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Revised Code of the Public General Laws, 1879
Volume 388, Page 346   View pdf image (33K)
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346 FORMATION, POWERS, AND REGULATION OP CORPORATIONS. [ART. 40.
 

porate or politic, any deposit of money, which shall be invested or
loaned out on good security in the discretion of the directors; pro-

Proviso

vided, no part of the funds of said corporation shall be loaned to
any officer or director of such corporation.

Id. s. 163
Committee of
examination

154. It shall be the duty of the directors of such corporation
to appoint, at least once in every twelve months, five competent
members of said corporation as a committee of examination, whose
duty it shall be to investigate the affairs of said corporation, and to

Report to be
published.

make and publish a report of such investigations in one or more
newspapers published in the county or city in which such institution
is situate; and it shall be the duty of the directors, at least once in
every six months in each and every year, to make and declare such

Dividends.

dividends of the interest and profits of said institution as will not
impair the deposits thereof, or otherwise injure or affect the interest
or credit of said institution, and the same to pay over unto the de-
positors or their legal representatives within ten days thereafter, if
called upon so to do.

Id s 154.
Inspection by
State treasurer

155. The concerns of any institution under this article shall at
all times be subject to the inspection of the treasurer of Maryland,
or of such other officer or agent of the State of Maryland as may
be appointed or selected for that purpose by either branch of the
legislature.

Id s 155
Capital stock

156. The capital stock of any such corporation shall not exceed
one million of dollars.

RELIGIOUS CORPORATIONS.

Id s 156
Church trustees
2 Mil ell 143, 4
Md 26, 21 Md
45, 24 Md 3. 3,
28 Md 338, S. )
Md 451, 46 Md
3i9, 3 Gill 16G,
4 Gill 438, 8
Gill 116.

157, In every church, religious society, or congregation, of what-
ever sect, order, or denomination, or which shall at any time here-
after be known and acknowledged in the State, and protected in
the free and full exercise of its religion by the Constitution and laws
thereof, there shall be sufficient power and authority in all persons
above twenty-one years of age, belonging to any such church,
society, or congregation, to elect at their discretion, certain sober
and discreet persons, not less than four, nor more than twelve,
which persons so elected, upon being registered, as hereinafter di-
rected, shall be constituted a body politic or corporate to act as
trustees in the name and behalf of the particular church, society, or
congregation for which they are respectively chosen, and to manage
the estate, property, interest and inheritance of the same.

Id s 157
Power of trus-
tees

158, The trustees so elected shall have perpetual succession by
their name of incorporation, and shall be capable in law to purchase,
take, and hold to them and their successors in fee, or for a less
estate, any lands, tenements or hereditaments, rents or annuities,
goods or chattels within this State, by the gift, bargain, sale, or
devise of any person, body politic or corporate, capable of making
the same, and to use or lease, mortgage, or sell and convey the same
in such manner as they may judge most conducive to the interest



 

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Revised Code of the Public General Laws, 1879
Volume 388, Page 346   View pdf image (33K)
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