182

LAWS OF MARYLAND.

Debts limited.

F. The total amount of the debts which the said

corporation shall at any time owe, exclusive of its

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 bank, 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 individual, natural and pri-

vate capacities; and action in law or equity, may

in such cases, be brought against them, or any

of them, or their heirs, executors, administrators,

or assigns, in any court of record in this State,

Liability

by any creditor or creditors of said corporation,

and may be prosecuted to judgment and execu-

tion, any condition, covenant or agreement to the

contrary notwithstanding, but nothing herein con-

tained, shall be construed to exempt the said corpo-

ration, or the lands, tenements, hereditaments, goods

and chatties of the same from being also liable for and

chargeable with the said excess ; and such of the Di-

rectors who may have been absent when the said

excess was created, or who may have dissented from

the resolution or act, whereby the same was created,

may respectively exonerate themselves from being

go liable by forthwith giving notice of the fact, and

of their absence 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 pur-

pose.

G. Half yearly dividends shall be made to the

Dividends

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 January and July, and shall be

paid on the first Monday of the ensuing month

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