556

LAWS OF MARYLAND.

or of the United States; and provided, further,
that no person shall be an officer or Director of
said institution who is an officer or Director of any
other monied institution.

May receive
deposits of
money.

Sec. 4. And be it enacted, That the said corpo-
ration shall be capable of receiving from any. per-
son or persons, or bodies corporate or politic any
deposit or deposits of money, and that all moneys
so received shall be invested in public stock or oth-
er securities, or at the discretion of the Directors
in such manner as may be deemed most safe and
beneficial; provided, that no part of the funds of

Provisos.

said institution shall be loaned to any officer or
Director of said institution; and provided always,
that nothing herein contained shall be construed
to authorize said corporation to issue any bill, note
or other device, in the nature of a bank note.

To investi-
gate affairs.

Sec. 5. And be it enacted, That it shall be the
duty of the Directors to appoint at least once in
every twelve months, five competent members of
said corporation, as a committee of examination,
whose duty it shall be to investigate the affairs of
said corporation, and to make and publish a report
of such investigations in one or more newspapers
published in Carroll county, and it shall be the
duty of the Directors at least once in every six
months iu each and every year, to make and de-
clare such dividends of the interest and profits of
said institution, as will not impair the deposits
thereof, or otherwise injure or affect tjie interest or
credit of said institution, and the same to pay over
unto the depositors or their legal representatives
within ten days thereafter, if called upon so to do.

Persons in-
debted not to
transfer.

Sec. 6. And be it enacted, That the stockholders
or depositors who may be indebted to the said in-
stitution, shall not be permitted to transfer their
stock on deposits until such indebtedness be paid,
satisfied or otherwise secured, to the satisfaction of
the Directors.

Interest.

Sec. 7. And be it enacted, That in all discounts
or loans to be made by said corporation, it shall
be governed in its calculation of interest by Row-
litt's tables.

Affairs to be
subject to in-
spection.

Sec. 8. And be it enacted, That the concerns of
the institution hereby intended to be incorporated,