864

LAWS OF MARYLAND.

dispose of property, to sue and be sued in courts
of law, equity, and in any other place ; to
receive and make all deeds, transfers, contracts
and conveyances and grants whatsoever; to have
and use a common seal, 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 pro-
mote the objects or designs of said corporation.
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

Object and
purposes.

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 corporation
shall be capable of receiving from any persons,
bodies corporate or politic, any deposits of money,
which shall be invested or loaned out on good se-
curity,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 Balti-
more. It shall be the duty of the directors at
least as often as every twelve months to make
and declare such dividends of the interest and
profits of said institution as will not impair the
deposits 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 representatives, within thirty days there-
after if called upon so to do ; and no director or
other officer shall be liable in his person or prop-
erty 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

Management.

said corporation shall be managed by a board of
[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 act, and annually