1833.

LAWS OF MARYLAND.

CHAP. 256.	laws of this state or of the United Slates, and from time to time to alter and repeal the same, and to make, execute, and perfect, each and so many contracts, bargains and agree- ments, or other instruments as shall, or may be necessary, or as the nature of the case shall or may require; Provi- ded, that nothing in this act shall be construed to authorise the said company to issue and put in circulation any nego- tiable notes, or notes payable to bearer, or notes in the na- ture of bank notes, or to authorise them to make any con- tract which by the existing laws amounts to usury, or to guaranty in any manner whatever the payment of any chose
Estate limited	in action; Provided, That the real estate which the corpo- ration shall be entitled to hold, shall be only such as shall be actually necessary for the convenient transaction of its business.
Contracts valid	Sec. 5. And be it enacted, That all contracts and other instruments of writing, not under seal by said President and Directors shall be good and valid in law and equity.
Liabilities	Sec. 6. And be it enacted, That no stockholder indebt- ed to said corporation shall be permitted to transfer his or her stock, until the debts due by him or her to said corpo- ration shall be fully paid and satisfied, but no stockholder shall be liable for any debts, contracts or engagements of said corporation, but that the money, rights, property and credits of the corporation shall be liable for the same.
Investment direct- ed	See. 7. And be it enacted, That in order to afford secu- rity for the endowments in trust and other contracts made with this corporation, under the provisions of this act, the President and Directors shall invest at least one half of their capital stock when paid, in the public securities of this state, the United Stales or other states, in real estate or such other securities as may be fully approved of by the Chancellor of Maryland, and it shall be the duty of the said
Dividends Annual report	President and Diicctors on the first Monday in May and November, annually, to make and declare such dividends of the profits of said corporation, as in their discretion may be proper, and at the same time to send to the Chan- cellor of this state under their seal a fair statement of their transactions, and the Chancellor shall at all times have full power, when the interest of the depositors, or others may
Investigation	require it, to order a full and fair investigation into the af- fairs of the corporation, and if in the course of such inves- tigation it should be made manifest that the interest of those concerned require it, it shall- be his duty to demand from
Security	the President and Directors such security as will save the