PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1849.

thereafter, and until a new election of directors shall take
place; provided, that such election shall be made within
one month from the expiration of the term for which
the preceding directors shall have been elected, and the
seven members first above named, or any three of them,
shall be the judges of the first election of directors, and
the judges of all subsequent elections shall be appointed,
and notice of such election given, and the same shall be
conducted in such manner as the bye-laws shall pro-
vide.

CHAP. 371.
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 the
other members, to fill all vacancies that may occur in
the directory or presidency, to appoint, all such officers,
agents, and servants as they shall deem necessary to
conduct, or execute the business of the corporation, to fix
their compensation, and in their discretion, to dismiss
them, to take bonds for the said corporation from all or
any of the officers, agents or servants by them so ap-
pointed with security, conditioned, in such form as they
shall approve, for the faithful execution of the duties
of such officers, agents, or servants, and to secure the
said corporation from loss, to regulate the manner of
making and receiving deposits, the form of certificates to
be issued to depositors, and the mode of transferring the
same, to invest funds of the said corporation, and gene-
rally to do any such other acts touching same as they
shall deem most safe and beneficial, to admit members
and furnish proof of such admission, to exclude mem-
bers when they have not any property in said corpora-
tion, and generally to pass all such bye-laws as may be
necessary for the exercise, of the aforesaid powers, or the
powers vested in the said corporation, and the same bye-

Duties and
powers of the
directors.

laws, from time to time, to alter and repeal; provided,
that all such bye-laws may be altered or repealed by a
majority of the members assembled at any annual meet-
ing, or at any general meeting, called in pursuance of
any bye-laws made for that purpose, and a majority of
the members present, at any annual or general meeting,
may pass bye-laws, which shall be binding upon the
directors; provided also, that such bye-laws shall not be
contrary to any law of this State, or of the United
States.

Provisoes.

SEC. 4. And be it enacted, That the said corpora-
tion, shall be capable to receive from any free person or
persons, any deposit or deposits of money, and to invest
all monies so received, in public stocks or other securi-
ties, at the discretion of the directors, according to the

To receive de-
posits, &c.