PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1847.

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
interest of said institution, and the same to pay over
unto the depositors or their legal representatives, within
ten days thereafter if railed upon.

CHAP. 102.

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 deposits, until such debts
be paid or otherwise secured to the satisfaction of the
directors.

Stockholders
indebted not
permitted to
transfer stock.

SEC. 7. And be it enacted, That in all discounts or
loans to be made by said corporation, it shall be go-
verned in its calculation of interest by Rowlett's tables.
SEC. 8. And be it enacted, That the concerns of the
institution hereby intended to be incorporated, shall at all
times be subject to the inspection of the Treasurer of
Maryland, or of such other officer or agent of the State
as may be selected for that purpose by either branch of
the Legislature.

Calculation of
interest regu-
lated.

SEC. 9. And be it enacted, That the capital stock of
the said corporation shall not exceed the sum one hun-
dred and fifty thousand dollars, until an additional capi-
tal is authorised by the General Assembly.
SEC. 10. And be it enacted, That the Legislature
shall at all times have the right to alter and annul this
act.

CHAPTER 102.

Capital stock
limited to one
hundred and
fifty thousand
dollars.

Reservation.

An act to incorporate the trustees of the Frostburg Acade-
my in Allegany county.

SECTION 1. Be it enacted by the General Assembly
of Maryland, That Aden Clary, James H. McCoy,
Jeremiah S. Welch, James D. Armstrong, Robert Mc-
Cullough, Jacob Hoblitzell and C. Lepley, and their
successors annually to be elected, be and they are here-
by appointed first trustees of Frostburg Academy in
Allegany county, and the said trustees and their succes-
sors annually to be elected in the manner hereinafter
mentioned, shall be and they are hereby declared to be
one community, corporation and body politic, with per-
petual succession in deed and and in law to all intents

Passed
Jan. 31, 1848.

Trustees In-
corporated,