PHILIP F. THOMAS, ESQUIRE, GOVERNOR

1849.

of the powers vested in said corporation by that charter
and the same bye-laws to alter and repeal; provided
that all such bye-laws may be altered or repealed by
majority of the members of said corporation, assembled
at any annual or general meeting, called in pursuance
of any bye-law of this corporation, and a majority of the
members, at any such meeting, may pass bye-laws
which shall be binding upon the directors; provided
that, no bye-law enacted under the provisions of this
section, shall conflict with the laws of this State, or of
the United States; and provided further, that no per
son shall be an officer or director of this institution, who
is an officer or director of any other monied institution.
SEC. 4. And be it enacted, That the said corpo-
ration shall be capable of receiving any deposit or depo-
sits of money, and investing the same 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 funds of said institution shall be
loaned to any officer or director, greater than two-thirds
of his bona-fide deposits therein, which deposits 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.

CHAP. 338.

Provisoes.

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 corporation, and to make
and publish in one or more newspapers published in the
town of Clearspring, or county of Washington, a just
and full report thereof, and it shall be the duty of said
directors, at least once in every six months, to make
and declare such dividend of the profits of said insti-
tution as will not impair the deposits thereof, or other-
wise injuriously affect the interests of the institution,
and the same to pay over unto the depositors, or their
legal representatives, within ten days thereafter, if
called on.

Committee of
examination.

SEC. 6. And be it enacted, That no stockholder or
depositor, who is indebted to this institution, shall be
permitted to transfer his stock or deposits until such
debt be paid, or otherwise secured to the satisfaction of
the directors.

Transfers reg-
ulated.

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 calculations of interest by Rowlett's
tables.

Calculation of
interest.