44

LAWS OF MARYLAND.

President, of-
ficers and a-
gents.

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, or servants as they shall deem ne-
cessary to conduct or execute the business of the cor-
poration, to fix their compensation, and in their dis-
cretion to dismiss them, to take bonds for the corpo-
ration from all or any of the officers, agents or ser-
vants by them so appointed, with security condition-
ed in such form as they shall approve, for the faith-
ful execution of the duties of such officers, agents,
or servants, and to secure such corporation from loss,
to regulate the manner of making and receiving de-
posits, the form of certificates to be issued to depos-
itors, and the manner of transferring stocks in the
said institution, and to invest the funds of said insti-
tution in such manner as they shall deem most safe
and beneficial, to admit members and furnish proof
of such admission, and generally to pass all such by-
laws as may be, necessary for the exercise of the
aforesaid powers, or the powers vested in said cor-
poration, and the same by-laws to alter and repeal;

Proviso.

Provided, that all such by-laws may be altered and
repealed by a majority of the members of said corpo-
ration, assembled at the annual meeting, or any gen-
eral meeting called in pursuance of any by-law 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 Directors.

May receive
deposits.

SEC. 4. And be it enacted, That the said corpo-
ration shall be capable of receiving from any person
or persons, or bodies corporate or politic, any de-
posite or deposites of money, and that all moneys so
received may be invested, or other securities, at the
discretion of the Directors, in the manner deemed

Proviso.

most safe and beneficial; Provided always, that no-
thing herein contained shall be construed to authorise
this corporation to issue any bill, note, or device in
the nature of a bank note.

To investi-
gate affairs of
corporation.

SEC. 5. And be it enacted, That it shall be the duty
of the Directors, at least once in every six months,
to appoint from the members of the corporation three
competent persons to investigate the affairs of the
said corporation, and to make a report thereof, which
report shall be recorded in a book kept for that pur-
pose, that shall be open at all times for the inspection