36

LAWS OF MARYLAND.

on or against the aforesaid Fell's Point Savings
Institution, and be also answerable and responsi-
ble for all obligations incurred by the said Fell's
Point Savings Institution, as fully in every Respect
as such demands or obligations could be made
against said Institution, but for the passage of this
act.

Affairs of the
corporation —
how managed.

Sec. 4. And be it enacted, That the affairs of the
said corporation shall be managed by a President
and such number of Directors as the stockholders
may from time to time determine upon, so that
the number of such Directors shall not be greater
at any one time than twelve nor less than five; the
first election for Directors after the passage of this
act shall take place on or before the twenty-eighth
day of February next, of which election the per-
sons named in the first section of this act, or a
majority of them, shall give notice every day in at
least two daily papers published in the city of
Baltimore, of the time and place, for one week
before such election ; the term of service of said
Directors shall continue for one year, or until
another election; the Directors shall be elected
annually from amongst the stockholders at such
time and in such manner as the By-Laws of said
corporation may direct; the Directors for the time
being, or a majority of them, shall have power to
elect a President from their own body, or from the
other stockholders, to fill all vacancies that may
occur in the Directors or Presidency, to appoint all
such officers, agents and servants as they shall
deem necessary to conduct or execute the business
of said corporation, to fix their compensation and
in their discretion to dismiss them; to take bonds
for the said corporation from all or any of the
officers, agents or servants by them so appointed,
with security, conditioned in such form as they
shall approve, ior the faithful execution of the
duties of such officers, agents or servants, and to
secure the said corporation from loss ; to invest the
funds, and generally to do any such other acts,
touching the same, as they may deem safe and
beneficial ; to pass all such by-laws as may be
necessary for the exercise of the aforesaid powers

Provisos.

or the powers vested in said corporation, and the
same by-laws to alter and repeal, provided that all
such by-laws may be altered and repealed by a
majority of the stockholders at any annual or