1849.

LAWS OF MARYLAND.

CHAP. 246.

ing, signify the same to the directors, who shall appoint
one of the board of directors to act as president pro-
tein pore.

Officers — how
appointed.

SEC. 12. And be it enacted, That the board of di-
rectors shall have power to appoint a cashier and other
officers and servants for executing the business of the
company, and to allow such compensation for their ser-
vices as shall be reasonable, no director shall be entitled
to any emolument unless the fame shall have been al-
lowed by the stockholders at the general meeting, the
stockholders shall make such compensation to the presi-
dent for hie extraordinary attendant at the bank as shall
appear to them reasonable.

May hold prop-
erty.

SEC. 13. And be it enacted, That the board of di-
rectors shall have power to purchase, erect, rent or lease
proper buildings for the bank, and to have such build-
ings fitted up and secured with vaults, and so forth, at
the expense of the company.

Bye-laws, etc.

SEC. 14. And be it enacted, That the board of direc-
tors and president shall have power to make, revise, al-
ter or annul rules, orders, bye-laws and regulations for
the government of the company, and that of their offi-
cers, servants and affairs, as a majority of them shall

Provisoes.

deem expedient; provided, they are not contrary to law
or the constitution; provided always, that no rule or re-
gulation shall entitle the president or any director to
obtain discounts on terms different from those prescribed
for other persons.

In what to be
concerned.

SEC. 15. And be it enacted, That the company
shall in no case be concerned in any articles but notes,
bills of exchange, mortgages, single bills, bonds, stock
of the United States, specie or bullion, except in the
case of debts due to the bank, then they shall be fully
justifiable in taking any kind of security which they
can obtain, and the single bills, bills obligatory or bonds
discounted by said bank may pass to the bank by en-
dorsement as in the case of promissory notes, and the
law of notice to endorsers applicable to the case of pro-
missory notes shall extend to said bills, and so forth, so-
endorsed to and discounted by said bank.

General busi-
ness and ordin-
ary discounts.

SEC. 16. And be it enacted, That ordinary discounts
may be made by the president and three directors, but
the president and five directors shall be necessary
for the purpose of transacting the general business of
the company.

How transfer-
red.

SEC. 17. And be it enacted, That the stock in the
Farmers and Mechanic's Bank of Kent county may be
transferred by the holder, in person or by power of at-
torney at said bank, but all debts actually due to the