JAMES THOMAS, ESQUIRE, GOVERNOR.

1832.

quent elections shall be appointed and notice of such elec-
tions given, and the same shall be conducted in such man-
ner as the by-laws shall provide.

CHAP. 30.

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 Directory or
Presidency; 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 bonds for
the said corporation, from all or any of the officers, agents
or servants by them so appointed, with security conditioned
in such form as they shall approve for the faithful execution
of the duties of such officers, agents or servants, and to
secure the said corporation from loss; to regulate the man-
ner of making and receiving deposits, the form of certi-
ficates to be issued to depositors, and the mode of trans-
ferring the same; to invest the funds of said corporation,
and generally to do any such other acts, touching the same

Powers and duties

of the directors

as they shall deem most safe and beneficial; to admit
members and furnish proof of such admission; to exclude

Admit members.

members when they have not any property in said corpo-
ration, and generally to pass all such by-laws as may be
necessary for the exercise of the aforesaid powers or the
powers vested in the said corporation, and the same by-laws

General powers

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such by-laws may be altered or repealed by a majority of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

Provisos.

Sec. 4. And be it enacted, That the said corporation
shall be capable to receive from any free person or persons,
any deposite or deposites of money, and to invest all mo-
nies so received in public stock or other securities at the
discretion of the Directors, according to the by-laws, and
in such manner as they shall deem most safe and benefi-

Receive deposit.

cial; Provided, That no President, Director or officer of the
said corporation shall at any time owe or be responsible
thereto, in any sum larger than his clear interest in the
funds and property of the said corporation; Provided al-
ways, That nothing contained within this act shall be con-

President and of-

ficers limited