1849.

LAWS OF MARYLAND.

CHAP. 313.

Provisoes.

the exercise of the said powers, and of the powers
vested in said corporation by this charier, and the same
bye-laws to alter and repeal; provided, that all such
bye-laws as may be made by the directors, may be al-
tered and repealed by a majority of the members of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 mem-
bers may, at any annual or general meeting, pass bye-
laws, which shall be binding upon the directors; pro-
vided, that such bye-laws shall not be contrary to the
laws of this State, or of the United Suites; and pro-
vided further, that no person shall be an officer or di-
rectorof said institution, who is an officer or director
of any other monied institution.

To receive de-
posits.

SEC. 4. And be it enacted. That the said corpora-
tion 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

Provisoes.

manner deemed 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 deposits shall be held
as security for the payment thereof; and provided al-
ways, that nothing herein contained shall be con-
strued to authorise said corporation to issue any bill,
note, or other device, in the nature of a bank note.

Committee of
examination.

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 cor-
poration, and to make and publish a report thereof, in-
one or more newspapers printed in each of the counties
of Frederick and Washington, 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 divi-
derid of the interests and profits of said institution, as
will not impair the deposits thereof, or otherwise in-
juriously affect the interests of said institution, and
the same to pay over unto the depositors, or their le-
gal representatives, within ten days thereafter, it called
on.

Transfers reg-
ulated.

SEC. 6. And be it enacted, That no stockholder or
depositor, who is a debtor to said institution, shall be
permitted to transfer his stock or deposits until such