358

LAWS OF MARYLAND.

SECTION 1. Be it enacted by the General Assembly of Mary-

Stevensville
Savings bank

land, That the Stevensville Savings Bank of Queen Anne's

of Queen
Anne's

County, a corporation duly formed under the provisions of

County.

the Code of Public General Laws of this State, title "Corpora-

tions," in addition to the power possessed by it under its cer-

tificate of incorporation, which are hereby ratified and con-

firmed, shall have and possess the further rights, privileges

and franchises mentioned in this Act.

SEC. 2. And be it enacted, That the board of directors of

Increase of
directory.

said Stevensville Savings Bank may be increased from eight

directors, the number stated in the certificate of incorporation

of said bank, to twelve, at any annual meeting of the stock-

holders of said bank, whenever the owners of three-fourths of

the capital stock of said bank shall decide so to do.

SEC. 3. And be it enacted, That the stockholders of said

Right of stock-
holders to

Stevensville Savings Bank of Queen Anne's County may, by

decrease di-
rectory.

three-fourths vote at any annual meeting of stockholders, de-

crease the board of directors of said bank to any number they

may decide ; provided, that said board of directors shall not at

any time be less than six in number.

SEC. 4. And be it enacted, That the capital stock of the

Capital stock.

said Stevensville Savings Bank of Queen Anne's County shall

be eight thousand dollars, to consist of one hundred and six

shares of a par value of fifty dollars each. But said capital

stock may be increased from time to time at such meetings of

the stockholders of said bank as may be called for such pur-

pose, by a three-fourths vote of the shares of stock of the said

bank, to an amount not exceeding fifty thousand dollars.

SEC. 5. And be it enacted. That the directors of said

Interest on

Stevensville Savings Bank of Queen Anne's County may pay

transient de-
posits.

out of the net profits of the business of said bank such interest

on stockholders' transient deposits in said bank and such divi-

dends on the capital stock of said bank to the stockholders of

said bank as will not impair the capital stock of the said

Stevensville Savings Bank of Queen Anne's County.

SEC. 6. And be it enacted, That said Stevensville Savings

Power of bank

Bank of Queen Anne's County shall have the power to borrow

money and pay interest thereon not exceeding legal rate, re-

ceive 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 obligations of the counties and cities of

this State, or public or private obligations of every descrip-