JAMES THOMAS, ESQUIRE, GOVERNOR.

1832.

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.

CHAP. 49.

Sec. 2. And be it enacted, That there shall be a meet-
ing of the members of the said "Baltimore Eastern Savings
Company" on such day in the month of May next, and at
such place as the twenty three persons first named in this
act, or any twelve of them shall appoint, and give at least
ten days notice of such meeting, in two or more newspa-
pers printed in the city of Baltimore, and at such day in

First election of

directors

the month of May and at such place annually thereafter,
as the by-laws of the said Company shall provide, for the
purpose of choosing from among the members twenty-
three Directors, (a majority of whom shall reside east of
Jones' Falls, in the city of Baltimore,) to manage the
affairs of the said Company, for twelve months thereafter,

Subsequent elec-

tions

and until a new election 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 five members first named
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; and every member shall have
the right of voting at such election, in person or by
proxy.

Provisos.

Sec. 3. And be it enacted, That until the first election
of Directors, provided for in the preceding section, the

Directors for the present

Sec. 4. 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; to appoint all such other
officers, agents and servants, as they shall deem necessary
to conduct or execute the business and affairs of the Com-
pany; to fix their compensation, and in their discretion to
dismiss them; to provide for the taking bonds to the said
Company from all or any officers, agents, or servants, so
appointed by them, with security conditioned in such form
as they shall prescribe, for the faithful execution of their
several duties, and to secure the said Company from loss;
to regulate the manner of making and receiving deposits,
the form of certificates of deposits, and the manner of
transferring the same; to provide for the investment of the
funds of the said Company, in such manner as they shall
deem most safe and beneficial; to provide for the admis-

Powers and duties

of the directors