PHILIP P. THOMAS, ESQUIRE, GOVERNOR.

1849.

SEC. 2. And be it enacted, That there shall be
a meeting of the members of the Weverton 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 of them, shall
appoint, and give at least ten days notice, in at least
one newspaper published in each of the counties of Fre-
derick and Washington, and in the month of January
next succeeding said meeting, and at such place an-
nually thereafter as the bye-laws of said institution
shall provide, for the purpose of choosing among
the members not less than five, nor more than seven
directors, to manage the affairs of said institution for
twelve months thereafter, and until a new election
shall take place, and the said first named seven per-
sons shall be the directors of the said institution
until successors be chosen as hereinbefore provided

CHAP. 313.
Time of meet-
ing fixed.

for, provided, that each election shall take place with
in one month from the expiration of the term for
which the preceding directors shall have been elected,
and three persons first above named, or upon their re-
fusal 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 elections shall be appointed,
and notice of such election given, in such manner as
the bye-laws shall provide.

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, and
to appoint from among the other members, all such
other officers, agents and servants, as they shall deem
necessary to conduct or execute the business of said
institution, to fix their compensation, and in their dis-
cretion, 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 secu-
rity, conditioned in such form as they shall prescribe,
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 man-
ner of transferring stock in the said institution; to
provide for the investment of the funds of the corpo-
ration, in such manner as they shall deem most safe
and beneficial; to provide for the admission of mem-
bers, and furnishing proof of such admission; to pro-
vide for paying all necessary expenses incurred in con-
ducting the affairs of the corporation, and generally to
pass all such bye-laws as shall or may be necessary to

Powers of pres-
ident and direc-
tors, &c.