THOMAS H. HICKS, ESQUIRE, GOVERNOR.

435

SEC. 6. And be it enacted, That it shall be the
duty of the directors at least once in every six
months, to appoint from the members of the cor-
poration, five competent persons to investigate
the affairs of the said corporation, and to make a
report thereof, which report shall be recorded in
a book kept for that purpose, 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, and on the first
Monday of October, in each and every year, to
make and declare such dividend of the profits as
shall have been made by the investments herein-
before provided for, after paying the expenses of
the institution, and the same to pay over to the
members of the said corporation, or their legal
representatives, within ten days thereafter.

Duty of Di-
rectors.

SEC. 7. And be it enacted, That the lands, tene-
ments and hereditaments, which it shall be lawful
for the said corporation to hold, shall be only such
as shall be requisite for its immediate accommo-
dation, in relation to the convenient transaction
of its business, and such as shall have been bona
fide mortgaged or conveyed to it by way of securi-
ty, or in satisfaction of debts contracted in the
course of its dealings or purchase at sale upon
judgment, which shall have been obtained for
such debts.

Property of
corporation.

SEC. 8. And be it enacted, That every weekly
depositor, who shall have deposited one or more
dollars per week in the Old Town Savings Insti-
tution of Baltimore, for ten weeks or upwards, in
the manner authorised by the act, may at his or
her option, by signing an agreement to that effect,
in a book to be provided and kept at the office of
the institution for the purpose, convert the same
or any adequate portion thereof into a share or
shares of stock of the par value of ten dollars
each, which stock shall be a capital stock of the
institution, and the deposite so converted into

Capital stock.

capital stock shall not be liable to be withdrawn;
Provided always, that the whole number of shares
of stock which it shall be lawful thus to create,
shall not exceed fifty thousand, and that the
directors of the institution, in their discretion,
may limit the number to ten thousand, or any
greater number not exceeding fifty thousand

Proviso.