JOSEPH KENT, ESQUIRE, GQTERNGR,

1827

vestment of the funds of the corporation in such manner as
thev shall deem most safe and beneficial; to provide for the
admission of members, and furnishing proof of such admis-
sion; to provide for paying all necessary expenses, conducting
the affairs of the corporation, and generally to pass all such
bv-laws as shall be necessary to the exercise of the said pow-
ers, and of the other powers vested in said corporation by this
charter, and the said by-laws from time to time to alter and

CHAP 142

repeal: Provided, That all such by-laws as shall be made by
the directors, may be altered or repealed by a majority of the
members assembled at any annual meeting, or at any general
meeting called in pursuance of any bylaw made for that pur-
pose: and a majority of the numbers may at any annual or
general meeting, pass by-laws which shall be binding upon the
directors: Proviso, That such by-laws shall not be contrary
to the laws of this state, or of the United States.

Proviso

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

Receive deposits.

sate and beneficial: Provided, always, That no director or
member shall be liable in his person or property for any debts,
contracts or engagements of the said corporation, but that the

Individuals not res-
ponsibles

money, property, rights and credits of said corporation and
nothing more, shall be liable for the same: Provided also , That
no part of the funds of said corporation shall be loaned to
any officer or director of said corporation.
SEC 5. And be it enacted, That it shall be the duty of
the directors at least once in every six months, to appoint
from the member of said corporation five competent persons
as a committee of examination, whose duty it shall be to in-
vestigate the affairs of the said corporation, and to make and
publish a report thereof, in one or more newspapers printed
in Fredericktown; and it shall also be the duty of the direc-
tors 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 deposites or their
legal representatives, within ten days thereafter,

Loan to their offi-
cers prohibited.

Examination — re-
port— dividends

SEC 6 And be it enacted, That nothing in this act con-
tained shall be held or construed to authorise the company
incorporated by this act, to do any acts or acts, inconsistent
with the privileges secured to the easting banking institutions
In his state, by the act of eighteen hundred and thirteen, chap-
ter one hundred and twenty-two, and by the act of eighteen
hundred and, twenty-one, chapter one hundred and thirty-one,
or by any other acts of Assembly now in force.
Sec 7 And be it enacted, That this act shall continue and
be in force only for the term of seventeen years,

Bank rights reser-

ved.

Limit 17 years