720

LAWS OF MARYLAND.

money, any of its notes, bills, obligations or any

money received on deposit, in violation of the con-

tracts, promise or undertaking of said corporation,

the person or persons entitled to demand and receive

such payment, shall respectively secure and recover

interest on such bills, notes, obligations or deposits

unless the same shall be fully paid and satisfied at

the rate of six per cent, per annum from the time of

such demand.

Neglect or re-

SEC. 10. And be it enacted, That if the said cor-

fuse to pay
bills, &c .

poration shall neglect, or refuse to pay as aforesaid

any of its bills, notes, obligations or money received

on deposit, the holder of note, bill, obligation, or the

person or persons entitled to demand and receive

such money, shall be respectively entitled to demand

and receive only as creditor or debtor to claim, and

set off such part of the sum of its assets, as shall be

actually distributable and payable to such creditor or

debtor at the time when such claim or demand may

be made.

SEC. 11. And be it enacted, That if the said corpo-

Suspend its

ration shall at any time suspend its payments, the

payments

assets which the said corporation may hold or be

in any wise entitled to at the time of such payment,

shall be ratably distributed to and among all the

persons who shall be its creditors at such time, and

to their assigns respectively.

SEC. 12. And be it enacted, That the provisions of

Liability.

this act shall be on the condition that the stockholders

and directors of said corporation, shall be liable to

the amount of their shares of stock in said corporation

for all its debts and liabilities upon note, bill or other-

wise, and upon the further condition that no director

or other officer of said corporation shall borrow any

moneys from said corporation ; and if any director or

other officer shall be convicted, upon indictment, of

directly or indirectly violating this section, he shall

be punished by a fine or imprisonment at the dis-
cretion of the court, and upon the further condition

that this act and every part of it may be altered

from time to time, or repealed by the Legislature.

SEC. 13. And be it enacted, That if the president

and directors, or a majority of the stockholders in