A. W. BRADFORD, ESQUIRE, GOVERNOR.

five thousand dollars in gold and silver coin shall
have been paid to the said Commissioners by the
subscribers to the Stock of said bank, as a part of
its. capital, and so certified by the Commissioners,
or a majority of them, to the Comptroller of the
State of Maryland, then the said bank shall be
full incorporated, and by the name aforesaid shall
have perpetual succession as a body politic or cor-
porate, and made capable in law or equity to sue
and be sued, plead and be impleaded, answer and
be answered, defend and be defended, in any court
of record or any other place whatever, and, also,
to make, have and use a common seal, and the
same to break, alter and renew at pleasure, and to
make, issue and negotiate promissory notes, deal
in bills of exchange, single bills, specie and bul-
lion, and generally to do and execute all such
matters and things as to said bank shall appertain,
under the provisions of this act.

315

Sec. 2. And be it enacted, That the Commis-
sioners aforesaid may cause books to be opened for
receiving subscriptions to the capital stock of said

Subscriptions
to the capital
stock.

bank at such times and places as they may think
proper ; and they, the said Commissioners, shall
be the first directors of the bank, and may, on any
day after twenty-five thousand dollars shall have
been paid in, proceed to elect a President from
amongst the stockholders, and the said President
and Directors shall have the exclusive control and
management of the said corporation until the first
Monday of May next ensuing, after going into
operation, and until their successors shall have been
legally elected by the stockholders, five Directors
and a President constituting the Board for the
management of the bank.

Commission-
ers shall be the
first Directors.

Sec. 3. And be it enacted, That to continue the
succession of the President and Directors of said
bank, five Directors shall be chosen on the first
Monday of May in each and every year after the
first election by the stockholders or proprietors of
the capital stock of said bank, by a plurality of
votes, and those who shall be chosen at any elec-
tion shall be capable of serving as Directors by
virtue of such choice, until the first Monday of May
next ensuing the time of such election, or in case
of failure of an election on the day appointed,
until such election takes place and until a number

Annual elec-
tion of Direc-
tors.