110.

LAWS OF MARYLAND.

Provisoes.

usual form of bank notes of a denomination not less
than five dollars; Provided, that the whole amount of
such issues shall not at any time exceed double the
amount of the capital stock actually paid in; and pro-
vided further, that stock to the amount of twenty-five
thousand dollars shall have been subscribed and paid
for before said bank shall be permitted to issue notes of
the nature of bank notes.

Shares.

SEC. 3. And be it enacted, That said stock shall
consist of shares of the value of ten dollars each, which
may be subscribed for, the subscribers paying at the time
of subscription the full amount of stock taken; and that
the weekly depositors, or those who may hereafter be-
come such, shall, when their weekly deposits amount
to the sum of ten dollars, have the right to convert their
deposits into the stock of the said Savings Bank.

Eligibility to
office.

SEC. 4. And be it enacted, That none but stock-
holders shall be eligible to the office of directors in said
Savings Bank, and none but stockholders shall have the
right to vote at any election for directors; the stock-
holders shall be entitled to vote in person or by proxy,
according to the number of shares held, and all elections
for directors shall be by ballot, and no share shall confer
a right of suffrage, after the first election, which shall
not have been holden bona fide at least three months
previous to the day of election.

Rate of inter-
est.

SEC. 5. And be it enacted, That the rate of interest
allowed by the said Bank to weekly depositors, on their
weekly deposits, shall be such as the profits of said
Bank, in the judgment of the directors thereof, will
justify.

Dividends.

SEC. 6. And be it enacted, That the board of direc-
tors of said Bank shall have power and are hereby au-
thorised to declare such dividends among the stockhold-
ers of the said Bank, every six months, as the profits of
the said Bank will allow, and the same to pay over to
the stockholders, or their legal representatives, within
ten days after declaring such dividends; if called on.

Repealed.

SEC. 7. And be it enacted, That so much of the fifth
section of said original act of incorporation, passed at
December session, as aforesaid, as makes it the duly of
the directors to divide the semi-annual dividends of the
profits and interest of said institution among the depos-
tors thereof, be and the same is hereby repealed.

Amount to be
paid to trea-
surer.

SEC. 8. And be it enacted, That the said Savings

Bank shall pay to the Treasurer of Maryland, the sum
of twenty cents on every hundred dollars of its capital
stock actually paid in, in augmentation of the free school