1838.

LAWS OF MARYLAND.

CHAP. 313.

by them so appointed, with security conditioned in
such form as they shall prescribe, for the faithful ex-

ecution of their several duties, and to secure the insti-

Regulate deposites.

tution from loss, to regulate the manner of making and
receiving deposites, the form of certificates to be issued

Membership.

to depositors, and the manner of transfering stock in
said institution, to provide for the investment of the
funds of the institution in such manner as they shall
deem most safe and beneficial, to provide for the ad-
mission of new members and furnishing proof of such

Pay expenses.

admission, to provide for pay ing all necessary expenses
incurred in conducting the affairs of the said institu-

Make by-laws.

tion, and generally to pass all such by-laws as shall
or may be necessary to the exercise of the said powers,
and of the powers vested in said corporation by this
charter, and the same by-laws to alter and repeal; pro-

Subject to repeal.

vided, that all such by-laws as may be made by the
directors may be altered and repealed by a majority
of the members of said institution 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 annu-
al meeting, pass by-laws which shall be binding upon

Restrictions.

the directors; provided also, that all such by-laws shall
not be contrary to the laws of this State, or of the
United States.

May receive depo-

sites.

Sec. 4. And be it enacted, That the said corporation
shall be capable of receiving from any free white per-
son, or persons, or bodies corporate, or politic, any
deposite, or deposites of money, and that all monies so

And invest.

received shall be invested in public stocks, or other
securities, at the discretion of the directors, in the
manner deemed by them the most safe and beneficial;

Banking forbid.

provided, that nothing herein contained, shall be con-
note, or other devise, 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 institution, as
a committee of examination, whose duty it shall be to

of the members of said institution, and it shall be the
duty of the directors of the said institution on the first