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QHAP. 556.
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bers, nine Directors, to manage the affairs of the said In-
stitution, for twelve months thereafter, and until a new elec-
tion shall take place; Provided, That such election shall be
made within one month from the expiration of the term for
which the previous Directors shall have been elected; and
the first five named persons or members, or a majority of
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Election of direc-
tos.
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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.
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Powers of direc-
tors
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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 tak-
ing of bonds to the corporation from all or any of the offi-
cers, or agents, by them so appointed, with security, con-
ditioned in such form as they shall prescribe, for the faith-
ful execution of their several duties, and to secure the cor-
poration from loss; to regulate the manner of making and
receiving deposites, the form of certificates to be issued to
depositors, and the manner of transferring the same; 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 the payment of all neces-
sary expenses arising from the future operation and man-
agement of the affairs of the corporation; and generally to
pass all such by-laws as shall be necessary to the exercise
of the said powers, and of the other powers vested in said
corporation" by 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, maybe altered or repeal-
ed by a majority of the members assembled at any annual
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 or general meeting, pass by-laws, which shall
be binding upon the directors: provided, that such by-laws
shall not be contrary to the laws of this State, or of the
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May receive depo-
sits
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United States.
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
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