1845.

LAWS OF MARYLAND.

CHAP. 297.

notice of such meeting, in two newspapers printed in
Westminster in Carroll county, and on such day in the
month of June, and at such place, annually thereafter,

Choose seven
directors.

as the by-laws of the said institution shall provide, for
the purpose of choosing from among the members, seven
directors, to manage the affairs of the said institution for
twelve months thereafter, and until a new election shall
take place; and the five first named, or a majority of them,
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.

Elect a presi-
dent — appoint
officers.

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 ex-
ecute the business and affairs of the institution; to fix
their compensation, and in their discretion to dismiss
them; to provide for the taking of the bonds to the cor-
poration 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 to secure the corporation from
loss; to regulate the manner of making and receiving de-
posites; the form of certificates to he issued to depositors,
and the manner of transferring the same; to provide for
the investment of the funds of the corporation in such
manner as they shall deem most safe and beneficial; to
provide for the admission of members, and furnishing
proof of such admission; to provide for paying all neces-
sary expenses, conducting the affairs of the corporation
and generally to pass all such by-laws as shall be neces-
sary to the exercise of the said powers, and of the other
powers vested in said corporation by this charter, and

Provisoes.

the said by-laws from time to time to alter and repeal;
provided, that all such by-laws as shall be made by the
directors, may be altered or repealed by a majority of the
members assembled at any annual meeting, or at any gene-
ral meeting called in pursuance of any by-law made for
that purpose; and a majority of the members may, at any
annual or general meeting, pass by-laws which shall be
binding upon the directors; provided, that such by-laws
shall not be contrary to the laws of this State or of the
United States.

SEC. 4. And be it enacted, That the said corporation
shall be capable of receiving from any free person or