JAMES THOMAS, ESQUIRE, GOVERNOR.

1832.

received shall be invested in public stock, or any other se-
curities which the board of directors, in their discretion,
shall deem most safe and beneficial for the interests of said

CHAP. 256.

corporation; Provided always, that such investment of the
funds of the corporation, shall be in the manner provided
for in the by-laws; and that no director or member shall be
liable in his person or property, for any debts, contracts or
engagements of the said corporation, but that the money,
property, rights and credits of said corporation, and no-

Liabilities

thing more, shall be liable for the same; provided always,
that nothing in 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.
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 in-
vestigate the affairs of said corporation; and to make out a
report thereof, in writing, which report shall be laid before

be called, and proper notice given by and at the discretion
of the Directors.

Issuing notes for-

bid.

Sec. 6. And be it enacted, That the stock in the insti-
tution of Somerset and Worcester counties at Salisbury,
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, un-
til such debt be paid, or otherwise secured to the satisfac-
tion of the Directors.

Method of trans-

ferring

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-

Quorum

said, shall choose one of their own body to act as Presi-

President pro tem

dent pro temporc, and in case of the death, resignation or
inability to act, of the President or any Director, the va-
cancy shall be supplied by their own body, from among
the members, until the next stated meeting thereafter.

Vacancy.

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.
40