16 LAWS OF MARYLAND.

stock, as now provided by the Public General Laws of this
State.

32. Every savings institution existing under the laws of the
State of Maryland, or which may hereafter be incorporated,
transacting strictly a savings bank business, shall be capable
of receiving from any person or persons, or bodies corporate
or politic, any deposit of money, which shall be invested or
loaned out on good security, in the discretion of the directors;
provided, no part of the funds of such corporation shall be
loaned to any officer, director or employee thereof. The de-
posits in any savings institution may be withdrawn at such
time and in such manner as its by-laws may permit, but such
institution may at any time require a depositor to give a
notice, not exceeding ninety days, of his intention to withdraw
the whole or any part of his deposit.

33. No savings institution shall, out of its net earnings,
in the course of any year, declare or pay any dividend or in-
terest to its depositors, unless there shall be reserved and set
aside, as a guarantee fund, an amount equivalent to at least
one-eighth of 1 per cent, per annum on the whole amount of
deposits then held, until such guarantee fund shall amount to
at least 3 per cent, on the whole amount of deposits. The
guarantee fund shall at all times be maintained for the pro-
tection of depositors, and shall never be impaired by the
payment of any interest or dividends.

34. The dividend or interest to the depositors in such sav-
ings institution shall be declared and paid from the net income
or profits after deducting expenses for management, necessary
credits to premium account, taxes, and the amount reserved
for guarantee fund, but this dividend shall not exceed such
net income or profit remaining after the above deductions, nor
shall it at any time impair the guarantee fund of 3 per cent,
provided for. In ascertaining the profits or earnings, no sav-
ings institution shall be required to charge off from the pre-
mium of bonds purchased or held more than an amount pro-
portionate to the life of the bond, and in ascertaining the
amount of said guarantee fund the assets shall not be valued
above their market value.

35. The treasurer of every savings institution, without cap-
ital stock, shall annually, within twenty days after the last of
December, make a report to the Bank Commissioner, showing
accurately the condition thereof at the close of business on
the said last day of December. The report shall specify the
following particulars, viz.: The name of institution, number of
depositors, amount of deposits, amount of guarantee fund,
undivided surplus, and other liabilities, if any; an itemized list