1835.

LAWS OF MARYLAND.

CHAP. 278.

vided, nothing herein contained, shall be so construed

Interest on Depo-

as to confer the power upon the president and direct-

sites forbid

ors to pay interest upon monies deposited in said in-

stitution.

Board for business

ART. 8. The president and twelve directors shall

constitute a board for the transaction of business, but

ordinary discounts may be granted as the by-laws may

President pro. tem

direct; and in case of sickness or necessary absence of

the president; his place may be supplied by a director,

whom he by writing, under his hand, shall nominate

for the purpose.

Capital required to

ART. 9. But until the sum of two hundred aud fifty

be paid in

thousand dollars, in gold and silver coin, shall be in

the possession of the president and directors of said

bank, as part of its capital stock, and the same shall

have been certified to the Treasurer of the Western-

Shore of Maryland, by such persons as he shall ap-

point to ascertain and report said facts, it shall not be

lawful for the said president and directors to issue any

note of said corporation; nor shall the president and

directors of said bank in their corporate capacity have

power to hold any part of the capital stock thereof,

nor make any loans on a pledge of said stock, or re-

ceive the same as collateral security, for money loaned

or advanced thereupon, except for bad or doubtful debts

previously contracted.

Dividends

ART. 10. Half yearly dividends shall be made to

the stockholders of so much of the net profits of the

bank as shall appear to the president and directors

advisable, and such dividends shall be declared in the

months of June and December, and be paid in the

months of July and January; and if the directors shall

at any time wilfully and knowingly, make or declare

any dividend which shall impair the capital stock, all

the directors present at the making or declaring such

dividend, and consenting thereto, shall be liable in

their individual capacities to the corporation, for the

amount or proportion of the said capital stock so divi-

ded 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 writing, on the