Proviso.
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money so received in public stock
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 authorise 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 county of
Frederick.
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Duty of directors.
Dividends.
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SEC. 7. And
be it enacted, That it shall be the duty
of the directors at least one 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 of Institution
subject
to inspection
of State
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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Stockholders
and directors
liable for
debts.
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SEC. 9. And be it enacted,
That the stockholders
and directors shall be liable to the amount of their respective
share or shares of stock in the said institution
for all its debts and liabilities upon note, bill or otherwise,
and no director or other officer of said corporation
shall borrow any money from said corporation.
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Act to continue
in force.
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SEC. 10. And be it enacted,
That this act shall
be continued in force for twenty years and until the
end of the next session of the General Assembly, that
shall happen thereafter unless sooner repealed by the
Legislature.
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Reservation.
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SEC. 11. And be it enacted,
That the General Assembly
expressly reserves the right to alter or repeal
this act or any part thereof at pleasure.
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