180

LAWS OF MARYLAND.

May receive
deposits.

SEC. 6. And be it enacted, That the said corpo-
ration shall be capable to receive from any tree
person or persons, any deposit or deposits of
money, and to invest money so received in public
stock or other security, or to loan the same at the
discretion of the directors, according to the by-
laws, and in such manner as they shall deem most

Proviso.

safe and beneficial; Provided, always, that nothing
contained in this act, shall be construed to au-
thorise the corporation hereby intended to be cre-
ated, to issue any bill, note or other device, in the
nature of a bank note, nor as conferring any powers
inconsistent with the grant of the State, hereto-
fore made to the existing institutions in the coun-
ty of Howard.

Duty of Di-
rectors.

SEC. 7. And be it enacted, That it shall be the
duty of the directors, once in every six months, to
appoint from the members of the corporation,
three competent persons to investigate the affairs
of the said corporation and make a report thereof,
which report shall be recorded in a book kept for
that purpose at the office of the institution, that
shall be open for the inspection at all times
of any depositor or member, and it shall be the
duty of the Directors on the first Monday of April
in each and every year, to make and declare such
dividends of the profits, as shall have been made
by the investments hereinbefore provided for, after
paying the expenses of the institution, and the
same to pay over to the stockholders, or their legal
representatives, within ten days thereafter.

The affairs of
the institution
to be subject to
inspection.

SEC. 8. And be it enacted, That the business
and affairs of the institution hereby intended to
be incorporated, shall be at all times subject to
the inspection of the Treasurer of the State of
Maryland, or such other officer or agents of the
State as may be selected for that purpose by either
branch of the Legislature.

Stockholders
and Directors
liable.

SEC. 9. And be it enacted, That the stockholders
and directors shall be liable to the amount of
their respective share or shares of stock in the
said institution for all its debts and liabilities
upon note, bill, or otherwise; and no director or
other officer of said corporation shall borrow any
money from said corporation.

Act to con-
tinue in force
for 25 years.

SEC. 10. And be it enacted, That this act shall
be continued in force for twenty-five years, and