E. LOUIS LOWE, ESQUIRE, GOVERNOR.

1852.

CHAPTER 300.

AN ACT to Incorporate the Mechanics' Exchange
and Savings' Company, for the purpose of making
Loans, Collection of Notes and Drafts.

CHAP. 306.

Passed May
29, 1852.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That Mark Grafton, John Gable, William
T. Somerville, John Wethered, Samuel Fenby, John
Philpot, John Lockerd, Ormon Knight, James Carey,
Charles Timanus, Isaac Coale, Junior, David W.
Brown, James Carey Coale, Edward Williams, G. M.
Bastable, George S. Cunningham, Edward S. Meyers,
and David Carson, and all others who may become
members of the company hereby incorporated, their
successors and assigns, be, and they are hereby made
a body politic or corporation for collection of notes and
drafts, by the name and style of the Mechanics' Ex-
change and Savings' company, and by that name shall
have perpetual succession; and are hereby empowered
to purchase, receive, have, hold and enjoy such lot of
land, tenements and effects, as may he necessary or
convenient for the transaction of the business of said
company, and the same to grant, sell and dispose of, to
sue and be sued, plead and be impleaded, in all courts of
justice, to have and use a common seal, and the same
to alter or change at pleasure, and generally to do
every other act or thing necessary to carry into effect
the provisions of this act, and promote the design of
this corporation.

Incorporated.

SEC. 2. And be it enacted, That said corporation
shall have power to receive front any person or persons
any deposit or deposits of money, and shall allow for
the same such interest to the depositor or depositors
thereof, as may, from time to time, be provided for by
the by-laws of the corporation, or directed by the pre-
sident and directors thereof, the surplus profits to be
divided annually amongst the depositors, in such man-
ner as the president and directors, for the time being,
may think proper.

Power to re-

ceive deposits

of money.

SEC. 3. And be it enacted, That nothing herein
contained shall be construed to authorise the corpora-
tion created by this act, to issue or make any note, scrip
or device, to circulate as money.

Banking for-
bid.

SEC. 4. And be it enacted, That the directors of said
corporation, shall not, as such, receive any pay or
emolument for their services.

Directors not
to receive
pay.

SEC. 5. And be it enacted, That the general busi-
ness and objects of the said corporation hereby created,

Object of cor-

poration.