1832.

LAWS OF MARYLAND

CHAP. 24.

powers vested in said corporation by this charter, and the
same by-laws from time to time to alter and repeal; provi-

Provisos

ded, that all such by-laws as shall be made by the directors

may be altered or repealed by a majority of the members
assembled at any annual meeting, or of any general meeting
called in pursuance of any by-law made for that purpose;
and a majority of the members may at any general or an-
nual meeting pass by-laws which shall be binding upon
the directors; provided, that such by-laws shall not be con-

Receive deposits.

trary to the laws of this State or of the United States.
Sec. 4. And be it enacted, That the said corporation
shall be capable of receiving from any free white person
or persons, or bodies politic or corporate, any deposit or

Make invesments

deposites of money, and that all monies so received shall
be invested in publie stocks or other securities at the dis-
cretion of the directors, in the manner by them deemed

most safe and beneficial; provided, that nothing herein con-
tained shall be construed to authorise this corporation 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 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 af-

Publish report.

fairs of said corporation, arid to make and publish a report
thereof in some newspaper printed in Hagerstown; and it
shall be the duty of the directors on the first day of Janua-
ry and first day of July in each and every year, to make

Declare Dividends

and declare 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 representatives
within ten days thereafter if called on.

Bowlett's tables of

interest

Sec. 6. And be it enacted, That in all discounts or loans
to be made by said corporation they shall be governed in
their calculations of interest by Hewlett's Tables.

Right of inspec-

tion reserved

Sec. 7. 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 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.

Act limited to 1845

Sec. 6. And be it enacted, That this act shall continue
and be in force until the year eighteen hundred and forty-
five, and until the end of the next General Assembly
which shall happen thereafter.