E. LOUIS LOWE, ESQUIRE, GOVERNOR.
217
SEC. 2. And be it enacted,
That the said corporation
shall annually on the first Wednesday in March
in the city of Baltimore, or at such other time or place
as by the by-laws or regulations hereafter to be adopted,
may be appointed elect from the members of said corporation,
fifteen directors to serve for the term of twelve
months, or until others shall be chosen, who during
their term of service, shall have the sole management
and direction of the concerns of said corporation, elect
a president from their own body, and be authorised
to make from time to time as they may deem expedient,
such by-laws or other rules for the regulation and
government of themselves and the members of said
corporation, and the same to change, add to, or amend
as may appear necessary; Provided always, that such
by-laws or rules be not contrary to the Constitution and
laws of the United States, or of the State of Maryland;
And provided also, that said corporation shall not be
authorised to make any bills or notes in the nature or
description of Bank notes, or to loan any part of the
funds deposited to any director of said corporation.
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Provisoes.
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SEC. 3. And be it enacted,
That said corporation
shall be capable of receiving from any free person or
persons any deposite or deposites of money, and that
all monies received shall be vested in public stocks or
other securities, and such interest be allowed to the depositors
thereof as may from time to time be directed
or provided for by the by-laws of said corporation, the
surplus profits to be divided every three years among
the depositors in such manner as the directors for the
time being, may think proper, and that no 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.
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Deposites.
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SEC. 4. And be it enacted,
That the directors of
said corporation or a majority of those attending at any
meeting of the board, may elect by ballot any other person
or persons as members of the Mechanics Savings
Bank of Baltimore.
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Election of
members.
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SEC. 5. And be it enacted,
That the receipts of
minors for all sums deposited with the said corporation,
either in person by them, or subject to their order, shall
be valid discharges to the said corporation, and said
deposites shall not in any manner be liable for any claim
or demand on the part of any other person whatever,
except the claims of creditors who have obtained judgment
against any such minor; Provided, that the aggregate
amount at any one time standing to the credit
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Receipts of
minors.
Proviso.
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