526

LAWS OF MARYLAND.

Stockholders
only eligible.

SEC. 4. And be it enacted, That none but stock-
holders shall be eligible to the office of directors in
said Frostburg Bank, and none but stockholders shall
have the right to vote at any election for directors; the
stockholders 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.

Rate of inter-
est.

SEC. 5. And be it enacted, That the rate of inter-
est allowed by the said bank to weekly depositors on
their weekly deposits, shall be such as the profits of
the 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
authorised to declare such dividends among the stock-
holders 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 representa-
tives, within ten days alter declaring such dividends
if called on.

Repealed.

SEC. 7. And be it enacted, That so much of the
seventh section of said original act as aforesaid, as
makes it the duty of the directors to divide semi-an-
nually, dividends of the profits and interest of said in-
stitution among the depositors thereof, be and the
same is hereby repealed.

Pay to treas-
urer.

SEC. 8. And be it enacted, That the said Frost-
burg 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 Fund of the State, in the same man-
ner as a similar tax is paid by other incorporated banks
of the State.

Statement on
oath to be sub-
mitted.

SEC. 9. And be it enacted, That so much of the
seventh section of said original act of incorporation,
passed January session eighteen hundred and fifty four,
chapter one hundred and thirty three, as makes it the
duty of the directors at least once in every six months,
to appoint three competent members of said corpora-
tion to investigate the affairs of the said corporation,
and to make a report, be and the same is hereby re-
pealed; and in lieu thereof, the president and direc-
tors of said Frostburg Bank, shall furnish annually
on the first Monday of January and the first Monday
of July to the Treasurer of the State, a statement, un-
der oath, of the amount of capital stock of said corpo-
ration of the debts due to, and from the same, speci-
fying those due to and from other banks, of the moneys