1834.

LAWS OF MARYLAND,

CHAP. 210

President and di

rectors

Sec 4. And be it enacted, That the affairs of the said
Bank shall be conducted by a president and twelve direc-
tors, and as Soon as subscriptions shall have been actually
received for ten thousand shares of the capital stock of the
said Bank, the commissioners aforesaid, or a majority of

them, shall give at least twenty days notice in all the daily
newspapers printed in the city of Baltimore, of a time and
place Within said city, for proceeding to the election of

Election

directors, and such election may be then and there made un-
der the superintendence of said commissioners, or a majority
of them, who shall be judges of the said election, and the
persons who shall be then elected directors, shall proceed,
at their first meeting, to appoint a President, and the said
directors and president shall be capable of serving in their
respective offices, until the expiration of the first Monday of

Annual election

the month of May, then next ensuing, and twelve directors
shall be annually elected on the first Monday of the month
of May in each year thereafter, and at their first meeting
after their election in each year, the directors shall proceed,
to appoint a president, and the directors and president so
elected and appointed, shall continue in their respective of-
fices for one year, and until successors shall be chosen, and

Neglect

in case it should at any time happen that an appointment of
president, or election of directors of the said Bank should
not be made, so as to take effect on any day when in pursu-
ance of this act the same should take effect, the corporation
shall not for that cause be deemed to be dissolved, but it
shall be lawJul at any other time within thirty days thereaf
ter, to make such election and appointment, in such manner
as shall be directed and provided by the ordinances of the

corporation, and in case of the death, resignation, removal
out of the State, or other disqualification, of the president
or any director of the said corporation, the vacancy thereby
occasioned shall be filled by the directors for the time being,
appointing a president or tlectrng a director, as the case
may be

Cashier and officers

Sec 5 And be it enacted, That the president and direc-
tors for the time being, shall have power to appoint a
cashier and such other officers and servants under them, as
may be necessary for executing the business of the said cor-
poration, and to allow them such compensation for their ser-
vices, respectively, as hall be reasonable

By laws and regu

lations

Sec 6 And be it enacted, That the president and direc-
tors for the time being, may make all such rules, orders,
by laws and regulations for the government of the said cor-