1832.

LAWS OF MARYLAND.

CHAP. 243.

and to secure the said corporation from loss; to regulate
the manner of making and receiving deposits, the form of
certificates to be issued to depositors, and the mode of
transferring the same; to invest the funds of said corpora-
tion, and generally to do any such other acts touching the
same, as they shall deem most safe and beneficial; to ad-
mit members, and furnish proof of such admission; to ex-
clude members where they have not any property in said
corporation; and generally to pass all such by-laws as may
be necessary for the exercise of the aforesaid powers, or
the powers vested in the said corporation, and the same by
laws from time to time to alter and repeal; provided, that
all such by-laws may be altered or repealed by a majority
of the members assembled at any annual meeting, or at
any general meeting called in pursuance of any by-laws
made for that purpose, and a majority of the members pre-
sent at any annual or general meeting, may pass by-laws
which shall be binding upon the Directors; Provided also,
that such by-laws shall not be contrary to the laws of this
state or of the United States.

May receive depo-

sits

Sec. 4. And be it enacted, That the said corporation
shall be capable to receive from any free person or persons
any deposit or deposits of money, and to invest all monies

Make investments

so received in public stock or other securities, at the dis-
cretion of the Directors, according to the by-laws in such
manner as they shall deem most safe and beneficial; Pro-

Not to issue notes.

vided always, that nothing contained within 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.

Committe of

examination

Sec. 5. And be it enacted, That it shall be the duty
of the Directors, at least once in every six months, to ap-
point from the members of the corporation, three compe-
tent persons to investigate the affairs of the said corpora-
tion, and to make out a report thereof, which report shall
be recorded in a book kept for that purpose, that shall be
open for the inspection at all times of any depositor, or

Dividends.

member, and it shall be the duty of the Directors on the
first Monday of February, and on the first Monday of Au-
gust, in each and every year, to make and declare such di-
vidends of the profits as shall have been made by the in-
vestments hereinbefore provided for, after paying the ex-
penses of the institution, and the same to pay over unto the
members of the said corporation, or their legal representa-
tives, within ten days thereafter.