528

LAWS OF MARYLAND.

deposit, and pay interest thereon, and to loan money

at any rate of interest allowed by law, to discount

in accordance with bank usage, taking such security

therefore, either real or personal, as the Board of

Directors of said bank may deem sufficient ; may

buy and sell exchange, bills, notes, bonds or other

securities; may except and hold all such trusts as

shall or may be committed to it by any person, or by

the order and direction of any judge or any court;

may make such special regulations in reference to

trust funds, deposits or savings left for safe keeping,

as shall best aid the parties interested, allowing and

receiving such interest therefor as may be agreed on,

not exceeding however, the lawful rate of interest ;

provided, said bank shall have no authority to make

and issue bank notes.

Management

SEC. 4. And be it enacted, That the affairs of the

bank shall be managed by a Board of Directors, of

not less than seven persons, who shall be elected

annually from among the stockholders, after not less

than ten days' notice to the stockholders, of said

election; the election shall be by ballot, a plurality

of votes shall elect, every stockholder shall be enti-

tled to one vote for every share of the capital stock

standing in his or her name on the books of the

bank, and may vote in person or by written proxy,

the Directors to hold over until their successors are

elected ; the first election of Directors shall take

First election.

place when twenty-five thousand dollars of capital

stock has been subscribed for; any three of the

corporators herein named may open books for sub-

scription to capital stock at any time; the Directors

shall elect a President annually from their own num-

ber, and elect such other officers and make such

by-laws, rules and regulations as may be necessary

for the prosecution of the business of the bank ; they

shall call for the capital stock to be paid in as they

shall think proper, on due notice to the stockholders,

by instalments at uniform intervals of time, in sums

not greater than five dollars per month ; and on

Call for pay-
ments

failure to make such payments, they may impose

uniform fines upon the delinquent stockholders of

not more than tive per cent, per month upon the

amounts in default, and collect said payments and

fines by suit or sale of stock, at public auction, after