226

LAWS OF MARYLAND.

election shall be valid, unless at least two-thirds of
the entire stock shall be voted; and provided also,
that if from any cause, an election of Directors should
not be made upon the day prescribed by this act, it
shall be lawful for the said President and Directors
to appoint some other day for holding such election;
and until such election, and the Directors elected
thereat shall qualify as hereinafter provided, the Di-
rectors for the time being shall continue in office, and
in case of the death, resignation, removal out of the
county, ceasing to be a Director, or other disqualifi-
cation of a Director, or of his being chosen Presi-
dent of said bank, his place may be filled by the oth-
er Directors.

Officers may
be elected from
year to year.

SEC. 12. And be it enacted, That the President,
Cashier and other officers and servants of the bank
shall be elected from year to year without limitation,
unless the Directors shall dismiss them during the
year; and in case of the absence of the President
from any meeting of the Directors, they shall appoint
one of their number to act as President pro tempore.

Compensa-
tion.

SEC. 13. And be it enacted, That the Board of
Directors shall fix the compensation of the President,
Cashier, and other officers and servants of the bank,
and shall also purchase or build, rent or lease, a suit-
able building for the banking house, and to have the
same fitted up and secured with safes, vaults, and so

forth, at the expense of the company.

Office to be
vacated.

SEC. 14. And be it enacted, That whenever the
President, Cashier, or other officer or servant of the
bank shall remove from the county, or cease to be a
stockholder, his office shall be deemed to be vacated,
and it shall be lawful for the Directors to elect anoth-
er officer for the remainder of the term.

May change
by-laws.

SEC. 15. And be it enacted, That the President and
Board of Directors shall be, and they are hereby, au-
thorised, at a monthly meeting of the board, to make,
change, or repeal, all such by-laws . and rules as a
majority may deem expedient, not inconsistent with

Proviso.

the constitution and laws; Provided, that after the
adoption of the first set of by-Jaws and rules, no addi-
tion thereto, nor alteration, or repeal thereof shall be
made at the meeting to which the same shall be pro-
posed.

Not to hold
real estate.

SEC. 16. And be it enacted, That it shall not be
lawful for said bank to acquire or hold any real es-
tate beyond the amount necessary for banking pur-