JAMES THOMAS, ESQUIRE, GOVERNOR.

1832.

soever; 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 thing necessary to carry into effect
the provisions of this act.

CHAP. 24.

Sec. 2. And be it enacted, That there shall be a meeting
of the members of the Hagerstown Savings Institution, on
such day in the month of April next, or at any other time
the company may think proper within the space of one
year, and at such place as the persons named in this act or
a majority of them shall appoint, and give at least ten days
notice of such meeting in some newspaper published in
Hagerstown, and in the month of April and at such place
annually thereafter as the by-laws of said Institution shall
provide, for the purpose of choosing among the members
eight directors to manage the affairs of said Institution for
twelve months thereafter, and until a new election shall

Election of Dir-

ectors

take place; provided, that each election shall be made with-
in one month from the expiration of the term for which the
preceding directors shall have been elected; and the five
members first above named, or upon their refusal or ne-
glect, any five named in this act shall be judges of the
first election of directors; and the judges of all future elec-
tions shall be appointed, and notice of such election given
in such manner as the by-laws shall provide.

Proviso

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, agents and

Powers or direc-

tors

servants as they shall deem necessary to conduct or exe-
cute the business and affairs 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 sppointed, with security conditioned in such form as
they shall prescribe for the "faithful execution of their sev-
eral duties, and to secure the corporation from loss; to
regulate the manner of making and receiving of deposites;
the form of certificates to be issued to depositors, and the
manner of transferring the stock in said Institution; to pro-
vide 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 necessa-
ry expenses, conducting the affairs of the corporation; and
generally to pass all such by-laws as shall or may be ne-
cessary to the exercise of the said powers, and of the other

General Powers