1852.

LAWS OF MARYLAND.

CHAP. 306.

shall be to receive and deposit such sums as may be
from time to time, offered therefor, by tradesmen, clerks,
mechanics, laborers, miners, servants and others, and
investing the same in the securities or stock of this State,
or of the United States, or in the stock or bonds of any
city, authorised to be issued by the Legislature of this

Proviso.

State, or in such manner as is authorised by this act ;
Provided, however, that no loan of money, or any
other security be made to any officer of this institution,
at the time of holding such office, under penalty of all
the directors becoming severally and personally respon-
sible for all the debts and liabilities then existing, or
that may be incurred, until such loans as shall have

been fully paid and satisfied.

Directors
report to Le-
gislature
amount of de-
posits, &c.

SEC. 6. And be it enacted, That the board of direc-
tors shall, also, in the month of January, in every
second year, report to the Legislature the aggregate
amount of deposits on hand, with the interest which
has accrued thereon, and also the unclaimed deposits,
which at least the sum of five dollars shall be then due
and which shall have been deposited by persons who
have not, within two years next preceding said report,
made a deposit, or received a dividend or payment from
said corporation, and shall publish the same in the city
of Baltimore; said report shall be verified by the oaths

of a majority of the directors, and it shall state whether
any loan has been made to any director within the last
two years.

Partners indi-
vidually liable
for all debts.

SEC. 7. And be it enacted, That the partners in
said corporation, shall be severally individually liable
to the creditors of said company, to an amount equal
to their interests respectively in said corporation, for all
the debts and contracts made by said company.

First direc-
tors.

SEC. 8. And be it enacted, That the eight first
named persons in this act of incorporation shall be the
first directors of the company, and they, or a majority

of them, may, on any day after the passage of this
act, proceed to elect a president from amongst the mem-
bers, and the said president and directors shall have the
exclusive control and management of the business of
the said corporation until the first Monday of July, in
the year eighteen hundred and fifty-three, and until
their successors shall be appointed; and that the said
president and directors shall have power to appoint all

officers and servants of the company, to take bonds
with security for the faithful performance of their duty,
and fix their compensation, and to make and establish
all necessary by-laws and rules, which they may alter
and change at pleasure, for commencing and conduct-