
interest 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
sufficient; 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
accommodation and transaction of its business; may issue
letters of credit and other commercial obligations and gener-
ally 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-
positors, and the directors of said bank may, in their discre-
tion, pay to such minor or feme covert depositor such sum
or sums of money as may be due to him or her, and the check,
receipts or acquittance of such minor or feme covert shall be
valid, and the directors may make any contract with any minor
or married female in regard to such deposits as may be deemed
convenient to both parties, any laws of this State to the con-
trary notwithstanding.

SEC. 8. And be it enacted, That half-yearly dividends shall
be made to the stockholders of so much of the net profits of
the corporation as shall appear advisable to the directors;
such dividends shall be declared in the months of June and
December, and shall be paid on the second Monday of the en-
suing month after they are declared; and if a director shall at
any time wilfully and knowingly make or declare any divi-
dends which shall impair the capital stock, all the directors
present at the making or declaring of such dividend and con-