JAMES THOMAS, ESQUIRE, GOVERNOR.

1832.

jority of them, shall appoint, and give at least ten days
notice of such meeting in one or more newspapers printed
in Rockville, and on such day in the month of April, and
such place annually thereafter, as the by-laws of the Insti-

CHAP. 176.

tution shall provide, for the purpose of choosing from
among the members nine directors, to manage the affairs
of the said Institution for twelve months thereafter, and
until a new election shall take place; Provided, that such
election shall be made within one month from the expira-
tion of the term for which the preceding directors shall
have been elected; and the five first named persons or
members, or a majority of them, shall be judges of the
first election of directors, and the judges of all future
elections shall be appointed, and notice of such election
given in such manner as the by-laws shall provide.

Annual election

thereafter

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 of 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 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 receiving deposits, the form of certificates to be issued
to depositors, and the manner of transferring the same; to
provide for the investment of the funds of the corpora-
tion 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 the-
payment of all necessary expenses arising from the future
operation and management of the affairs of the corpora-
tion, and generally to pass all such by-laws as shall be ne-
cessary to the exercise of the said powers, and of the other
powers vested in said corporation by this charter, and the

Powers of direc-

tors

same by-laws, from time to time, to alter and repeal; Pro-
vided, 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tors, may be altered or repealed by a majority of the mem-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 meeting, pass by-laws, which shall be binding
upon the directors; provided, that such by-laws shall not

Provisos