1832.

LAWS OF. MARYLAND.

CHAP. 176.

be contrary to the laws of this State or of the United
States.

May receive de-

posits

Sec. 4. And be it enacted, That said Corporation shall
be capable of receiving from any free person or persons
such deposit or deposits of money as shall be provided for
by the by-laws of said Institution, and that all monies so

Make investments

received, shall be invested in public stock, or any other se-
curities which the board of directors, in their discretion,

Proviso.

shall deem most safe and beneficial for the interests of said
Corporation; Provided always, that such investments of
the funds of the corporation, shall be in the manner pro-
vided for in the by-laws; and that nothing contained in

Issuing notes for-

bid

this act shall be construed to authorise the corporation
hereby intended to be created, to issue any bill, note, or
other device, in the nature of a bank note.

Committee of ex-

amination

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

To report.

investigate 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 meet-
ing 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 Sav-
ings Institution of Rockville, in Montgomery county, may
be transferred by the holder or holders in person or by their
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 satis-
faction of the directors.

Quorum

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 absence
of the President, the directors forming a quorum as afore-
said, shall choose one of their own body to act as presi-

President pro tem

dent pro tempore, and in case of the death, resignation, or
inability to act, of the president or any any director, the

Vacancies

vacancy to be supplied by their own body, from among the
members, until the next stated meeting thereafter.

Dividends

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,