316

LAWS OF MARYLAND.
of such new Directors competent to form a Board
shall have qualified, as provided by law, and the

Vacancies —
how filled.

said Directors, at the first meeting after each elec-
tion, shall choose a President, and in case of the
death, resignation, disqualification or removal put
of the State, of a Director, or his being appointed
President of the bank, his place may be filled by
the Directors for the remainder of the year.

Eligibility of
President and
Directors.

Sec. 4. And be it enacted, That no person shall
be eligible as President or Director who is not a
resident of the State of Maryland, and who shall
not have resided within the State six months pre-
ceding the day of his election, and a majority of

Cashier and
other officers.

said Directors shall be residents of Cecil county,
who shall have power to appoint a Cashier and
such other officers and servants as may be neces-
sary for conducting the business of the bank, and
to allow them such compensation for their services
as shall, by the Directors, be deemed reasonable.

Authority to
sell shares of
capital stock.

Sec. 5. And be it enacted, That the President
and Directors shall be authorized, from time to
time, upon giving at least one month's notice in
one or more newspapers of Cecil county, to sell
the remaining shares of the capital stock until the
whole is paid in, and to issue certificates, under the
seal of the bank, for said shares.

Powers con-
ferred.

Pec. 6. And be it enacted, That the bank hereby
authorized shall be entitled to all the rights, powers
and privileges, and be subject to all the duties, re-
strictions, limitations and conditions of the several
banks comprehended in an act entitled, An act to
continue the corporate existence of the several
banking institutions therein mentioned, passed at
the January session, eighteen hundred and fifty-
three, chapter four hundred and forty-one, and
also an act passed at the January session, eighteen
hundred and fifty-four, chapter one hundred and
fifty-two.

Limitation.

Sec. 7. And be it enacted, That this act shall
continue in force until the first day of January,
eighteen hundred and eighty, and until the end of

In force.

the next regular session of the General Assembly
thereafter, and shall take effect from and after its
passage.

Reservation

Sec. 8. And be it enacted, That the Legislature
hereby retains the right to alter, amend or repeal
this act of incorporation at pleasure,