318

LAWS OF MARYLAND.

shall be located within the limits of the city of
Baltimore.

To keep fall,
fair and correct
entries.

SEC. 15. And be it enacted, That the president
and directors, shall keep full, fair and correct en-
tries of their transactions, which shall at all times
be open to the inspection of the stockholders; they
shall annually prepare a full and true statement
of the funds, property and securities of the Com-
pany, showing the amount in real estate, in bonds
and mortgages, in notes and securities, in public
debt, and other stocks, the amount of debts due to
and from the Company, which statement shall be
certified by the president and secretary.

Authorised to
procure suita-
ble building.

SBC. 16. And be it enacted, That the president
and directors, shall have power to hire or purchase
a suitable building or buildings, within the limits
aforementioned, for the purpose of transacting the
affairs of the institution, and generally to conduct
the business thereof.

Individual pro-
perty not an-
swerable.

SEC. 17. And be it enacted, That no stockholder
or member of this Association, shall be answera-
ble in his person or individual property, for any
contract or agreement of said Association, or for
any losses, deficiencies or failures of the capital
stock of this Company, but the whole of said
capital stock, together with all property, rights
and credits belonging thereunto and nothing more,
shall at any time be answerable for the demands
against said Company.

Stock trans-
ferable.

SEC. 18. And be it enacted, That the stock of
this institution, may be assigned and transferred
on the books of the Company, in person or by
power of attorney only, but no stockholder in-
debted to the Company, shall be permitted to make
a transfer or receive a dividend, until such debt is
paid or secured to the satisfaction of the president
and board of directors.

Power to ap-
point Secreta-
ry and other
officers.

SEC. 19. And be it enacted, That the president
and directors, shall have power and authority to
appoint a secretary and such other clerks and offi-
cers under them, as shall be necessary for trans-
acting the business of said Association, and may
allow such salary as they shall judge reasonable,
shall provide for compensating the president of
the Company, shall provide for the appointment
of a president pro tem., who shall exercise the
authority of the president for the time being; and