1832.

LAWS OF MARYLAND.

CHAP. 29.

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 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
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 invest-
ment of the funds of the corporation, in such manner as

Admit members

they shall deem most safe and beneficial; to provide for the
admission of members, and furnishing proof of such admis-
sion; to provide for the payment of all necessary expenses
arising from the future operation and management of the

General powers.

affairs of the corporation; and generally to pass all such by-
laws as shall be necessary to the exercise of the said pow-
ers, and of the other powers vested in said corporation, by

Provisos.

this charter; and the same by-laws from time to time to alter
and repeal; Provided, That all such by-laws as shall be made
by the Directors may be altered or repealed by a majority of
the members assembled at any annual meeting, or any gen-
eral meeting called in pursuance of any by-laws made for
that purpose; and the majority of the members may, at any
annual or general meeting, pass by-laws, which shall be
binding upon the Directors; Provided also, That such by-
laws shall not be contrary to the laws of this State, or of
the United States.

May receive depo-

sits

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

Investment direct-

ed

ceived shall be invested in public stock, or any other securi-
ties which the Board of Directors in their discretion shall
deem most safe and beneficial for the interest of said cor-
poration; Provided always, That such investment of the
funds of the corporation shall be in the manner provided
for in the by-laws; and that nothing contained in this -act

Issuing of notice

forbid

shall be construed to authorize the corporation hereby in-
tended to be created, to issue any bill, note, or other de-
vice in the nature of a bank note.

Committee of ex-

amination

Sec. 5. And be it enacted, That it shall be the duty of
the Directors, at least every six months, to appoint from the