1847.

LAWS OF MARYLAND.

CHAP. 308.

after the expiration of the said three days, for the space
of twelve months thereafter, or until the sum necessary
to the incorporation of said company shall have been
subscribed, and if any of the said commissioners shall die,
resign or refuse to act during the continuance of the
duties devolved upon them by this act another may be
appointed in his stead by the remaining commissioners,
or a majority of them.

First General
meeting.

SEC. 4. And be it enacted, That the affairs of the said
bank shall be conducted by a president and eight direc-
tors, and as soon as subscriptions shall have been ac-
tually received for five thousand shares of the capital
stock of said bank, the commissioners aforesaid, or a
majority of them, shall give at least twenty days notice
in two newspapers printed in Washington county and
two daily newspapers printed in the city of Baltimore,
of the time and place for proceeding to the election of
directors, and such election may be then and there made
under the superintendence of said commissioners, or a
majority of them, who shall be judges of the said elec-

Election of
directors.

tion, and the persons who shall be then elected direc-
tors shall proceed at their first meeting to appoint a
president who shall be a stockholder in said bank, and
the said directors and president shall be capable of serv-
ing in their respective offices until the expiration of the
first Monday of the month of May then next ensuing,
and eight directors shall be annually elected on the
first Monday of May in each year thereafter, and at
their first meeting after their election in each year, the
directors shall proceed to appoint a president, and the
directors and president so appointed and elected shall
continue in their respective offices for one year and until
successors shall be chosen, and in case it should at any
time happen that an appointment of president or elec-
tion of directors of said bank shall not be made so as to
take effect on any day when in pursuance of this act the
same should take effect, the corporation shall not for that
cause be deemed to be dissolved, but it shall be lawful at
any other time within thirty days thereafter to make such
election and appointment in such manner as shall be di-
rected and provided by the ordinances of the said corpo-
ration, and in case of the death, resignation, removal
out of the State or other disqualification of the presi-
dent or any directors of the said corporation, the vacancy
thereby occasioned shall be filled by the directors, for
the time being, appointing a president or electing a di-
rector, as the case may be.

Directors to
appoint offi-
cers.

SEC. 5. And be it enacted, That the president and
directors, for the time being, shall have power to appoint