1836

LAWS OF MARYLAND.

CHAP. 273,

Relative to de-
posites

shall not be contrary to the laws of this State or of the
United States.
SEC. 4. And be if enacted, That the said corpora-
tion shall be capable of receiving from any free white
person or persons, or bodies corporate or politic, any

Investments

deposite or dcpositcs of money, and that all monies so
received shall be invested in public stocks or other se-
curities, at the discretion of the directors, in the man-
ner by them deemed most safe and beneficial: provi-
ded, that no part of the funds of said institution shall
be loaned to any officer or director of said institution;

Restrictions

and provided always, that nothing herein contained
shall be construed to authorise this corporation to is-
sue any bill, note, or other device, in the nature of a
bank note.

Examination

SEC. 5. And be it enacted, That it shall be the duty
of the directors, at least once in every six months to
appoint 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 thereof, in one or more news-

Dividends

papers printed in Hagerstown, and it shall be the du-
ty of the directors on the first day of January and first
day of July, in each and every year, to make and de-
clare a dividend of the interests and profits of the said
corporation, after paying its expenses, and the same
to pay over unto the depositors or their legal represen-
tatives, within ten days thereafter if called on.

Restriction oi
transfers

SEC. 6. And be it enacted, That no stockholder who
is a debtor to this institution, shall be permitted to
transfer his stock until such debt be paid or otherwise
secured to the satisfaction of the directors.

Interest calcula-
ted-

SEC. 7. And be it enacted, That in all discounts or
loans to be made by said corporation, it shall be gov-
erned in its calculation of interest by Rowlett's tables.

Authority to in-
spect

SEC. 8. And be it enacted, That the concerns of the
institution hereby intended to be incorporated, shall
at all times be subject to the inspection of the treasur-
er of the Western Shore, or of such other officer or
agent of the State, as may be selected for that purpose
by either branch of the Legislature.

Capital limited

SEC. 9. And be it enacted, That the capital stock of
said corporation shall not exceed the sum of one hun-
dred thousand dollars, until an additional capital is