THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1836.

thereafter, and until a new election shall take place;
Provided, that each slection shall be made within one
month from the expiration of the term for which the
preceding directors shall have been elected, and the

CHAP. 273.

three members first above named, or upon their refusal
or neglect to act, any three named in this act, shall be
judges of the first election of directors, and the judg-

Judges of elec-

tion

es of all future elections, shall be appointed and notice
of such election given in such manner as the by laws
shall provide.

Notice required

SEC. 3. And be it enacted, That the directors for
the time being, or a majority of them, shall have pow-
er to elect a president from their own body, or from
among the other members, to appoint all such officers,
agents and servants, as they shall deem necessary to
conduct or execute the business of the said Institution,
to fix their compensation, and in their discretion to
dismiss them, to provide for the taking of bonds to
the said Institution, from all or any of the officers,
agents, or servants by them so appointed, with securi-
ty conditioned in such form as they shall prescribe for
the faithful execution of their several duties, and to
secure the corporation from loss; to regulate the man-
ner of making and receiving deposits, the form of cer-
tificates to be issued to depositors, and the manner of

General powers

transferring stock in 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 furnishing
proof of such admission; to provide for paying all ne-
cessary expenses incurred in conducting the affairs of

Investments
Membership

the corporation, and generally to pass all such by-laws,
as shall or may be necessary to the exercise of the said
powers, and of the powers vested in said corporation
by this charter, and the same by-laws to alter and re-

By laws.

peal; provided, that all such by-laws as may be made
by the directors, may be altered and repealed by a ma-
jority of the members of said corporation, assembled
at any annual meeting or of any general meeting, cal-
led in pursuance of any by-law made for that purpose,
and a majority of the members may at any general
or annual meeting, pass by-laws, which shall be bind-
ing upon the directors; provided, that such by-laws

Proviso