T. WATKINS LIGON, ESQUIRE, GOVERNOR.

511

in the manner hereafter mentioned, shall be, and arc
hereby created and made a corporation or body poli-
tic, by the name and style of the "Franklin Savings
Bank of Frederick," and by that name shall have
succession, and be capable by law to hold and dis-
pose of real and personal property, by deed or other-
wise, to sue and be sued, plead and be impleaded,
answer and defend, and be answered and defended,
in courts of law and equity, or in any other place
whatsoever, and to receive and make all deeds, trans-
fers, contracts, conveyances and grants whatsoever;
and to make, have and use a common seal, and the
same to change and renew at pleasure, and generally
to do every other act or thing necessary to carry into
effect the provisions of this act.

SEC. 2. And be it enacted, That there shall be a
meeting of the members of the Franklin Savings
Bank of Frederick, on such day in the month of Ap-
ril next, or at any other time, and at such place, as
the seven persons first above named, or any three of
them, shall appoint, and give at least ten days notice
in one or more newspapers, published in Frederick
town; and in the month of May next, and at such
place annually thereafter, as the by-laws of said Sav-
ings Bank shall provide, for the purpose of choosing
among the members eight directors, to manage the
affairs of said Savings Bank, for twelve months there-

Directors to be
chosen.

after, and until a new election shall take place; Pro-

vided, That each election shall take place within one
month from the expiration of the term for which the
preceding directors shall have been elected; and the
three members first above named, or upon their refu-
sal or neglect to act, any three named in this act
shall be judges of the first election of directors, and
the judges of all future elections shall be appointed,
and notice of such elections given in such manner as
the by-laws shall provide.

Proviso.

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 among the other members, to appoint all such
officers, agents and servants, as they shall deem ne-
cessary, to conduct or execute the business of said
Saving's Bank, to fix their compensation, and, in
their discretion, to dismiss them; to provide for ta-
king of bonds to the said Savings Bank, from all or
any of the officers, agents or servants by them so ap-
pointed, with security, conditioned in such form as

Directors to
have power to
appoint offi-
cers, agents,

&c.