220

LAWS OF MARYLAND.

Officers ap-
pointed.

SEC. 7. And be it enacted, That the president of
the bank may be elected from year to year without
limitation, but two directors at least shall go out an-
nually, the directors shall have power to appoint a
president and cashier and such other officers and
servants as may be necessary for conducting the
business of the corporation and to allow to them
such compensation for their services as shall by the
directors be deemed reasonable.

Qualification.

SEC. 8. And be it enacted, That no person shall
be eligible as president or director, who has not re-
sided at least two years in the State of Maryland,
next preceding the day of his election a majority of
the directors shall be residents of Cecil county.

Authorised to
sell remaining

stock.

SEC. 9. And be it enacted, That the president
and directors shall be authorized from time to time
upon giving at least one month's notice in one or
more newspapers of Cecil county, to sell the remain-
ing shares of the capital stock, until the whole is
paid in and to issue certificates under the seal of the
bank for said shares.

Act contin-
ued in force.

SEC. 10. And be it enacted, That this act shall
continue in force until the expiration of the year eigh-
teen hundred and seventy-seven, and until the end
of the next session of the General Assembly there-
after.

CHAPTER 146.

Passed Mar.
8, 1856.

Commission-
ers appointed.

AN ACT to incorporate the Gilmor House Company.

SECTION 1. Be it enacted by the General Assembly
of Maryland, That William Gilmor, J. Latimer Hoff-
man, Reverdy Johnson, Charles S. Gilmor, be and
they are hereby appointed Commissioners to receive
subscriptions to the Capital Stock of the Gilmor
House Company, and they, or any three or more of
them, are hereby authorised, upon giving sixty days
notice in one or more of the daily newspapers pub-
lished in the city of Baltimore, to open a book or
books at the time and place appointed in the notice
so given to obtain and take the subscriptions of any