1832.

LAWS OF MARYLAND

CHAP. 109.

Sec. 5. And be it enacted, That it shall be the duty of the
Directors, at least every six months, to appoint from the
members of said corporation three competent persons as a
committee of examination, whose duty it shall be to inves-
tigate the affairs of said corporation, and to make out a
report thereof in writing, which report shall be laid before
the members of said corporation at a general meeting to
be called, and proper notice given by and at the discretion
of the Directors.

Transfers

Sec. 6. And be it enacted, That the stock in the Woods-
borough Savings Institution may be transferred by the
holder or holders in person or by power of attorney, but
no stockholder who is a debtor to the Institution, shall be
permitted to transfer his stock until such debt be paid or
otherwise secured to the satisfaction of the Directors.

Quorum-vacancy

-how supplied

Sec. 7. And be it enacted, That the President and any
other three Directors, or in the absence of the President,
any four Directors shall constitute a quorum to transact
the ordinary business of the corporation, and in the ab-
sence of the President, the Directors forming a quorum as
aforesaid, shall choose one of their own body to act as Pre-
sident pro tempore; and in case of the death, resignation,
or inability to act, of the President or any Director, the
vacancy shall be supplied by their own body, from among

Dividends.

the members until the next stated meeting thereafter.
Sec. 8. And be it enacted, That it shall be the duty of
the Directors, on the first Saturday of January next, and
on the first Saturday in January, of each and every year
thereafter, to make and declare a dividend of the interests
and profits of said corporation after paying its' expenses,
and the same to pay over unto the depositors, or their le-
gal representatives within ten days thereafter.

Subject to inspec-

tion.

Sec. 9. And be it enacted, That the concerns of the in-
stitution hereby intended to be incorporated shall be at all
times subject to the inspection of the Treasurer 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.

Limit

Sec. 10. And be it enacted, That this act shall be and
continue in force until the year eighteen hundred and for-
ty-five, and until the end of the next session of the Gen-
eral Assembly which shall happen thereafter.