1860.

LAWS OF MARYLAND.

CHAP. 93.

general meeting called in pursuance of any by-law
made for that purpose, and a majority of the mem-
bers may at any annual or general meeting, pass
by-laws which shall be binding on the directors;
Provided, that such by-laws shall not be contrary
to the laws of this State or of the United States;
and provided further, that no person shall be an
officer or director of this institution, who is an
officer or director of any other monied institution.

Deposits to
be invested in
public stocks.

SEC. 4. And it be enacted, That the said cor-
poration shall be capable of receiving from any
free white person or persons, or bodies corporate or
politic, any deposit or deposits of money, and
that all monies so received shall be invested in
public stocks or other securities at the discretion of
the directors, in the manner deemed most safe and

Provisos.

beneficial; Provided, that no part of the funds of
said institution shall be loaned to any officer or
director of said institution, greater than two-thirds
of the amount of his bona fide deposits therein,
which deposits shall be held as security for the
payment thereof; and provided always, that nothing
herein contained shall be construed to authorise the
said corporation to issue any bill, note or other de-
vice for circulation in the nature of a bank note.

Examiners.

SEC. 5. And be it enacted, That it shall be the
duty of the directors, at least once in every twelve
months to appoint five competent members of said
corporation as a committee of examination, whose
duty it shall be to investigate the affairs of said
corporation and to make and publish a report thereof
in one or more newspapers printed in Hagerstown,

Dividends.

and it shall be the duty of the directors, at least
once in every six months, in each and every year
to make and declare such dividend of the interest
and profits of said institution as will not impair
the deposits thereof, or otherwise injuriously affect
the interests of said institution, and the same to
pay over unto the depositors or their legal repre-
sentatives within ten days thereafter, if called on.

Transfers.

SEC. 6. And be it enacted, That no stockholder
or depositor who is indebted to this institution shall
be permitted to transfer his stock or deposits until
such debt be paid or otherwise secured to the satis-
faction of the directors.

Interest— how
calculated.

SEC. 7. And be it enacted, That all discounts or
loans to be made by said corporation, it shall be