JAMES THOMAS, ESQUIRE, GOVERNOR.

1832.

of such elections given in such manner as the by-laws
shall provide; provided, that nothing contained in this act
shall be construed to authorise the corporation hereby in-
tended to be created to issue any bill, note, or other de-
vice in the nature of a bank note.

CHAP. 109.

Sec. 3. And be it enacted, That the Directors for the
time being, or a majority of them, shall have power to
elect a President from their own body, or from among the
other members; to appoint all such officers and agents as
they shall deem necessary to conduct or execute the busi-
ness and affairs of the Institution, to fix their compensa-
tion, and in their discretion to dismiss them, to provide
for the taking of bonds to the corporation from all or any
of the officers or agents, by them so appointed, with secu-
rity conditioned in such form as they shall prescribe for the
faithful execution of their several duties; and to secure the

Elect president

corporation from loss, to regulate the manner of making
and receiving deposites, the form of certificates to be is-
sued to depositors, and the manner of transferring the
same; to provide for the investments of the funds of the
corporation in such manner as they shall deem most safe

Deposits.

and furnishing proofs of such admission; to provide for the
payment of all necessary expences arising from the future
operation and management of the affairs of the corporation,
and generally to pass all such by-laws as shall be necessa-
ry to the exercise of the said powers, and of the other pow-

Admission of mem-

bers

ers vested in said corporation by this charter, and the
same by-laws from time to time to alter and repeal; Provi-
ded, that all such by-laws, as shall be made by the Direc-
tors, may be altered or repealed by a majority of the mem-
bers assembled at any annual meeting or any general
meeting, called in pursuance of any by-laws made for that
purpose, and a majority of the members may at any annual
or general meeting pass by-laws, which shall be binding
upon the directors ; Provided, That such by-laws shall
not be contrary to the laws of this State, or of the United
States.

Proviso

Sec. 4. And be it enacted, That said corporation shall
be capable of receiving from any free person or persons,
such deposite or deposites of money, as shall be provided
for by the by-laws of said Institution, and that all monies

Receive deposits

so received shall be invested in public stock or any other
securities, the board of Directors in their discretion, shall
deem most safe and beneficial for the interests of said cor-
poration.

Invest