T. HOLLIDAY HICKS, ESQ., GOVERNOR.

1860.

point and give at least ten days notice in some one
or more newspapers published in Hagerstown, and
in the month of May next, and at such time and
place annually thereafter, as the by-laws of said
institution shall provide for the purpose of choos-
ing among the members, six directors to manage
the affairs of said institution for twelve months
thereafter, and until a new election shall take

CHAP. 93.

place; Provided, that each election shall take place
within one month prior to the expiration of the
term for which the preceding directors shall have
been elected, and the three members first above
named, or upon their refusal or neglect to act, any
three named in this act shall be judges of the first
election of directors, and the judges of all future
elections shall be appointed and notice of such elec-
tion given 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 among the other members, to appoint all such
officers, agents and servants as they shall deem
necessary to conduct or execute the business of said
institution, to fix their compensation, and in their
discretion to dismiss them, to provide for the taking
of bonds to the said institution, from all or any of
the officers, agents or servants by them so appointed,
with security, conditioned in such form as they
shall prescribe for the faithful execution of their
several duties and secure the corporation from loss,
to regulate the manner of making and receiving
deposits, the form of certificates to be issued to
depositors, and the manner of transferring stock in
the said institution, to provide for the investment
of the funds of the corporation in such manner as
they shall deem most safe and beneficial; to pro-
vide for the admission of members and furnishing
proof of such admission, to provide for paying all
necessary expenses incurred in conducting the affairs
of the corporation, and generally to pass all such
by-laws as shall or may be necessary to the exercise
of the said powers, and of the powers vested in said
corporation by this charter, and the same by-laws

Directors —
their powers,
duties, &c.

to alter and repeal; Provided, that all such by-
laws as may be made by the directors, may be altered
and repealed by a majority of the members of said
corporation assembled at any annual meeting or

Provisos.