JAMES THOMAS, ESQUIRE, GOVERNOR.

1832.

Daniel, and all and every other person or persons hereafter
becoming contributors to the Somerset Savings Institution
at Princess Anne, in the manner hereinafter mentioned, shall
be and are hereby created and made a body corporate by

CHAP. 243.

the name and style of "The Somerset Savings Institution at
Princess Anne," and by that name shall have succession,
and be capable in law to hold and dispose of property to sue

Name and style.

and be sued, plead and be impleaded, answer and defend,
and be answered and defended, in courts of law or equity,
and in any other place; to receive and make all deeds,
transfers, contracts, covenants, conveyances, and grants,
whatsoever; 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, or to promote the objects or de-
signs of said corporation.

Legal capacity.

Sec. 2. And be it enacted, That there shall be a meeting
of the members of said corporation on such day, and at
such place as the seven persons first above named, or any
three of them, shall appoint, of which meeting they shall

Meeting to orga-

nize

give at least ten days notice by advertisement in the news-
papers printed at Princess Anne, and on such day annually

Annually thereaf-

ter

thereafter, for the purpose of choosing from among the
members, five directors to manage the affairs of said cor-
poration for one year thereafter, and until a new election of

Election of direc-

tors

directors shall take place; Provided, that such election
shall be made within one month from the expiration of the
term for which the preceding directors shall have been
elected; and the seven members first above named, or any
three of them, shall be the judges of the first election of
directors, and the judges of all subsequent elections shall
be appointed, and notice of such elections given, and the
same shall be conducted 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 the other mem-
bers, to fill all vacancies that may occur in the presidency
or directory, to appoint all such officers, agents and ser-
vants as they shall deem necessary to conduct or execute
the business of said corporation, to fix their compensation
and in their discretion to dismiss them, to take bond for
the said corporation, from all or any of the officers, agents,
or servants by them so appointed, with security, condition-
ed in such forms as they shall approve, for the faithful exe-
cution of the duties of such officers, agents or servants,

Powers of directors