302
LAWS OF MARYLAND.
Proviso.
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the said shares of stock shall be assignable, if the
consent
of a majority of the board of directors be first obtained,
by transfer in person or by attorney, in a book
to be kept for that purpose, at the office aforesaid; and
every member of the corporation shall be entitled, at
each meeting of the corporation, to meet directors, or
for any other purpose, to give one vote for each share
of stock such member may hold at the time of such
meeting, all votes to be given in person or by proxy;
Provided always, that the whole number of shares of
stock, which it shall be lawful thus to create, shall not
exceed seven thousand five hundred, and that the
directors, or a majority of them, may, in their discretion,
limit the number to five thousand, or any greater number
not exceeding seven thousand five hundred.
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Right to receive
deposit
and invest.
Proviso.
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SEC. 6. And be it enacted,
That the said corporation
shall be capable to receive from any free person or
persons, any deposit or deposits of money, and to invest
money so received, in public stocks or other security, or
to loan the same, at the discretion of the directors, according
to the by-laws, and in such manner as they
shall deem most safe and beneficial; Provided always,
that nothing contained in this act shall be construed to
authorize the corporation hereby intended to be created,
to issue any bill, note or other device, in the nature of
a bank note, nor as conferring any powers inconsistent
with the grants of the State heretofore made to the
existing banking institutions in the city of Baltimore.
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Investigation
of affairs.
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SEC. 7. And be it enacted,
That it shall be the duty
of the directors, at least once in every six months, to
appoint from the members of the corporation, three
competent persons to investigate the affairs of the said
corporation, and to make a report thereof, which report
shall be recorded in a book kept for that purpose, that
shall be open for the inspection at all times of any depositor
or member; and it shall be the duty of the directors,
on the first Monday of February and on the first
Monday of August, in each and every year, to make
and declare such dividends of the profits, as shall have
been made by the investments hereinbefore provided
for, after paying the expenses of the institution, and the
same to pay over to the members or their legal representatives,
within ten days thereafter.
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Affairs subject
to inspection
of treasurer.
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SEC. 8. And be it enacted,
That the business and
affairs of the institution, hereby intended to be incorporated,
shall be at all times subject to the inspection of
the Treasurer of the State of Maryland, or such other
officer, or agents of the State, as may be selected for
that purpose by either branch of the Legislature.
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