716

LAWS OF MARYLAND.

for safe keeping, shall not be considered as debts of

the bank within the provisions of this act.

Constitute a

ARTICLE 8. The president and a majority of the

board.

directors shall constitute a board for the transaction

of business, but ordinary discounts may be made by

the president and a majority of the directors ; in case

of sickness or necessary absence of the president,

his place may be filled by the board of directors.

ARTICLE 9. After the entire capital stock of fifty

Dividends

thousand dollars has been paid, and not before, 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,

and such dividends shall be declared at such fixed

times as the stockholders in general meetings shall

determine, and shall be paid within thirty days after

they have been declared; and if the directors shall

at any time willfully and knowingly make or declare

any dividend which shall impair the capital stock,

Impairing the
capital stock

all the directors present at the making or declaring-

of such dividend, and consenting thereto, shall be

liable in their individual capacities, to the corpora-

tion for the amount or proportion of the said capital

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 immediately enter his dissent in writ-

ing in the minutes of the proceedings of the board,

and give public notice to the stockholders that such.

dividend has been declared.

ARTICLE 10. No director shall be entitled to re-

Compensation

ceive any emolument for his services, unless the same

shall be allowed at a general meeting of all the stock-

holders, and the directors shall make such compen-

sation to the president for his attendance at the bank,

as shall appear to them reasonable.

ARTICLE 11. The president and directors of this

Call a general
meeting

corporation may at any time call a general meeting

of the stockholders for any purpose relative to its

affairs, giving at least two weeks' notice, in some

newspaper printed in Baltimore city ; and any num-

ber of stockholders owning not less than one-fifth of

the stock of the corporation, may at any time exam-