GEORGE HOWARD, ESQ. GOVERNOR.

1831

entities which the board of directors, in their discretion,
shall deem most safe and beneficial for the interests of said

CHAP. 164.

corporation; Provided always, That such investment of the
funds of the corporation, shall be in the manner provided
for in the by-laws, and that no director or member shall be
liable in his person or property for any debts, contracts or
engagements of the said corporation, but that the money,
property, rights and credits of said corporation, and nothing
more, shall be liable for the same.

Individuals not
responsible

Sec. 5. And be it enacted, That it shall be the duty
of the directors, at least every six months, to appoint
from the members of said corporation, three competent per-
sons as a committee of examination, whose duty it shall be
to investigate the affairs of said corporation, and to make
out a report thereof in writing, which report shall be laid
before the members of said corporation, at a general meet-
ing to be called, and proper notice given by, and at the dis-
cretion of the directors.

Committee of ex-
amination.

Sec. 6 And be it enacted, That the stock in the Liberty-
town Saving's Institution, may be transferred by the holder
or holders, in person or by power of attorney, but no stock-
holder who is a debtor to the said institution, shall be per-
mitted to transfer his stock until such debt be paid or other-
wise secured to the satisfaction of the directors.

Transfers

Sec. 7. And be it enacted, That it shall be the duty of
the directors on the first Saturday of January next, and on
the first Saturday of January of each and every year there-
after, to make and declare a dividend of the interests and
profits of said corporation, after paying its expenses, and
the same to pay over to the depositors, or their legal repre-
sentatives within ten days thereafter.

Dividends.

Sec. 8. And be it enacted, That this act shall continue and
be in force until the year eighteen hundred and forty-five,
and until the end of the session of the assembly next there-
after.

Limit.

CHAPTER 164,

An act to provide for electing Commissioners for Cecil
County, by districts, and prescribing their powers and duties,
and repealing an act and its supplements therein mentioned.

Passed Feb. 23, 1832

Section 1. Be it enacted by the General Assembly of Ma-
ryland, That the persons qualified to vote for delegates to
the General Assembly in Cecil county, shall at the time and

Election authoris-
ed.