1847.

LAWS OF MARYLAND.

CHAP. 101.

appointed, with security conditioned in such form as they
shall prescribe, for the faithful performance of their sever
ral duties, and to secure the corporation from loss, to re-
gulate the manner of making and receiving deposits, the
form of certificates to be issued to depositors, and the
manner of transferring stock in the said institution, to
provide for the investment of the funds of the corpora-
tion, in such manner as they shall deem most safe and
beneficial, to provide for the admission of members, and
furnishing proof of such admission, to provide for the pay-
ing of all necessary expenses incurred in conducting the
affairs of the corporation, and generally to pass all such
bye-laws as shall or may be necessary to the exercise
of said powers, and of the powers vested in said corpo-
ration by this charter, and the same bye-laws to alter and

Provisoes.

repeal; provided, that all such bye-laws as may be made
by the directors, may be altered and repealed by a ma-
jority of the members of said corporation, assembled at
any annual meeting, or any general meeting called in
pursuance of any bye-law made for that purpose, and a
majority of the members may at any annual or general
meeting pass bye-laws which shall be binding upon the
directors; provided, that such bye-laws shall not be con-
trary 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 direc-
tor of any other monied institution.

To receive
deposites.

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 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

Provisoes.

most safe and 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 depo-
sits shall be held as security for the payment thereof;
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.

Committee of
examination —
their duties.

SEC. 5. And be it enacted, That it shall be the duty
of the directors at least once in every twelve months, to
appoint fire 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 Cumberland, and it shall be the duty of the