1849.

LAWS OF MARYLAND.

CHAP. 408.

Duties and
powers of the

directors.

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 conduct or exe-
cute the business of said institution, to fix their compen-

sation, and in their discretion, to dismiss them, to pro-
vide for the taking of bonds to the said institution from
all or any of the officers, agents or servants by them so
appointed, with security, conditioned, in such form as
they shall prescribe, for the faithful performance of their
several duties, and to secure the corporation from loss,
to regulate the manner of making and receiving depo-
sits, the form of certificates to he issued to the deposi-
tors, and the manner of transferring stock in the said
institution, to provide for the investment of the funds
of the corporation, in such manner as they shall deem
most safe and beneficial, to provide for the admission
of members and furnishing proof of such admission,
to provide for all the necessary expenses incurred in the
conducting the affairs of the corporation, and generally
to pass all such bye-laws as shall or may be necessary
to the exercise of said powers, and of the powers vested
said corporation by this charter, and the same bye-laws in

Provisoes.

to alter and repeal; provided, that all such bye-laws as
may be made by the directors, may be altered and re-
pealed by a majority of the members of said cor-
poration assembled at the annual meeting, or any
general meeting, culled in pursuance of any bye-laws
made for that purpose, and a majority of the members
of any annual or general meeting, may pass bye-laws,
which shall be binding upon the directors; provided,
that such bye-laws shall not be contrary to the laws of
this State, or of the United States; and provided furth-
er, that no person shall be an officer or director of this
institution, who is an officer or director of any other
monied institution.

To receive de-
posits, &c.

SEC. 4. And be it enacted, That the said corpora-
tion shall be capable of receiving from any free white
person or persons, or bodies corporate or politic, any
deposit or deposits of money, and that all monies so re-
ceived, shall be invested in public stocks or other securi-
ties, at the discretion of the directors, in the manner

Provisoes.

deemed most sale and beneficial; provided, that no part
of the funds of said institution shall be loaned to any
officer or director of said institution, greater than two-
thirds of the amount of his bona fide deposits therein,
which deposits shall be held as security for the payment
thereof; and provided always, that nothing herein con-