552

LAWS OF MARYLAND.

the contributions of the stockholders shall have
been added to the capital.

Power to ap-
point officers.

Sec. 9. And be it enacted, That the President
and Directors shall have power and authority to
appoint a Secretary, Clerk and such other officer
or officers as may be required for the transaction of
the business of the association, make such by-laws
for its government, and to do all other things
necessary and proper for a corporate association,
and which are not contrary to, or inconsistent with
this act, the Constitution and Laws of the State,
or of the United States; and may from time to
time alter or annul such by-laws, provided such
changes are not inconsistent with this act, the
Constitution and Laws of the State, or of the
United States, and shall have power to hire or
purchase a suitable lot of ground, or building or
buildings, for the purpose of transacting the affairs
of the company, and generally to conduct the
entire business thereof.

To keep entry
of their trans-
actions.

Sec. 10. 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 Asso-
ciation, showing the amount in real estate, bonds
and mortgages, in note and securities, in public
debt and other stock; the amount of debts due to
and from the Association, which statement shall
be certified to by the President and Secretary and
reported to the Annual Meeting of the Stock-
holders.

Banking priv-
ileges prohibi-
ted.

Sec. 11 And be it enacted, That nothing herein
contained shall be so construed as to confer bank-
ing privileges in said Company to issue any note,
taken, scrip, device or other evidence of debt, to
be issued as a currency.

Individual pro-
pet ty responsi-
ble.

Sec. 12. And be it enacted, That every Stock-
holder and other member of this Association shall
be answerable in his person or individual prop-
erty, for any contracts and agreements of said As-
sociation, or for any losses, deficiencies, or failures
of the capital stock of this Association, but the
whole of the capital stock, together with all prop-
erty, rights and credits belonging thereunto,