PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1847.

Price, George A. D. Clarke, J. Tandz Fell, John J.
Hoffman, Archibald Carey, William Weber, William
O. Sprigg, Daniel Winow, James H. Bevans, Thomas
Shriver, George M. Blocher, John R. Annan, Samuel
Toyster, Richard Johnson, and all and every other per-
son hereafter becoming members of the Cumberland
Savings Institution, in the manner hereafter mentioned,
shall be and are hereby created and made a corporation

CHAP. 101.

or body politic, by the name and style of the Cumber-
land Savings Institution, and by that name shall have
succession, and be capable by law to hold and dispose
of real and personal property, by deed or otherwise, to
sue and be sued, plead and be impleaded, answer and
defend and be answered and defended, in courts of law
and equity, or in any other place whatsoever, and to re-
ceive and make, have and use a common seal, and the
same to change and renew at pleasure, and generally to
do every other act or thing necessary to carry into effect
the provisions of this act.

Name and
style.

Corporate
powers.

SEC. 2. And be it enacted, That there shall be a
meeting of the members of the Cumberland Savings In-
stitution, 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 of them shall appoint,
and give at least ten days notice in one or more news-
papers published in Cumberland, and in the month of
May next, and at such place annually thereafter its the
bye-laws of said institution shall provide, for the purpose
of choosing among the members eight directors, to ma-
nage the affairs of said institution for twelve months

Annual meet-
ing, when and
how called.

thereafter, and until a new election shall take place;
provided, that each election shall take place within one
month from the expiration of the term for which the pre-
ceding directors shall have been elected, and the three
members first above named, or upon their refusal or ne-
glect to act, any three named in this act 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 direct.

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 amongst
the members, to appoint all such officers, agents and
servants as they shall deem necessary to conductor ex-
ecute the business of said institution, to fix their com-
pensation, 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

Duty of offi-
cers.