THOMAS G. PRATT, ESQUIRE, GOVERNOR.

1846.

SEC. 2. And be it enacted, That there shall be a meet-
ing of the members of the Hagerstown Savings Institution,
on such day in the month of April next, or at any other

time, and at such place as the seven persons first above
named, or any three ot them shall appoint, and give at
least ten days notice in some or more newspapers pub-
lished in Hagerstown; and in the month of May next,
and at such place annually thereafter, as the by-laws of
said institution shall provide, for the purpose of choosing
among the members, eight directors to manage the
affairs of said institution for twelve months thereafter, and
until a new election shall take place; provided, that each

election shall take place within one month from the ex-
piration 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 elec-
tions shall be appointed, and notice of such election,
given in such manner as the by-laws shall provide.

CHAP. 266..

Meeting in
April.

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 ser-
vants 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
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 pre-
scribe for the faithful execution of their several duties, and
to 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
transfering 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
provide for the admission of members, and furnishing
proof of such admission, to provide for paying all neces-
sary 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 to alter and repeal;
provided, that all such by-laws as way be made by the
directors, may be altered and repealed by a majority of
the members of said corporation, assembled at any annual

Directors to
appoint offi-
ers, &c.