1849.

LAWS OF MARYLAND.

CHAP. 325.

Cumberland Savings Institution, passed at December,
session, eighteen hundred and forty-seven; chapter one
hundred and one.

To issue notes.

Provisoes.

SEC. 2. And be it enacted, That the said corporation
shall have power to issue notes, of the nature, and in the
usual form of Bank notes, and of any denomination not
less than one dollar; provided, that the whole amount
of such issue shall not exceed at any time the amount
of capital actually paid in; provided, That at any time
hereafter the notes or issues of this corporation may be
restricted by the Legislature to a denomination not less
not less than those of any incorporated bank within this
State, the least denomination of which is five dollars.

State tax for
benefit of pub-
lic schools.

SEC. 3. And be it enacted, That on the first Monday
of January next, and on the same day annually there-
after, the said corporation shall pay or cause to be paid
to the Treasurer of the State, the sum of twenty cents
on every hundred dollars of the capital stock of the said
bank then actually paid in, to be applied by said treas-
urer in augmentation of the free school fund of this
State, and in case of the failure of said corporation to
make such payment for the space of six months after
the same shall have become payable, this act shall be
forfeited, and shall be deemed null and void.

Additional tax.

SEC. 4. And be it enacted, That the said corporation,
or the president and directors thereof, shall, in conside-
ration of the privileges hereby granted, pay to the State
of Maryland, in addition to the twenty cents on each
hundred dollars, as provided for in the preceding sec-
tion, a bonus of fifteen hundred dollars, in three equal
annual payments, the first of said payments to be made
on the first day of January next.

Annual state-
ment, &c.

SEC. 5. And be it enacted, That instead of appoint-
ing a committee of examination, as provided by the fifth
section of the act of eighteen hundred and forty-seven,
chapter one hundred and one, the Treasurer of the
State, for the time being, shall be furnished once every
year, or oftener, if required, with statements of the
amounts of the capital slock of the said corporation,
and of the debts due to and from the same, of the mon-
ies deposited therein, of the notes in circulation, of the
cash in hand, and of the profits made, and shall have a
right to inspect such general accounts in the books of
the bank as shall refer to said statements, but nothing
herein contained shall be construed to imply a right to
inspect the account of any private individual or individ-
uals with the bank, nor shall such general statement
and powers of inspection be used for any other purpose,
than to enable him to form, and when required to com-