1832.

LAWS OF MARYLAND.

CHAP. 46.

son Haugh, John D. Becker, Joseph W. Stewart, Charles
Rogers, John A. Roche, William Hope, and all and every
other person or persons, who shall become members of
"the Franklin Savings Company of Baltimore," in the
manner hereinafter mentioned, shall be, and are hereby
created and make a body corporate, by the name and
style of "the Franklin Savings Company of Baltimore,"
and by that name shall have succession, and be capable in

Corporate powers

law to hold and dispose of property, to sue and be sued,
plead and be impleaded, answer and defend, and be an-
swered and defended, in courts of law or equity, and in any-
other place; to receive and make all deeds, transfers, con-
tracts, 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 provi-
sions of this act.

Election of Direc-

tors

Sec. 2. And be it enacted, That there shall be a
meeting of the members of said corporation on such day in
the month of March next, at such place as the five persons
first above named, or any three of them, shall appoint; of
which meeting they shall give at least ten days notice in two
or more of the newspapers printed in the city of Baltimore;
and on such day in the month of March annually thereafter,

All subsequent

elections.

at such place as the by-laws of the said corporation shall
provide,for the purpose of choosing from among the mem-
bers, nine directors, to manage the affairs of the said cor-
poration for one year thereafter, and until a new election of
directors shall take place; and the five 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 the elections
given, in such manner as the by-laws shall provide; and
every member shall have the right of voting at such elec-
tion, in person or by proxy.

Powers of direc-

ted

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
members; to fill all vacancies that may occur in the direc-
tory or presidency; to appoint all such officers, agents and
servants, as they shall deem necessary to conduct or exe-
cute the business of said corporation; to fix their compen-
sation, and in their discretion to dismiss them; to take
bonds for the said corporation from all or any of the offi-
cers, agents or servants, by them so appointed, with securi-
ty conditioned in such form as they shall approve, for the