A. W. BRADFORD, ESQUIRE, GOVERNOR.

expiration of the term for which the preceding Di-
rectors shall have been elected, and any three of
the above named persons shall be judges of the
first election of Directors, and the judges of all fu-
ture elections shall be appointed and notice of such
election given in such manner as the by-laws shall
provide.

555

Sec. 3. And beit enacted, That the Directors, for
the time being, or a majority of them, shall nave
power to elect a President from their own body,
and to appoint from among the other members all
such other officers, agents and servants as they
shall deem necessary to conduct or execute the
business of said institution; to fix their compensa-
tion, and in their discretion dismiss them; to pro-
vide for the taking of bonds to the said institution
from all or any of the officers, agents or servants
by them so appointed, with security conditioned in
such form as they shall prescribe or deem sufficient
for the faithful performance of their several duties,
and to secure the corpoiation, from loss; to regu-
late the manner of making and receiving deposits,
the form of certificates to be issued to depositors,
and the manner of transfering stock in the said
institution; to provide for the investment of the
funds of the corporation in such manner as they
shall deem most safe and beneficial; to provide for
the admission of members, and to iurnish proper
evidence of such admission; to provide for paying
all necessaiy expenses incurred in conducting the
affairs of the corporation, and generally to pass all
such by-laws as shall or may be necessary to the
exercise of said powers, and the powers vested in
said corporation by this charter or act of incorpo-

To elect Presi-
dent, &c.

ration, and the same by-laws to alter, amend or
repeal; provided, that such alteration, amendments
or repeal shall only be made or done through and
by a majesty of the members of said corporation
assembled at any annual meeting, or any general
meeting called in pursuance of any by-laws made
and passed as aforesaid for that purpose; and pro-
vided, further, that a majority of the members
may, at any annual or general meeting, pass by-
laws which shall be binding upon the President
and Directors of said New Windsor Savings Insti-
tution; provided, that such by-laws shall not be
contrary to the Constitution and laws of this State,

Provisos.