144

LAWS OF MARYLAND.

for which the preceding directors shall have been elec-
ted; and the seven members first above named, or any
four 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 conducted in such manner as the by-laws
shall provide.

Election of
officers.

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 directors 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 corporation from all or any
of the officers, agents or servants, by them so appointed
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 said corpora-
tion 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 name,
to invest the funds of said corporation, and generally to
do such other acts touching the same as they shall deem-
most safe and beneficial, to admit members and furnish
proof of such admission, to exclude members when
they have not any property in said corporation, and
generally to pass all such by-laws as may be necessary
for the exercise of the aforesaid powers or the powers
vested in the said corporation, and the same by-laws

Proviso.

from time to time to alter and repeal; Provided, that
all such by-laws may be altered and repealed by a ma-
jority of the members assembled at any annual meeting
or at any general meeting, called in pursuance of any
by-laws made for that purpose, and a majority of the
members present at any annual or general meeting may
pass by-laws, which shall be binding upon the di-
rectors.

Membership.

SEC. 4. And be it enacted, That any person above
the age of twenty-one years, may become a member of
this corporation in such manner as the by-laws shall
provide, for the purpose of making deposits and receiv-
ing the benefits of such profits or dividends as may be
made and declared from time to time.

Right to con-
vert deposits
into shares
of stock.

SEC. 5. And be it enacted, That every member who
may deposit fifty cents per week for forty weeks, or one
dollar per week for twenty weeks or more, or twenty-
dollars at any one time or more, may at his or her op-