1832.

CHAP. 18.
Corporate powers.

Institution of Baltimore," and by that name shall have
succession, and be capable by law, to hold and dispose of
property, to sue and be sued, plead and be impleaded, an-
swer and defend, and be answered and defended, in courts
of law and equity, or in any other place whatever, and to
receive and make all deeds, transfers, contracts, covenants,
conveyances and grants whatsoever, and to make, have
and use a common seal, and the same to change and renew
at pleasure, and generally to do every other act or tiling
necessary to carry into effect the provisions of this act.

Election of direc-

tors

Sec. 2. And be it enacted, That there shall be a meet-
ing of the members of the said Commercial Savings In-
stitution of Baltimore, on such day in the month of March
next, and at such place as the five persons first named in
this act, or any three of them, shall appoint and give at
least ten days notice of such meeting, in two or more
newspapers, printed in the city of Baltimore, and on such
day in the month of March next, and at such place annu-
ally thereafter, as the by-laws of said institution shall pro-
vide, for the purpose of choosing from among the mem-
bers, twelve directors to manage the affairs of said institu-
tion for twelve months thereafter, and until a new election
shall take place; and the five members first above named
shall be judges of the first election of Directors, and the
judges of all future elections shall be appointed, and no-
tice of such elections given, in such manner as the by-laws
of said institution shall provide; Provided, That such elec-
tion shall be made within one month from the expiration of
the term for which the preceeding directors shall have been
elected.

Powers of direc-
tors

Choose president.

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 fill all vacancies that may occur in the Presi-
dency or Directory; to appoint all such officers, agents and

General Powers

servants, as they shall deem necessary to conduct or exe-
cute the business and affairs of the institution; to fix their
compensation, and in their discretion to dismiss them; to
provide for the taking of bonds to the corporation from all
or any of the officers, agents or servants, by them so ap-
pointed, with security 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 manner of making and of receiving deposites, the form
of certificates to be issued to depositors, and the mannerof
tranferring the same; to provide for the investment of the