1827

LAWS OF MARYLAND

CHAP. 86:

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.

Deposits.

SEC, 4, And be it enacted, That said corporation shall be
capable of receiving from any free person or persons such
deposit or deposits of money as shall be provided for by the
by-laws of said institution, and that all monies so received

Investments,

shall he invested in public stock or any other securities which
the board of directors in their discretion shall deem most
safe and beneficial for the interests of said corporation: Pro-

Individual not
responsibilities.

vided always, That such investment of the funds of the cor-
poration shall be in the manner provided tor in the by-laws
and that no director or member shall be liable in his person
or property for any debts, contiacts or engagements of the
said corporation, hut that the money, property, rights and
credits of said corporation, and nothing more, shall be liable
for the same.

Committee of ex-
amination

SEC. 5. And be it enacted. That it shall be the duty of the
directors, at least every six months, to appoint from the mem-
bers of said corporation three competent persons as a com-
mittee of examination, whose duty it shall be to investigate

Genreal Report.

the affairs of said rorporation, and to make out a report thereof
in writing, which report shall be laid before the members of
said corporation at a general meeting to be called, and proper
notice given by and ac the discretion of the directors.

Transfers

SEC. 6. And be it enacted, That the stock in the Westminster
savings institution may be transferred by the holder or hold-
ers in person or by power of attorney, but no stockholder who
is a debtor to the institution shall he permitted to trunsfer his
stock until such debt be paid or otnerwise secured to the sa-
tisfaction of the directors.

Quorum of direc-

tors.

SEC, 7. And be it enacted, That the president and any
other three directors, or in the absence of the president, any
four directors, shall constitute a quorum to transact the ordi-
nary business of the corporation, and in the absence of the pre-
sident, the directors forming a quorum as aforesaid, shall

President pro-tem.

choose one of their own body to act as president protempore,
and in case of the death, resignation or inability to act, of

Vacancies

the president oi any director, the vacancy shall be supplied,
by their own body from among the members, until the next,
stated meeting thereafter.

Ammal dividends

SEG. 8, And be it enacted, That it shall he the duty of the
directors, on the first Saturday of January next, and on the
first Saturday in January of each and ever) year thereafter,,
to make and declare a dividend of the interests and profits of
said corporation, after paying its expenses, and the same to
pay over unto the depositors, or their legal representatives
within ten days thereafter.

Limit 10 years

SEC. 9. And be it enacted, That this act shall continue and
fee in force only foi the term of ten years,