1836.

LAWS OF MARYLAND.

CHAP. 225.

directors of said bank, who shall choose one of their
number to be President, and who shall be capable of
serving in their respective, offices Until the expiration
of the first Monday of the month of May, in the year
eighteen hundred and thirty-eight, and thirteen direc-

Annually there-

after

tors shall be elected on the first Monday of the Month
of May in said year, and on the same day annually
thereafter; and at their first meeting after their elec-
tion in each year, the directors shall proceed to appoint
a president from their own number, and the directors
and president so elected and appointed shall continue
in their respective offices for one year, and until suc-
cessors shall be chosen and a majority of them shall

Case of omis-
sion

have qualified, and in rase it should at any time happen
that an appointment of a president or an election of the
directors of the said bank should not be made, so as to
take effect at any period or on any day, when in pur-
suance of this act the same should take effect, the cor-
poration shall not for that cause be deemed to be dis-
solved, but it shall be lawful at any other time within
ninety days thereafter to make such an election or ap-
pointment in such manner as is provided by this act,
or as shall be directed and provided by the ordinances

Case of vacancy

of the corporation, and in case of the death, resignation
or disqualification of the president or of any director of
the said corporation, the vacancy thereby occasioned
shall be filled by the directors for the time being, ap-
pointing a president »r electing a director as the case
may be.

Appoint officer.

SEC. 5. And be it enacted, That the president and
directors for the time being shall have power to appoint
cashiers or treasurers, and such other officers and ser-

Compensation

vants under them as may be necessary for executing
the business of the said corporation, and to allow them
such compensation for their services respectively as
shall be reasonable.

Power of P. &
Directors

Sec. 6. And be it enacted, That the president and di-
rectors for the time being may make all such rules, or-
ders, by-laws and regulations for the government of
the said corporation, its officers and servants as they
or a majority of them from time to time shall think fit,
not inconsistent with law or the provisions of this act,
and may at their pleasure revise, alter and annul the
same; and they may use, employ and dispose of the