1831.

LAWS OF MARYLAND.

CHAP. 307.

appointed president pro tempore, by the president, or in case

of his incapability to make the appointment, by the direc-

tors for the time being.

Vacancy of presi-

12th. In case of the death, disqualification, resignation, or

dency

removal out of Kent or Queen Anne's comities, of the pre-

sident, the directors shall meet as soon as can be thereafter,

and elect another person for president for the residue of the

year.

Emolument forbid

13th. No director shall be entitled to receive any emolu-

ment for his services as director, unless the same shall have

been allowed at a general meeting of the stockholders.

Authority to call

14th. The president and directors may call a general

general meetings.

meeting of the stockholders, for any purpose relative to the

institution, giving at least six weeks notice in the several

newspapers printed on the eastern shore of this state, spe-

cifying in such notice, the object or objects of such meet-

ing; any number of stockholders, not less than thirty, who

Regulations res-
pecting

together, shall be proprietors of not less than five hundred

shares, may, at the time, apply to the president and direc-

tors to call a general meeting of the stockholders, for any

purpose relative to the institution; and if the president and

and directors shall refuse to call such meeting, the said

number of stockholders, proprietors of not less than the

aforesaid number of shares,shall have power to call a general

meeting of the stockholders, giving at least sixty days no-

tice as aforesaid, and specifying in such notice the object

or objects of such meetings.

Dividends.

15th. The dividend of the profits of the said corpora-

tion, or so much of the said profits as shall be deemed ex-

pedient and proper, shall be declared half-yearly, in the

months of May and November, and payable in the months

of June and December, in every year, as shall, from time

to time, be determined by a majority of the directors, at a

meeting to be held for that purpose, and shall in no case ex-

Restricted to pro-

ceed the nett profits actually acquired by the corporation,

fits

so that the capital stock of the corporation shall never be

impaired by dividends, and at the expiration of every three

years, a dividend of surplus profits shall be made, but the

directors shall then be at liberty to retain at least one per

cent, for the time being, as a fund for future contingencies;

it shall be the duty of the president to cause a correct state-

Statement of sur-

ment of all surplus profits remaining in the bank, not divid-

plus

ed among the stockholders antecedent to the annual election,

to be made out and kept in the bank for the inspection of

stockholders, between the time of such dividends being

declared and each annual election.

Liability for im-

16th. If the directors shall wilfully and knowingly make,

proper dividends

or declare any dividend which shall impair the capital