PRIVATE ACTS. 1449

SEC. 3. And be it enacted, That the number of directors of
the said Peoples Bank of Oxford, Maryland, shall not exceed
twelve in number nor be less than seven, and the directors now
in office shall continue until their successors shall be elected
and shall qualify; that no person shall be qualified to hold
the office of director except male stockholders thereof, owning
and possessing in their own right capital stock of the said
corporation of the par value of one hundred dollars; that the
directors of said Peoples Bank of Oxford, Maryland, shall
hold office until their successors have been elected and quali-
fied, and in case of the death, resignation or disqualification
of any director, the remaining directors shall fill any vacancy
by the election of some person with the qualifications above
set forth, to fill his place for the remaining of the term or
until his successor shall have been duly elected and qualified.

SEC. 4, And be it enacted, That the capital stock of the said
Peoples Bank of Oxford, Maryland, shall be ten thousand dol-
lars, to consist of four hundred shares of the par value of
twenty-five dollars each; but said capital stock may be in-
creased from time to time at such meeting of the stockholders
of said bank as may be called for such purpose, by a three-
fourths vote of the shares of stock of said bank to an amount
not exceeding fifty thousand dollars.

SEC. 5. And- be it enacted, That the directors of the said
Peoples Bank of Oxford, Maryland, may pay out of the net
profits of the business of said bank such interest on stock-
holder's transient deposits and on other deposits in said bank
and such dividends on the capital stock of said bank to the
stockholders of said bank as will not impair the capital of the
said Peoples Bank of Oxford, Maryland.

SEC. 6. And be it enacted, That the said Peoples Bank of
Oxford, Maryland, shall have the power to borrow money and
pay interest thereon not exceeding the legal rate, receive money
on deposit on such conditions and subject to such regulations
as the board of directors of said bank may deem sufficient,
and to buy or discount notes or other commercial paper, county
scrip or obligation of the counties and cities of this State, or
public or private obligations and of every description, and
may, after purchasing, sell the same in such manner and on
such terms as the board of directors of the said bank may de-
termine; may purchase and hold or sell real and personal
estate and property, and generally may do and transact a gen-
eral banking business.

SEC. 7. And be it enacted, That any individual or adminis-
trator, committee, guardian, receiver, assignee, trustee or any