512

LAWS OF MARYLAND.

they shall prescribe, for the faithful execution of their
several duties, and to secure the corporation from
loss, to regulate the manner of making and receiving
deposits, the form of certificates to be issued to de-
positors, and the manner of transferring stock in
said Savings Bank, to provide for the investments of
the funds of the corporation in such manner as they
shall deem most safe and beneficial; to provide for
the admission of members, and furnishing proof of
such admission; to provide for paying all necessary
expenses incurred in conducting the affairs of the cor-
poration, and generally to pass all such by-laws, as
shall or may be necessary to the exercise of the said
powers, and of the powers vested in said corporation
by their charter, and the same by-laws to alter and

Proviso.

repeal; Provided, That all such by-laws as may be
made by the directors, may be altered or repealed by
a majority of the members of said corporation, as-
sembled at any annual meeting, or any general meet-
ing, called in pursuance of any by-laws, made for
that purpose; and a majority of the members may,
at any annual or general meeting, pass by-laws,
which shall be binding upon the directors; Provided,
That such by-laws shall not be contrary to the laws of
this State or of the United States,

May receive
deposits.

SEC. 4. And be it enacted, That the said corpor-
ation shall be capable of receiving, from any free per-
son or persons or bodies corporate or politic, any de-
posit or deposits of money; and that all monies so
received shall be invested in public stocks, or other
securities, at the discretion of the directors, in the

Provisos.

manner deemed most sale and beneficial; Provided,
That no part of the funds of said institution, shall be
loaned to any depositor, greater than two-thirds the
amount of his or her bona fide deposites therein,
which deposites shall be held as security for the pay-
ment 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.

To investi-
gate affairs of
corporation.

SEC. 6. 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 cor-
poration, and to make and publish a report thereof,
in one or more newspapers, printed in Frederick
city; and it shall be the duty of the directors, at