T. HOLLIDAY HICKS, ESQ., GOVERNOR.

1860.

CHAPTER 54.

CHAP. 54.

AN ACT to grant the Frostburg Bank in Allegany
county certain privileges.

Passed Feb.
14, 1860.

SECTION 1. Be it enacted by the General Assembly
of Maryland, That the president and directors of the
Frostburg Bank at Frostburg in this State, be and
they are hereby empowered to establish in the
town of Cumberland in Allegany county an office
of discount and deposit for said bank whenever in
the judgment of said president and directors, for
the time being, the same may be deemed by them
proper and expedient.

May establish
office of dis-
count and de-
posit.

SEC. 2. And be it enacted, That for the purpose
of said office and for conducting and managing its
business, the said president and directors shall
have power to rent or purchase and furnish any
suitable real estate in Cumberland aforesaid,
and to appoint such agent or agents as may be ne-
cessary to transact the business of said office, and
to allow him or them such reasonable compensation
as may be determined upon by them, the said agent
or agents to be qualified by taking the oath pre-
scribed by the act incorporating said bank, and to
enter into bond with security to be approved by the
said president and directors, and in such penalty as
they may prescribe, before entering upon the dis-
charge of their duties.

May purchase
real estate
and appoint
agents.

SEC. 3. And be it enacted, That for the more
convenient management of said office, and direct-
ing the discounts to be made at the same, the stock-
holders in said bank may and they are hereby em-
powered, whenever hereafter the president and di-
rectors shall so determine and direct, to elect annu-
ally an additional number of stockholders residing
in Allegany county not exceeding three; and that
in the conduct and management of said office, and
the making of discounts at the same, the same rules,
articles and regulations shall prevail as are con-
tained in said act of incorporation and its several sup-
plements and are applicable to the same; the said pres-
idents and directors to fix a particular day or days in
each week for discounts at said office, and to determine
by resolution where notes discounted at said office
shall be made payable, and to have free power to
pass all such by-laws, rules and regulations which

Vested rights.