1849.

LAWS OF MARYLAND.

CHAP. 338.

and be sued, plead and be impleaded, answer and de-
fend, and be answered and defended, in courts of law
and equity, or in any other place whatsoever, and to re-
ceive and make all deeds, transfers, contracts, conveyan-
ces and grants whatsoever, and to 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.

Meetings
when held, etc.

SEC. 2. And be it enacted, That there shall be a
meeting of the members of the Clearspring Savings In-
stitution, at such time and place as the persons above
named, or a majority of them, shall appoint, and upon
notice of the fact in one or more newspapers published
in the town of Clearspring, or county of Washington,
and at such time and place as the bye-laws may direct
annually thereafter, for the purpose of choosing eight
directors from among its members, to manage the
affairs of said institution for twelve months thereafter,

Proviso.

and until a new election shall take place; provided,
that such election shall take place within one month
from the expiration of the term for which the preceding
directors shall have been elected, and the three members
first, above named, or upon their refusal or neglect to
act, any three named in this act, shall be the 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.

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

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 may deem necessary to conduct or
execute 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 institution from all or
any of the officers, agents or servants by them so ap-
pointed, with security conditioned, in such form as they
shall prescribe, for the faithful performance of their sev-
eral 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
manner of transferring slock in said institutions, to pro-
vide for the investment of the funds of the corporation
in the manner deemed most safe and beneficial, to pro-
vide for the admission of members and furnishing proof
of such admission, to provide for paying the necessary
expenses incurred in conducting the affairs of the corpo-
ration, and generally to pass such bye-laws as shall or
may be necessary to the exercise of the said powers, and