1831.

LAWS OF MARYLAND,

CHAP. 155.

curities which the board of directors in their discretion
shall deem most safe and beneficial for the interests of the

Proviso

said corporation; Provided always, That such investment
of the funds of the corporation shall be in the manner pro-
vided for in the by-laws, and that no director or member

Liabilities.

shall be liable in his person or property for any debts, con-
tracts, or engagements of the said corporation; but, that
the money, property, rights and credits of the said corpora-
tion, and nothing more, shall be Jiable for the same.

Committee of ex-

amination.

Sec. 5. And be it enacted, That it shall be the duty of the
directors, at least every six months to appoint from the
members of said corporation, three competent persons, as a
committee of examination, whose duty it shall be to inves-

Report.

tigate the affairs of said corporation, and to make a report
thereof in writing, which report shall be laid before the
members of said corporation, at a general meeting to be
called, and proper notice given by, and at the discretion of
the directors.

Transfers.

Sec. 6. And be it enacted, That the stock in the Emmits-
burg Saving's Institution, may be transferred by the holder
or holders, in person or by power of attorney; but, no
stockholder, who is a debtor to the institution shall be per-
mitted to transfer his stock until such debt be paid or other-
wise secured to the satisfaction of the directors.

Quorum.

Sec. 7. And be it enacted, That the president, and any
other four directors, or in the absence of the president, any
five directors, shall constitute a quorum to transact the ordi-
nary business of the corporation, and in the absence of the
president, the directors forming a quorum as aforesaid, shall
choose one of their own body to act as President pro tem-

Vacancies.

pore, and in case of the death, resignation or inability to
act, of the president or any director, the vacancy shall be
supplied by their own body from among the members, until

Dividends

the next stated meeting thereafter.
Sec. 8. And be it enacted, That it shall be the duty of the
directors, on Saturday, proceeding the first Monday of No-
vember next, and semi-annually thereafter, on Saturday,
preceding the first Monday in May and November, to make
and declare a dividend of the interest and profits of said
corporation, after paying its expenses, and the same to pay
over unto the depositors, or their legal representatives, with-
in ten days thereafter.