238

LAWS OF MARYLAND.

Object.

be the establishment of a central office and
branches in such parts of the city, and of the
adjacent parts of Baltimore county, known as
the "Belt," as cannot now be adequately reached
by the present Savings Banks, where said cor-
poration shall be capable of receiving from
any person or persons, bodies corporate or pol-
itic, any deposit of money which shall be in-
vested or loaned out on good security, in the
discretion of the Directors; provided, that no>
part of the funds of said corporation shall be
loaned to any Officer or Director thereof; or
in the discretion of said Directors, the said
funds may be temporarily deposited in one of
the well-established Savings Banks in the city
of Baltimore; it shall be the duty of the Di-
rectors, at least as often as every twelve months,
to make and declare such dividend of the int-
erest and profits of said institution as will not

Dividends.

impair the deposit thereof, or otherwise injure-
or alf ect the interest or credit of said institu-
tion, and the same to pay over to the deposi-
tors, or their legal representatives, within thirty
days thereafter, if called upon so to do; and
no Director or other officer shall be liable in
his person or property for any debts, contracts
or engagements of said corporation, but the
money, property, rights and credits of said
corporation, and nothing more, shall be liable-
for the same.

SEC. 3. And be it enacted, That the affairs of
said corporation shall be managed by a Board
of such number of Directors as its by-laws may
provide, such number to be not less than fif-
teen nor more than twenty-five; that the first
Directors of said corporation shall be the per-

Directors.

sons named in the first section of this act who
shall, within six months from the date of this
act, and annually thereafter, in the month of
January, elect from their number a President,
Treasurer and such other officers as they may
see fit; six of said Directors — of whom the
President or Treasurer shall be one — shall form
a quorum for the transaction of business, and