1846.

LAWS OF MARYLAND.

CHAP. 266.

meeting or any general meeting, called in pursuance of
any by-law made for that purpose, and a majority of the
members may at any annual or general meeting pass
by-laws, which shall be binding upon the directors;
provided, thai 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.

May receive
and invest in
stocks, money
&c.

SEC. 4. And be it enacted, That the said corporation
shall be capable of receiving from any free white person
or persons, or bodies corporate or politic, any deposite
or deposites 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 beneficial; provided, that no part of the

Proviso.

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 deposites therein, which deposites
shall be held as security for the payment hereof; and
provided always, that nothing herein contained shall be
construed to authorise this corporation to issue any bill,
note or other device, in the nature of a bank note.

Appoint com-
mittee of ex-
animation.

SEC. 5. And he 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 inves-
tigate the affairs of said corporation, and to make and pub-
lish a report thereof in one or more newspapers printed in
Hagerstown, 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 interests and
profits of said instititution as will not impair the depo-
sites thereof, or otherwise injuriously affect the interests
of said institution, and the same to pay over unto the
depositors or their legal representatives, within ten days
thereafter if called on.

Stock not to
be transferred
if in debt.

SEC. 6. And be it enacted, That no stockholder or
depositor who is a debtor to this institution, shall be per-
mitted to transfer his stock or deposites until such debt
be paid, or otherwise secured to the satisfaction of the
directors.

Rowlet's ta-
bles.

SEC. 7. And be it enacted, That all discounts or loans
to be made by said corporation, it shall be governed in its
calculation of interest by Rowlett's Tables.

Subject to in-
spection of the
Treasurer.

SEC. 8. And be it enacted, That the concerns of the
institution hereby intended to be incorported, shall at