PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1847.

swer and defend and be answered and defended in

courts of law and equity, or in any other place whatso-
ever, and to receive and make all deeds, transfers, con-
tracts, covenant's, conveyances and grants whatsoever,
and to make, have and use a common seal, and the same
to change and to renew at pleasure, and generally to do
every other act or thing necessary to carry into effect
the previsions of this act, and promote the object and
design of said corporation.

CHAP. 200.

SEC. 2. And be it enacted, That there shall be a
meeting of the members of the said Middletown Savings
Institution on such day in the month of June next, in
the town of Middletown in said county, and at such
place as the five persons named in this act or any three
of them shall appoint, and give at least ten days' notice
of such meeting in one newspaper printed in the town
of Middletown in said county, and on such day in the
month of June, and at such place annually thereafter as
the bye-laws of the said institution shall provide, for the
purpose of choosing from among the members seven di-
rectors to manage the affairs of the said institution for
twelve months thereafter, and until a new electron shall
take place, and the five persons named in this act, 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 bye-laws shall provide.

General meet-
ings.

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 and affairs of the institution, to fix
their compensations, 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 their faithful execution of
their several duties and to secure the corporation from loss,
to regulate the manner of making and receiving deposites,
the form of certificates to be 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 necessary expenses,
conducting the affairs of the corporation, and generally to
pass all such bye-laws as shall be necessary to the exer-

Duty of di-

rectors.