T. WATKINS LIGON, ESQUIRE, GOVERNOR.

455

SEC. 5. And be it enacted, That the persons named
in the first section of this act, shall be the first directors

of the said corporation, and all vacancies by death, re-
signation or otherwise in the office of directors, shall be
filled by the board by ballot without unnecessary delay,
and at least six votes shall be necessary for the election
of any director; the said directors shall hold a regular
meeting at least once in each month, to receive the re-
ports of their officers as to the business and affairs of
the corporation, and to transact such business as may
be necessary, and any director omitting to attend the
regular meetings of the board for six months in succes-
sion, may thereupon at the election of said board, be
considered as having vacated his place, and a succes-
sor may be elected to fill the same; the superior court
of the city of Baltimore may at any time for due cause,
remove any director, on proper notice to such director,
and affording him an opportunity to be heard in his
defence.

First direc-
tors.

SEC. 6. And be it enacted, That the general busi-

ness and object of the corporation hereby created, shall
be to receive on deposit such sums as may be from time
to time offered therefor by mariners, tradesmen, clerks,
mechanics, laborers, miners, servants and others, and in-
vesting the same in the securities or stocks of this State or
the United States, or in the stocks or bonds of the city of
Baltimore, authorised to be issued by the Legislature of
this State, or loaning the same on the securities of the said

Object.

stock or bonds or on improved real estate; Provided, such
real estate shall be worth at least double the amount to
be secured thereby, or in such other manner as is autho-
rised by this act for the use, interest and advantage of
the said depositors and their legal representatives, and
the said corporation shall receive as deposits from per-
sons of the description above mentioned, all sums of
money which may be offered for the purpose of being
invested as aforesaid, which shall as soon as practicable
be invested accordingly, and shall be repaid to such de-
positor when required, at such times, with such interest
and under such regulations, as the board of directors
shall from time to time prescribe, which regulations shall
be put up in some public and conspicuous place in the
rooms where the business of said corporation shall be
transacted; but no by-laws or regulations shall be adop-
ted by said directors, whereby any amount not less than
the sum of ten cents nor more than twenty dollars shall
be refused by the corporation hereby created, when of-
fered as a deposit by any individual, deposits of larger

Proviso.