JOSEPH KENT, ESQUIRE, GOVERNOR.

1826.

the same; to provide for the investment of the funds of the
corporation in such manner as they shall deem most safe and
beneficial; to provide for the admission of members, and fur-
nishing proof of such admission; to provide for paying all ne-
cessary expenses, conducting the affairs of the corporation; and
generally to pass all such by-laws as shall be necessary to the
exercise of the said powers, and of the other powers vested in
said corporation by this charter, and the same by-laws from

CHAP. 189.

time to time to alter and repeal; Provided, that all such by-
laws as shall be made by the directors, may be altered or re-
pealed by a majority ol the members assembled at any annual
meeting, or at any general meeting called in pursuance of any
by-law made for that purpose; and a majority of the members
may, at any annual or general meeting, pass by-laws which
shall be binding upon the directors; Provided, that such by-
laws shall not be contrary to the laws of this state, or of the
United States.

Proviso

4. And be it enacted. That said corporation shall be capable
of receiving, from any free person or persons, any deposit of
deposits of money, and that all monies so received shall be in-
vested in public stocks, or other securities, at the discretion of
the directors, and in the manner deemed most safe and benefi-

Deposites to be in-
vested

cial; Provided always, that such investment of the funds of
the corporation shall be in the manner provided for in the by-
laws, and that no director or member shall be liable in his per-
son or property for any debts, contracts or engagements, of the
said corporation, but that the money, property, rights and cre-
dits, of said corporation, and nothing more, shall be liable for
the same; Provided also, that no part of the funds of said cor-
poration shall be loaned to any officer or director of said corpo-
ration.

Proviso

5. And be it enacted, That it shall be the duty of the di-
rectors, at least once every six months, to appoint from the
members of said corporation, five competent persons, as a com-
mittee of examination, whose duty it shall be to investigate the
affairs of said corporation, and to make and publish a report
thereof, in one or more newspapers printed in the city of Bal-
timore; and it shall also be the duty of the directors, on the
first day of January, and on the first day of July, in each and
every year, to make and declare a dividend of the interest and
profits of the said corporation, after paying its expenses, and
the same to pay over unto the depositors, or their legal repre-
sentatives, within ten clays thereafter.

Committee of ex-
amination— Divi-
dends

6. And be it enacted, That nothing in this act contained
shall be held or construed to authorise the company, incorpo-
rated by this act, to do any act or acts inconsistent with the
privileges secured to the existing banking institutions in the
city of Baltimore, by the act of eighteen hundred and thirteen,
chapter one hundred and twenty-two, and by the act of eigh-
teen hundred and twenty-one, chapter one hundred and thirty-
one, or by any other act or acts of assembly now in force.

Not authotised to
do nets inconsis-
tent with privi-
leges of bankmg
insttitution, &c

7. And he it enacted, That this act shall continue and be in
force only for the term of eighteen years.

To be in force
eighteen years