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of them shall appoint, and give at least ten days
notice in one or more newspapers published in
Howard county, and in the month of April next,
and at such place annually thereafter as the by-
laws of said Institution shall provide, for the
choosing among the stockholders thirteen directors
to manage the affairs of said Institution for twelve
months thereafter and until a new election shall
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Proviso.
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take place; Provided, that such 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 refusal or neglect to
act, any three named in this act, shall he judges
of the first election of directors, and the judges of
all future elections shall be appointed and notice
of such election given in such manner as the by-
laws provide.
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Power to elect
President and
appoint other
officers.
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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, to appoint all such officers, agents, and
servants as they shall deem necessary to conduct
or execute the business of the said Institution,
to fix their compensation, and in their discretion
to dismiss them, to provide for the taking of
bonds to the said Institution, from all or any of
the officers, agents or servants , by them so appointed,
with security conditioned in such form as they
shall prescribe for the faithful execution of their
several duties and to secure the corporation from
loss, to regulate the manner of making and re-
ceiving deposits, the form of certificates to be
issued to depositors and the manner of transfer-
ring stock in the said institution, to provide for
the investment of the funds of the corporation in
such manner as they shall deem most safe and
beneficial, to provide for the admission of mem-
bers and furnishing proof of such admission, to
provide for paying all necessary expenses, incurred
in conducting the affairs of the corporation, and
generally to pass all such by-laws as shall or may
be necessary to the exercise of the said powers and
of the powers vested in said corporation by this
charter, and the same by-laws to alter and repeal ;
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