GEORGE HOWARD ESQ. GOVERNOR.

1831.

the same by -laws, from time to time, to alter and repeal:

CHAP. 287.

Provided, That all such by-laws as shall be made by the

Proviso

directors, may be altered or repealed by a majority of the

members assembled at any annual meeting, or at any gene-

ral meeting called in pursuance of any by-law made for that

purpose, and a majority of the members may, at any annual

or general meeting, pass by-laws, which shall be binding

upon the directors; Provided, That such by-laws shall not

be contrary to the laws of this state, or of the United States.

Sec. 4. And be it enacted. That said corporation shall be

May receive depo-

capable of receiving from any free white person or per-

sits.

sons, any deposit or deposits of money, and that all monies

so received, shall be invested in public stocks or other se-

Invest funds.

curities, at the discretion of the directors, in the manner

deemed most safe and beneficial; Provided always, That

such investment of the funds of the corporation shall be in

manner provided for in the by laws, and that no director

or member shall be liable in his person or property, for any

Liabilities.

debts, contracts or engagements of the said corporations

but that the money, property, rights and credits of said

corporation, and nothing more, shall be liable for the same;

Provided also, That no part of said corporation shall be

loaned to any officer or director of said corporation.

Sec. 6. And be it enacted, That it shall be the duty of

Committee of ex

the directors, at least once every six months, to appoint

amination

from the members of said corporation, five competent per-

sons, as a committee of examination, whose duty it shall be

to investigate the affairs of said corporation, and to make

and publish a report thereof in the newspaper printed in

the town of Cambridge, in the county aforesaid, and it shall

be the duty of the directors, on the first day of January

and on the first day of July, in each and every year, to

make and declare a dividend of the interest and profits of

the said corporation, after paying its expenses, and the

same to pay over unto the depositors, or their legal repre-

sentatives, within ten days thereafter.

Sec. 6. And be it enacted, That this act shall continue

Duration limited.

and be in force, only for the term of fourteen years.

CHAPTER 287.

An act to Incorporated Cecil County Rail Road Compan-

Passed Mar. 7,1832

Section 1. Be it enacted by the General Assembly of Me
ryland, That John Briscoe, George Kidd, Stephen J. Mac-

Commissioners to
open books.

graw, Washington Hall, Joseph Haines, James Evans, (of