290

LAWS OF MARYLAND.

and the same to change, alter and renew at pleasure, and
generally to do every other act or thing necessary to carry into
effect the provisions of this act, or to promote the objects or
designs of said corporation.

Central often
and
branches

SEC. 2. And be it enacted, That the general business and
object of said corporation shall be the establishment of a
central office and branches in such parts of the city of Balti-
more as can not now be adequately reached by the present
savings banks, where said corporation shall be capable of
receiving from any person or persons, bodies corporate or
politic, any deposit of money, which shall be invested or loaned
out on good security, in the discretion of the directors; pro-
vided, 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
such one of the well established banks in the city of Balti-
more as the directors may determine; it shall be the duty of
the directors, at least as often as every twelve months, to make
and declare such dividend of the interests and profits of said
institution as will not impair the deposit thereof, or otherwise
injure or affect the interest or credit of said institution, and
the same to pay over to the depositors, or their legal repre-
sentatives, 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.

Board of
directors

SEC. 3. And be it enacted, That the affairs of said corpora-
tion shall be managed by a board of such number of directors
as its by-laws may provide, such number to be not less than
fifteen nor more than twenty-five; that the first directors of
said corporation shall be the persons named in the first section
of this act, who shall within six months from the date of this

Officers.

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 the affirmative vote of at
least six members of the board shall be requisite in making
any order for or authorizing an investment of money, or the
sale or transfer of any stocks or securities belonging to the
corporation, or appointment of any officer receiving any salary
therefrom.