116

LAWS OF MARYLAND.

this State, and to the stockholders at a general

meeting which they shall have power to call for that

purpose.

SEC. 16. And be it enacted, That half-yearly divi-

dends shall be made to the stockholders of so much

Dividends

of the net profits of the corporation, as shall appear

sidvisable to the President and Directors; such divi-

dends shall be declared in the months of June and

December, and shall be paid on the second Monday

of the ensuing month after they are declared; and

if the Directors shall at any time wilfully and know-

ingly make or declare any dividend which shall im-

pair the capital stock, all the Directors present at the

making or declaring such dividend and consenting

thereto, shall be liable in their individual capacities,

Liability.

for the amount or proportion of the capital stock so

divided by the Directors, and each Director who shall

be present at the making or declaring of such divi-

dend shall be deemed to have consented thereto,

unless he shall immediately enter his dissent in writ-

ing on the minutes of the proceedings of the board,

and give public notice, to the stockholders, that such

dividend has beep declared.

SEC. 17. And be it enacted, That the President

and a majority of the Directors shall constitute a

board, for the transaction of the business of the corpo-

Discounts

ration, but the ordinary discounts may be made or

granted by the President and three Directors ; and

in case of sickness or necessary absence of the Pres-

ident of the bank, his place may be supplied by a

member of the board, whom the President.by writ-

ing shall select or appoint as President pro tempore

during such absence.

SEC. 18. And be it enacted, That no director shall be

entitled to receive any pay or emolument for his ser-

vices, unless the same shall have been allowed at a

Compensation

general meeting of the stockholders, and the Direc-

tors shall make such compensation to the President

for his extraordinary attendance at the Bank as shall

appear to them, reasonable.

SEC. 19. And be it enacted, That the President and

General meet-

Directors of the corporation, may at any time, call a

ing.

general meeting of the stockholders for any purpose,