634

LAWS OF MARYLAND.

with said corporation; and it shall be entitled to charge such

commission or compensation therefor as may be agreed upon, and

for the complete preservation and safe keeping thereof may con-

struct, erect, purchase or lease such fire and burglar proof build-

ings, vaults, iron or composition safes or other building or means

which may be, or become necessary, and generally to transact and

perform all the business relating to such deposit and safe keep-

ing, or preservation of all such articles or valuables as may be

i

deposited with it.

SEC. 12. And be it further enacted, That when any court shall

appoint the said corporation a receiver, trustee, administrator,

executor, assignee, guardian or committee, or shall order the de-

posit of money or other valuables of any kind with said corpora-

tion, the capital stock as paid in, shall be taken and considered

as the security required by law for the faithful performance of

its duties; provided, the said court shall not deem it necessary

Security

to require further security and shall be absolutely liable in case

of any default whatever; the court if it deem necessary may, from

time to time, appoint suitable persons to investigate the affairs and

management of said corporation, who shall report to such court the

manner in which such investments are made, and the security

afforded to those by or for whom its engagements are held, and

the expenses of such investigations shall be defrayed by said cor-

poration; or the court may if it deem necessary, examine the

officers of said corporation under oath or affirmation as the

security aforesaid.

SEC. 13. And be it further enacted, That in case of the disso-

lution of said corporation the debts due from the corporation as

Prefer-
ence debts

receiver, trustee, administrator, executor, assignee, guardian or

committee or depository of money under order of court, shall have

a preference in the distribution of the assets of said corporation.

SEC. 14. And be it further enacted, That any executor, ad-

ministrator or other trustee or public officer, having the control

May de-

of any bonds, stocks, security, moneys or other valuables belong-

posit.

ing to others, shall be and is hereby authorized to deposit the

same for safe keeping with said corporation; that in all cases in

which public officers, municipal or private corporations are author-

ized to deposit money, stocks, bonds or evidences of debt, such

deposits by such officers or corporations may be made with said

corporation.

SEC. 15. And be it further enacted, That the said corporation

shall have power to receive and hold on deposit and in trust, and

Powers.

as security, estates, real, personal and mixed, including money,

notes, bonds and obligations of States, companies, corporations

and individuals, and the same to purchase, collect and adjust,

settle, sell and dispose of, and upon such terms as may be agreed

upon between it and the parties contracting with it.