LAWS OF MARYLAND.

79

this law, and the same to grant, alien and dispose of in like
manner, to sue and be sued, plead and be impleaded, an-
swer and be answered, defend and be defended, both at law and
in equity, also to fix upon, make, have and use a common seal, and
the same to change, alter and renew at pleasure, and generally to
do and execute all matters, acts and things which a corporation or
body politic may or can lawfully do and execute.

Dec. Ses. 1824

7. And be it enacted, That upon the said banks, or any of them,
subscribing for five hundred shares each as aforesaid, it shall be
the duty of the Frederick commissioners to transmit to the exe-
cutive of this state, a certificate of such subscription, whereupon
the charter of such bank he deemed to be extended as afore-
said.

Certificate of
banks sub-
scribing.

8. And be it enacted, That so soon as the subscriptions shall be
closed, the Frederick commissioners shall call by public notice
given in such news papers as they may think necessary, a general
meeting of the subscribers, at such time, and at such place in the
city of Frederick, as they shall think proper, and the subscribers or
then proxies, assembled in consequence of such notice, shall choose
by ballot from among the subscribers or holders of shares, twelve
persons as managers to conduct the business of the company until
successors be elected; and the said twelve persons having a plurali-
ty of votes, shall be elected, and shall forthwith from among their
own number choose a president; the said president and managers
shall have power to fill any vacancy which occurs in their own bo-
dy, to appoint a clerk and treasurer from among the stockholders;

General
meeting
choose direc-
tors and o-
ther officers.

to require from the treasurer bond with such security as they may
deem sufficient for the faithful discharge of the duties of his office,
which bond shall be made payable to the president and managers,
and their successors; and every person elected as aforesaid, shall

Treasurers

bond.

previously to his entering upon the duties of his office, take an oath
or affirmation before a justice of the peace, faithfully to discharge
the duties attached to said office; a certificate of which oath or af-
firmation shall, by the president and managers, be filed among the

Oath of office.

papers belonging to the company; and the said president and mana-
gers shall have power to make and ordain all such rules, ordinan-
ces, by-laws and regulations, for the government and will order-
ing of all the business and concerns of the said corporation, as
from time to time shall be found expedient and necessary, and the
same to alter, amend or annul at pleasure, and a majority shall be
competent to the transaction of business.

Powers of
president and
managers.

9. And be it enacted, That the said company shall, after the first
meeting herein before provided for, meet on the first Monday in
January, eighteen hundred and twenty-six, and annually thereafter,
at such place in the city of Frederick as shall be appointed; and
at such other times as they shall be summoned by the president and,
managers, before or after the said first Monday of January, eigh-
teen hundred and twenty-six, of which meetings three weeks notice
shall be given in such news papers as the president and managers
may think proper; and at which annual or special meetings, the
president and managers shall make report of their proceedings, of
the state of the affairs of the company, and communicate all such
other information as they may deem of importance.

Annual meet-
ing—report.