154

LAWS OF MARYLAND.

issues or notes, whether by bond, bill, note or con-

tract, shall not exceed the amount of the capital ac-

tually paid in, provided that the money deposited in

the bank for safe keeping, shall not be considered as

debts of the banking company, within the provisions

of this clause, unless the contracting of a greater

debt shall have been previously authorized by a law

of this State, and in cases of excess, the Directors,

under whose administration it shall happen, shall be

liable for the same, in their natural and private ca-

pacities; and actions in such cases, may be brought

against them, or any of them, or their heirs execu-

tors or administrators, in any court of record in

this State, by any creditor or creditors of said corpo-

Liability

ration, and may be prosecuted to judgment and ex-

ecution, any condition, covenantor agreement to the

contrary notwithstanding, but nothing herein con-

tained, shall be construed to exempt the said corpo-

ration, or the lands, tenements, goods and chatties of

the same from being also liable for and chargeable

with the said excess; and such of the Directors who

may have been absent Avhen the said excess was cre-

ated, or who may have dissented from the resolution

or act, whereby the same was created, may respec-

tively exonerate themselves from being so liable by

forthwith giving notice of the fact, and of their ab-

sence or dissent, to the Governor of this State, and

to the stockholders at a general meeting, which they

shall have power to call for that purpose.

Dividends.

G. Half yearly dividends shall be made to the

stockholders of so much of the net profits of the

corporation as shall appear to the President and

Directors advisable ; such dividends shall be declared

in the months of June and December, and shall be

paid on the second Monday of the ensuing months

after they are declared, and if the directors shall , at

at any time, wilfully and knowingly make or declare

any dividends which shall impair the capital stock,

all the directors present at the making or declaring

such dividends and consenting thereto, shall be lia-

ble in their individual capacities 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 dividend, shall be

deemed to have consented thereto, unless he shall