no President, Director, or officer of the said cor-
poration shall borrow money from the same, but
ordinary dealings of the institution in the sale and
purchase of bills of exchange, notes of hand or
specie shall not be considered borrowing within
the meaning of this Act.

Semi-annual
report.

Sec. 6. And be it enacted. That it shall be the
duty of the Directors at least once in every six
months to appoint from the members of the cor-
poration five competent persons to investigate the
affairs of said corporation, and to make a report
thereof, which report shall bo recorded in a book
kept for that purpose, that shall be open for the
inspection at all times of any depositor or mem-
ber; and it shall be the duty of the Directors on
the first Monday of April, and on the first Mon-
day of October in each and every year, to make
and declare such dividend of the profits as shall
have been made by the investments hereinbefore
provided for, after paying the expenses of the in-
stitution, and the same to pay over to the members
of the said corporation or their legal representa-
tives within ten days thereafter.

Real estate.

Sec. 7. And be it enacted. That the lands, tene-
ments and hereditaments which it shall be lawful
for the said corporation to hold, shall be only such
as shall be requisite for its immediate accommo-
dation in relation to the convenient transaction of
its business, and such as shall have been bona fide
mortgaged or conveyed to it by way of security, or
in satisfaction of debts contracted in the course of
its dealings or purchases at sale upon judgment
which shall have been obtained for such debt.

Deposits con-
verted into
stock.

Sec. 8. And be it enacted. That every weekly
depositor who shall have deposited one or more
dollars per week in the Towsontown Savings In-
stitution for ten weeks or upwards, in the manner
authorized by the Act, may at his or her option,
by signing an agreement to that effect, in a book
to be provided and kept at the office of the insti-
tution for the purpose, convert the same or any
adequate portion thereof into a share or shares of
stock of the par value of ten dollars each, which
stock shall be a capital stock of the institution,
and the deposit so converted into capital stock shall