T. WATKINS LIGON, ESQUIRE, GOVERNOR.

559

have been regulated and provided for by the laws
and ordinances of the said corporation; and in case
of the death, resignation, disqualification, or remo-
val out of the State of a director, or his being ap-
pointed president of the bank, his place for the res-
idue of his term of service may be filled by the
remaining directors, or a board thereof competent
to the transaction of business; and in case the va-
cancy occurring as aforesaid, shall leave in the said
board of directors less than four members thereof re-
siding without the limits of the city of Baltimore,
the said vacancy shall be filled by the selection of a
stockholder having such limited residence; and in
case any director, residing without the limits of the
city of Baltimore, shall remove within said limits,
not leaving in said board of directors four members
thereof, residing without the limits of said city, his
removal as aforesaid shall per se vacate his seat at
said board, and a new director for the residue of his
terra shall be appointed, as aforesaid, in his stead,
who shall possess the requisite residence.

SEC. 8. And be it enacted, That the president of
the said bank may be elected, from year to year,
without limitation, but one director at least shall go
out annually.

President may
be elected from
year to year

SEC. 9. And be it enacted, That the president and
directors for the time being shall have power to ap-
point a cashier, and such other officers and servants
as may be necessary for conducting the business of
the corporation, and to allow to said president,
cashier, officers, and servants such compensation for
their services as they shall deem reasonable.

Directors to

have power to
appoint offi-
cers, agents,
&c.

SEC. 10. And be it enacted, That all notes dis-
counted at said bank, which shall, on the face there-
of, be made negotiable at the Patapsco Bank of Ma-
ryland, shall be payable at said bank.

Notes discoun-
ted.

SEC. 11. And be it enacted, That the president
and directors for the time being may make all rules,
orders, by-laws, and regulations for the government
of said corporation, its officers and servants, as they,
or a majority ,of them, from time to time shall think fit,
not inconsistent with law or the provisions of this act ;
and the same at pleasure to revise, alter and amend ;
and may use, employ and dispose of the proper-
ty, funds, money and credits of the said bank, as
they, or a majority of them, may deem expedient,
subject, however, to the restrictions and limitations
hereinafter mentioned; and the books, papers, cor-

Power to make

rules, regula-
tions, by-laws,

&c.